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

June 26, 2023

FedNow Is Coming in July. What Is It, and What Does It Do?

Michael Lee and Antoine Martin

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.

Posted in Financial Infrastructure | Permalink

June 20, 2023

Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties

Andrea Grenadier, Shawn Phillips, Javier Silva, and Ellen Simon

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.

Posted in Regional Visits | Permalink

May 18, 2023

New York Innovation Center: Exploring the Frontier of Central Banking Technology

Per von Zelowitz

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.

Posted in Financial Infrastructure | Permalink

May 9, 2023

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

Ellen Simon

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.

Posted in Economic Outlook | Permalink

May 5, 2023

Key Takeaways From Our Recent Work on Private Investments in Affordable Housing

Ellen Simon

The New York Fed’s Community Development team is researching what private investments in affordable apartments mean for the supply of affordable rentals and the rents tenants pay. As part of that work, the team published a case study in March based on a survey of managers of private investment vehicles, which found that respondents raised a median $300 million in equity for affordable-housing private investment vehicles since 2017. The team also brought together private investors, affordable-housing advocates, and experts in the field for an in-person event on March 27, 2023.

Posted in Community Development | Permalink

May 4, 2023

Growth, Housing, Jobs, and Education: Hearing Firsthand About Fairfield County’s Economy

Shawn Phillips, Andrea Grenadier, Javier Silva, and Ellen Simon

On March 31, New York Fed President John C. Williams traveled to Fairfield County, Connecticut, to hear from local stakeholders about economic conditions in the region. Fairfield County is part of the Federal Reserve’s Second District, which also encompasses New York State, Northern New Jersey, Puerto Rico, and the U.S. Virgin Islands. During the daylong visit, President Williams met with government officials, students, business owners, job seekers, and nonprofit and community leaders. Here are the key themes that emerged in these meetings and discussions:

Posted in Regional Visits | Permalink

April 19, 2023

Key Takeaways from President Williams’s Speech on Attaining and Maintaining Price Stability

Ellen Simon

On Wednesday, April 19, 2023, New York Fed President John Williams spoke at an event hosted by the Money Marketeers of New York University. He discussed inflation, credit conditions, and the steps the Federal Reserve is taking to restore price stability.

Posted in Economic Outlook | Permalink

April 12, 2023

Through Pro Bono Program, New York Fed Legal Group Volunteers Bring Services to Those in Need

Brian Manning

The New York Fed’s Legal Group launched the Pro Bono Legal Work Program in early 2021 to encourage staff to provide free legal services to those in need.

Posted in Community Development | Permalink

March 31, 2023

Key Takeaways from President Williams’s Speech on Achieving Balance Amid Uncertainty

Ellen Simon

On Friday, March 31, 2023, New York Fed President John Williams spoke at an event hosted by Housatonic Community College. He discussed inflation, credit conditions, and the ways in which monetary policy is working to restore balance in the economy.

Posted in Economic Outlook | Permalink

February 16, 2023

Bringing the HE³AT: New Program Invites High School Students to the New York Fed for Hands‑on Learning

Ellen Simon

Four students work on an assignment in the New York Fed Museum & Learning Center, as part of the HE3AT program run in partnership with the New York City Department of Education and the Brooklyn South School District.

The high school students sitting in small groups in the New York Fed’s Museum and Learning Center had received clear instructions about the 30 paper slips on each group’s table: Using their non-dominant hands, students could grab one piece of paper at a time during each of five 20-second rounds. At the end of each round, each group would receive either double the number of slips left on the table or 10 additional slips. The goal: Maximize the number of paper slips held by each group.

Posted in Economic Education | Permalink