At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
In remarks at the Federal Home Loan Bank of New York’s annual symposium on April 16, New York Fed President John C. Williams discussed the regional and U.S. economies, as well as the ways the Federal Open Market Committee (FOMC) is navigating through uncertainty to balance the risks to achieving its dual mandate goals of maximum employment and price stability. He also gave his economic outlook.
From 2022 until December 2025, the Federal Reserve reduced its securities holdings by over $2 trillion, guided by the plans announced by the Federal Open Market Committee (FOMC) in May 2022. The FOMC ended this runoff when it decided reserves had reached an ample range. To maintain adequate reserve levels, the FOMC directed the Open Market Trading Desk at the New York Fed (the Desk) to increase System Open Market Account (SOMA) securities holdings through ongoing reserve management purchases (RMPs).
The Treasury Market Practices Group (TMPG) recently released a consultative note highlighting theoretical implications for the agency mortgage-backed securities (MBS) market from potential changes to the ownership structure of Fannie Mae and Freddie Mac, which are government-sponsored enterprises (GSEs).
In December 2025, the Federal Open Market Committee (FOMC) determined that reserves had declined to ample levels and, consistent with its May 2022 plans, instructed the New York Fed’s Open Market Trading Desk (the Desk) to begin reserve management purchases (RMPs) to maintain reserves within an ample range. These RMPs—which increase the size of the Fed’s balance sheet and the amount of reserves in the banking system—would consist of Treasury bills and, if needed, other Treasury securities with remaining maturities of three years or less.
In remarks on Staten Island on March 30, New York Fed President John C. Williams discussed how the Federal Reserve is working to achieve its dual mandate goals of maximum employment and price stability. He also gave his economic outlook and discussed his views on monetary policy.
In remarks in Washington, D.C., on March 3, New York Fed President John C. Williams discussed how the Federal Reserve is working to achieve its dual mandate goals of maximum employment and price stability. He also gave his economic outlook and discussed his views on monetary policy.
The fourth International Roles of the U.S. Dollar Conference, held in September, brought together researchers, practitioners, and policymakers to examine the factors sustaining the dollar’s international roles, the evolving global fund allocation to U.S. safe assets, and the liquidity of these assets in a time of geopolitical and technological changes.
The theme of the New York Fed’s fifth annual “An Economy That Works for All” event was financial inclusion, defined as the availability of opportunities to access and participate in the financial system. The January event brought together researchers, educators, and nonprofit leaders to explore how financial literacy and innovation can strengthen household financial health and broaden economic opportunity.
The foreign exchange (FX) market is the largest financial market by trading volume in the world, with over $9 trillion in average daily turnover, according to the latest Bank for International Settlements data. Given the market’s important role in supporting international trade, investment, and finance, it is crucial to understand and analyze developments in it to ensure it functions effectively and resiliently.
On a recent visit to New Jersey, President John C. Williams and New York Fed staff explored two dynamic urban centers—Newark and Jersey City—to understand how local leaders, businesses, and community organizations are shaping economic growth and resilience.
