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.
From artificial intelligence to digital assets, innovation is all the talk in finance. But as we think about the benefits of innovation and new financial products, it’s important to heed the lessons of the past. A particularly instructive example is the story of the London interbank offered rate, otherwise known as LIBOR.
The New York Fed and the Center for Impact Finance at University of New Hampshire’s Carsey School of Public Policy brought together leaders from the climate, health, and community development finance sectors for the annual Financial Innovations Roundtable, held in June. The Roundtable was part of an ongoing collaboration between the New York Fed and the Carsey School that aims to identify innovative ways to fund improvements in low- and moderate-income communities.
On Monday, August 7, The New York Times published a transcript of an interview with New York Fed President John Williams. In it, he discussed inflation, the labor market, and his outlook for monetary policy.
About 1,800 students, teachers, and chaperones from the Newark public school system visited the New York Fed’s Museum & Learning Center over three months this spring. The visits were part of the New York Fed’s outreach efforts to engage every seventh-grade class in the New Jersey school district, the third largest in the New York Fed’s Second District after New York City and Puerto Rico.
On June 20, the New York Fed hosted a half-day conference focused on culture in financial services. The event was part of the Governance and Culture Reform initiative’s ongoing efforts to understand and influence industry norms to help create a safer and more trustworthy banking sector. Here are the key themes that emerged during the day’s discussions:
On Tuesday, July 11, The Financial Times published the transcript of an interview with New York Fed President John Williams. In it, he discussed inflation, the labor market, and his economic outlook.
On March 15, the Federal Reserve announced that the FedNow Service will launch in July 2023. FedNow will “facilitate nationwide reach of instant payment services by financial institutions—regardless of size or geographic location—around the clock, every day of the year.” But what exactly is the FedNow Service, and what does it do? In this article, we describe FedNow at a high level, offer answers to common and anticipated questions about the service, and explain how it will support the provision of instant payment services in the United States.
New York Fed President John C. Williams traveled to the U.S. Virgin Islands last month to hear from government officials, students, business owners, and nonprofit and community leaders about economic conditions in the territory. The U.S. Virgin Islands (U.S.V.I.) are part of the Federal Reserve’s Second District, which also encompasses New York State, northern New Jersey, southwestern Connecticut, and Puerto Rico.
The New York Fed established the New York Innovation Center (NYIC) in 2021 with the support of its strategic partner, the Bank for International Settlements (BIS), to explore the potential of technological innovation in central banking to benefit the global financial system.
On Tuesday, May 9, 2023, New York Fed President John Williams spoke at an event hosted by the Economic Club of New York. He discussed inflation, the labor market, and the importance of price stability.
