The Teller Window - A view into the work of the New York Fed

September 1, 2026

A Framework for Understanding the U.S. Treasury Repo Market

Rubi Renovato and Sophia Lansell

The overnight U.S. Treasury repo market has experienced remarkable growth, with underlying transaction volumes for the Secured Overnight Financing Rate (SOFR) expanding from around $1 trillion in early 2022 to $3 trillion today. At the same time, this essential component of the financial system has become increasingly complex, with new segments introduced as market participants adopt central clearing. This article discusses a simplified framework to understand the complex mechanics and flows of the evolving market. This concept, referred to as the Client Segments Framework, helps the Open Market Trading Desk at the New York Fed (the Desk) monitor the repo market, an important market for the transmission of monetary policy, and report conditions to key stakeholders.

August 13, 2026

The Future of Market Liquidity and Functioning Workshop: Preparing for a Wave of Change

Maneesha Shrivastava

The Future of Market Liquidity and Functioning Workshop, which the New York Fed co-hosted in July with The Clark Center for Global Markets at the University of Chicago Booth School of Business, focused on forthcoming changes in securities clearing, potential innovations in payments processing, and how both could impact the underlying structure of markets, market functioning, and monetary policy implementation.

Posted in Financial Infrastructure, Financial Markets, Monetary Policy Implementation | Permalink

August 12, 2026

Examining State and Local Affordable Housing Policy and Programs

Jonathan Kivell, Maria Carmelita Recto, and Jacob Scott

Communities around the nation are grappling with a shortage of affordable housing. In this article, the second in a two-part series, we highlight key ideas from a recent roundtable the New York Fed held with Second District policymakers, bankers, and developers. The discussion centered on factors that are limiting the supply of affordable housing and the possibility that creative financing could spur new affordable developments.

Posted in Community Development, Economic Insights, Regional Visits | Permalink

August 11, 2026

Innovating to Increase Housing Supply and Affordability

Claire Kramer Mills and Javier Silva

New York State, like much of the country, is grappling with producing more housing units—including those serving low- and moderate-income residents. The New York Fed and NYU’s Furman Center recently convened a series of roundtables that brought together builders, developers, and housing experts to discuss affordable housing challenges and solutions. This article, the first in a two-part series on the issue, reflects the discussion, with a focus on factors that make housing more expensive to build and ideas to reduce costs and increase production.

Posted in Community Development, Economic Insights, Supervision | Permalink

August 6, 2026

Listening to Community Leaders in Buffalo and Rochester

Tony Davis, Edison Reyes, and Javier Silva

As part of the New York Fed’s efforts to understand economic conditions throughout the Federal Reserve’s Second District, the Community Development team meets with local leaders to hear about the economic experiences of low- and moderate-income communities. During a June visit to Rochester and Buffalo, a few themes emerged: housing challenges, the possibilities of AI, and workforce shortages. Leaders also spoke about challenges for community-based organizations.

Posted in Community Development | Permalink

August 4, 2026

The 2026 Innovation Conference: Frontiers of Technology and Finance

Morgan White and Meghan Marks

The 2026 New York Fed Innovation Conference, held in June, centered on recent innovations in technology and finance, exploring the critical role regulators and the private sector play in supporting modernization and stability.

Posted in Technology | Permalink

August 3, 2026

Key Takeaways from President Williams’s Interview with Reuters

Brian Manning

ttw-takeaways-reuters-williams-john-920x576

On Monday, August 3, Reuters published a transcript of an interview with New York Fed President John Williams, who discussed his outlook for inflation, monetary policy, and the FOMC’s commitment to achieving price stability.

Posted in Monetary Policy Implementation | Permalink

July 15, 2026

Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy

Julie Lasson

Teller-Window-JCW-Speech-Summary-920x576

In remarks in New York City on July 15, New York Fed President John C. Williams spoke about the U.S. economic outlook, New York City’s economy, and how the Federal Open Market Committee (FOMC) is working to achieve its dual mandate goals of maximum employment and price stability at a time of great uncertainty.

Posted in Economic Outlook | Permalink

June 25, 2026

The Strategy and the Goals

John C. Williams

jcw-speech-on-the-economic-outlook-monetary-policy-and-monetary-policy-implementation-920x576

Editor’s note: New York Fed President John C. Williams prepared the following remarks for delivery on Thursday, June 25 at the Crane’s Money Fund Symposium. President Williams was not able to participate in the event, and the speech was not delivered publicly. We have published the text of his remarks here at the originally scheduled time.

Posted in general | Permalink

June 24, 2026

Navigating the Complex Landscape of Cyber Risk to Financial Stability

Danny Brando and Charles Olajide Falajiki

The Seventh Annual State-of-the-Field Conference on Cyber Risk to Financial Stability, co-hosted by the New York Fed, brought together researchers, practitioners, and policymakers at Columbia University’s School of International and Public Affairs on April 17. Through research presentations and panel discussions, the conference examined emerging threats to financial sector stability, distilling what the industry is learning and what more can be done.

Posted in Financial Infrastructure | Permalink