The Teller Window
A view into the work of the New York Fed
May 3, 2024

Key Takeaways from President Williams’s Speech at the Hoover Monetary Policy Conference

A close-up of a hand holding a red dart pointed against a flat surface.

In remarks delivered at the Hoover Institution, New York Fed President John C. Williams discussed three key principles derived from monetary policy theory and experience that help guide central banks in achieving price stability.

April 11, 2024

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

In remarks delivered at the Federal Home Loan Bank of New York’s annual symposium, New York Fed President John C. Williams discussed the progress made in restoring price stability to the economy, the work still needed to return inflation to 2 percent, and the trajectory of the Fed’s balance sheet.

April 9, 2024

A Focus on ‘Equitable’ and ‘Growth’ in Understanding the Economy

Though I only just joined the New York Fed in February, I’ve been closely following its equitable growth research for nearly five years. Recently, I spoke with researchers from a broad range of areas across the Federal Reserve System, including micro-, macro-, and financial economics, about why “equitable” and “growth” are important to our understanding of the economy. Given today’s release of our Equitable Growth Indicators, I want to share more broadly, in my view, why this work matters to us.

April 8, 2024

Building the CDFI Sector in Puerto Rico

Puerto Rico’s community development financial institution (CDFI) sector has grown 15-fold over the last decade following a collaboration that brought together leaders from government, community development finance, and Puerto Rico’s credit unions, known as cooperativas.

April 4, 2024

Regional Visit Shows Housing Affordability, Infrastructure as Top Issues for Businesses and Communities on Long Island

On February 28, New York Fed President John C. Williams traveled to Long Island to hear from local stakeholders about economic conditions in the region. Long Island is part of the Federal Reserve’s Second District, which, in addition to New York State, includes Northern New Jersey; Fairfield County, Connecticut; Puerto Rico; and the U.S. Virgin Islands. During the daylong visit, President Williams met with government officials, business owners, and nonprofit and community leaders. Here are the key themes that emerged in the day’s meetings and discussions.

February 28, 2024

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

In remarks delivered during a regional visit to Long Island on February 28, 2024, New York Fed President John C. Williams discussed the progress made in restoring price stability to the economy, as well as the work still needed to return inflation to 2 percent.

February 21, 2024

Examining the Recent Inflation Episode, the Fed’s Response, and Effects on Markets

The rise in inflation following the COVID-19 pandemic was a global phenomenon, and it prompted many central banks to tighten monetary policy to bring inflation down. A recently published Centre for Economic Policy Research e-book, “Monetary Policy Responses to the Post-Pandemic Inflation,” provides a collection of viewpoints on the actions of central banks and their effects across various economies and markets.

January 19, 2024

The Future of the Treasury Cash Market in Focus at the 2023 U.S. Treasury Market Conference

At the ninth annual U.S. Treasury Market Conference, Josh Frost, from the U.S. Department of the Treasury, moderated a panel soliciting perspectives on the future of the Treasury cash market. The panel included representatives from two asset management firms, a primary dealer, and the New York Fed. 

January 18, 2024

Assessing Recent Treasury Market Resiliency and Liquidity at the 2023 U.S. Treasury Market Conference

At the ninth annual U.S. Treasury Market Conference, Ellen Correia Golay, from the Markets Group at the New York Fed, moderated a panel on Treasury market resiliency and liquidity. The discussion, on November 16, 2023, considered the recent performance of the Treasury market amid higher volatility. It looked particularly at trading behavior, market resiliency, and liquidity, as well as potential initiatives to bolster the market’s resilience. The panel included representatives from a primary dealer, a hedge fund, an asset manager, a principal trading firm (PTF), and the New York Fed.

Non‑Centrally Cleared Bilateral Repo Market in Focus at the 2023 U.S. Treasury Market Conference

At the ninth annual U.S. Treasury Market Conference, David Bowman, from the Division of Monetary Affairs at the Federal Reserve Board, moderated a panel soliciting perspectives on trading practices, motivations, and risk management considerations in the non-centrally cleared bilateral repo (NCCBR) market. The panel included representatives from three broker-dealer firms, a hedge fund, and the Office of Financial Research (OFR). Although insight into NCCBR activity is relatively limited, it is estimated to be the largest Treasury repo market segment and acts as a major source of funding to nonbank financial institutions, particularly hedge funds.

About

The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders. It offers a deep look at issues that matter to the Federal Reserve’s Second District and the nation.

Articles on the Teller Window focus on the people and programs that help the New York Fed support the U.S. economy. They are written for a wide audience with the aim of illustrating what we are doing and why it matters. Stories include editorials, interviews, explainers, and reports on events and trends in our communities and region. The Teller Window is edited by the Communications and Outreach Group on behalf of the New York Fed. Separately, for analysis from New York Fed economists working at the intersection of research and policy, please see Liberty Street Economics.

The New York Fed began publishing on the Teller Window in November 2022. Articles with dates earlier than November 2022 were originally published by the New York Fed on Medium.

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