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.
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.
Nathaniel Counts, senior vice president for behavioral health innovation at Mental Health America and a clinical assistant professor of psychiatry and behavioral sciences at Albert Einstein College of Medicine, will be a featured speaker at a September 13 event on using capital markets to fund investments in health equity. Ahead of the event, “Creating 21st Century Capital Markets for Better Social Outcomes: Transformative Change Through Debt Financing,” we spoke with him about the idea of funding investments in healthy communities using the savings created by better health outcomes.
As part of its initiative to foster discussion about culture and conduct in the financial services industry, the New York Fed last month hosted a virtual event titled “Shifting Norms? The Intersection of Technology and Culture in Financial Services.” This webinar — the latest in a series — focused on how technology and digitization have disrupted or otherwise influenced culture in financial services.
On Friday, July 8, New York Fed President John Williams spoke about inflation, the economic outlook, monetary policy, and Puerto Rico’s economy at the University of Puerto Rico — Mayagüez campus.
For most, six trillion of anything is an unimaginable sum. In the world of foreign exchange (FX), $6 trillion of trading volumes is just a typical day in the market.
On Tuesday, May 17, the New York Fed hosted “Money and Mission: Creating 21st Century Capital Markets for Better Social Outcomes.” The event’s featured speakers were Rev. Cory Anderson, chief innovation officer, Winthrop Rockefeller Foundation; Geoffrey Canada, founder and president, Harlem Children’s Zone and William Julius Wilson Institute; Audrey Choi, senior advisor, Morgan Stanley; Andrea Levere, president emerita, Prosperity Now; and Clara Miller, president emerita, the F.B. Heron Foundation.
Otho Kerr, the New York Fed’s director of strategic partnerships and community impact investing, delivered closing remarks. His comments, lightly edited for length, follow.
Last month, U.S. Surgeon General Dr. Vivek Murthy joined New York Fed President John Williams for a moderated discussion on the intersection of health and the economy, national efforts to promote a healthy workforce, and lessons learned during the pandemic. Among other things, they discussed the link between broadband access and healthcare and the connection between infrastructure investments and health. As President Williams has noted, the New York Fed’s mission is to make the economy stronger for all, “but we can’t have a healthy economy without a healthy workforce.”
On May 24, the New York Fed, in collaboration with the Federal Reserve Board of Governors, is hosting “Investing in Rural Prosperity,” an event that will explore opportunities to advance shared economic prosperity in rural communities across the U.S. The event will draw from, and build on, the insights in a book by the same name that I co-edited and which was published by the St. Louis Fed in collaboration with the Board of Governors.
Several contributors to the book will speak at next week’s event, and some of their key insights are summarized below.
Clara Miller, president emerita of the F.B. Heron Foundation, will be the featured speaker at “Money and Mission: Creating 21st Century Capital Markets for Better Social Outcomes,” an event on May 17 focused on the potential to invest philanthropic dollars in a manner consistent with nonprofits’ missions.
Ahead of the event, we spoke with her about challenges related to the philanthropic model and where she’s seeing improvements. The conversation has been lightly edited and condensed for clarity.
On Tuesday, May 10, New York Fed President John Williams spoke about inflation, the economic outlook, and monetary policy at the 2022 International Economic Symposium co-hosted by the National Association for Business Economics and the Deutsche Bundesbank.
