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.
This past January, the New York Fed hosted its first Investment Connection pitch program in Puerto Rico. Community development financial institutions, investors, and philanthropists gathered in San Juan to hear funding proposals from 30 economic and community development organizations from both rural and urban regions of Puerto Rico.
In the year since the release of the book Investing in America’s Workforce: Improving Outcomes for Workers and Employers, the New York Fed has organized a number of events across the Second District that are part of the Federal Reserve’s Investing in America’s Workforce (IAW) initiative.
On Tuesday, January 14, New York Fed President John Williams spoke at an event hosted by the Banking Standards Board, the New York Fed, and the London School of Economics about culture in the financial services sector.
In his final regional visit of 2019, President Williams traveled to Asbury Park, Trenton, and Newark, New Jersey, where he met with community and business leaders, local elected officials, and statewide agency heads. New Jersey is the nation’s most urban and densely populated state, and is among its most wealthy and diverse — factors that loomed large during the daylong visit. Topics of discussion included housing affordability, the intersection between workforce development and higher education, the significance of anchor institutions, and strategies for addressing gentrification.
On Thursday, January 9, New York Fed President John Williams spoke at the Bank of England about the future of monetary policy frameworks, and what that means for inflation targeting.
Pace University recently won the 16th annual national College Fed Challenge, a competition hosted by the Federal Reserve’s Board of Governors. The winning team, which represented our district — the Fed’s Second District — included members Scarlett Bekus, Joseph Drennan, Sean Freda, Marissa Kleinbauer, and Dylan Seals, and was led by faculty advisors Greg Colman and Mark Weinstock. The Lower Manhattan-based school prevailed against teams from Harvard University, Loyola University Maryland, the University of Chicago, and the University of Pennsylvania.
The New York Fed held a third listening session on strategies for equitable growth and development on September 26 in Buffalo, New York. This series is part of our continued efforts to understand neighborhood change and trends related to displacement in the Second District.
On Thursday, November 14, New York Fed President John Williams spoke about the interconnectedness of the global economy, and what that means for the outlook in the United States.
In early July, New York Fed President John Williams visited the Hudson Valley and Albany, where he met with stakeholders to learn about local economic conditions. Key issues in the region include workforce development, changing demographics, concerns about equitable growth, and a lack of affordable housing and public transportation. Communities visited during the two-day trip included Yonkers, Newburgh, Poughkeepsie, Kingston, Claverack, and Albany. The trip was President Williams’s third regional visit of the year.
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.
