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15 posts on "Monetary Policy Implementation"
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.

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.

October 10, 2023

Key Takeaways from Roberto Perli’s Speech on Monetary Policy Implementation

Roberto Perli, Manager of the Federal Reserve’s System Open Market Account (SOMA), spoke at the annual meeting of the National Association of Business Economics on Tuesday, October 10. He discussed monetary policy implementation, the performance of the Federal Reserve’s implementation framework over recent stress episodes, and his perspective on money markets and reserve conditions going forward.

September 8, 2022

The “How and When” of the Fed’s Balance Sheet Runoff

In May 2022, the Federal Reserve (Fed) announced that the process to reduce the size of its balance sheet would begin on June 1. With that process now underway, this post reviews the initial months of runoff. We also highlight publicly available resources that provide data to monitor the ongoing runoff of the Federal Reserve System Open Market Account (SOMA), which holds the securities acquired through open market operations.

October 7, 2020

Key Takeaways from President Williams’s Speech on the Longer‑Run Framework

On Wednesday, October 7, New York Fed President John Williams spoke at the Hoover Institution about the Fed’s monetary policy framework, published in August.

April 16, 2020

Key Takeaways from President Williams’s Speech on the Economic Effects of the Coronavirus Pandemic

On Thursday, April 16, New York Fed President John Williams spoke to the Economic Club of New York about how the Federal Reserve is responding to the current economic turmoil.

October 18, 2019

Breaking Down the Fed’s Latest Steps to Support Monetary Policy Implementation

Last week, the Federal Open Market Committee (FOMC) announced steps to support the implementation of monetary policy. The FOMC directed the New York Fed’s Open Market Trading Desk (the Desk) to purchase Treasury bills at least into the second quarter of next year to maintain reserve balances at or above the level that prevailed in early September. It also directed us to conduct repo operations at least through January.

October 17, 2019

Key Takeaways from President Williams’s Speech on Money Markets and the Federal Funds Rate

On Thursday, October 17, New York Fed President John Williams spoke about the Fed’s operating framework for carrying out monetary policy, the recent money market turmoil, and the path forward.

July 18, 2019

Key Takeaways from President Williams’s Speech on Monetary Policy Near the Zero Lower Bound

On Thursday, July 18, New York Fed President John Williams spoke at the annual meeting of the Central Bank Research Association (CEBRA) about monetary policy strategy near the zero lower bound (ZLB).

May 7, 2019

Takeaways from Lorie Logan’s Remarks on Implementing Monetary Policy in an Ample‑Reserves Regime

During a press conference following last week’s meeting of the Federal Open Market Committee (FOMC), Federal Reserve Chair Jerome Powell pointed out that the Fed has made “consequential decisions” about its balance sheet in recent months, including to maintain its current framework for implementing monetary policy and to slow the pace at which it allows maturing securities to run off. A speech last month by New York Fed senior vice president Lorie Logan provides helpful context around questions about balance sheet normalization and how the Fed could implement monetary policy going forward in light of these decisions by the FOMC.


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