Dean Friedberg, Michael Koslow, Jason Miu, and Roberto Perli

The Federal Open Market Committee (FOMC) is responsible for conducting U.S. monetary policy to promote maximum employment and stable prices. The FOMC’s primary tool for adjusting the stance of monetary policy is by setting and adjusting the target range for the federal funds rate, which is the rate at which banks and other eligible Federal Reserve account holders borrow and lend reserves between each other on an overnight basis. In the Fed’s ample reserves implementation framework, the federal funds rate is kept within the target range primarily through the setting of administered rates, which are rates set directly by the Fed rather than by market forces, in conjunction with the Fed supplying sufficient levels of reserves to the banking system.

Brian Manning, Senior Associate, Communications and Outreach

Today, September 30, is International Podcast Day, and in that spirit here’s a recap of the New York Fed’s podcast series, Bank Notes, which launched earlier this year. This new production from the Communications and Outreach Group explores current topics in economics and finance and highlights Federal Reserve research.

Shelley Pitterson, Corporate Communications Senior Analyst

This summer, students from across the country and around the world joined the New York Fed as a part of our Undergraduate Summer Analyst and Graduate Summer Associate Programs. These programs provide outstanding students with the opportunity to gain valuable work experience in public service by spending a summer working for the New York Fed.

Once again, our summer interns took the reins of the New York Fed’s Twitter handle for a day to highlight experiences here. The interns each came from departments across the institution: Strategic Planning, Audit, Supervision, Financial Services, Markets, and Research & Statistics. Accompanied by photos, the tweets described the interns’ routines, the issues and projects they cover, their check-ins with managers, events held just for interns, and highlights of living (and the perks of working!) in New York City.