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

February 13, 2025

The Role of Nonbank Financial Institutions in Monetary Policy

Sigurd Ulland

This is the second in an ongoing series on nonbank financial institutions. Read the first article on the basics of NBFIs.

The Federal Reserve has historically relied on commercial banks and select broker-dealers to implement and transmit monetary policy. In recent years, nonbank financial institutions (NBFIs) have taken on increasingly important roles. As discussed in a previous article, NBFIs are financial companies that perform a variety of financial services but do not have a bank license. Examples of NBFIs include investment funds, pension funds, insurers, government-sponsored entities, and broker-dealers. In this article, we discuss some of the ways that NBFIs contribute to the implementation and transmission of monetary policy in the United States.

Posted in Financial Infrastructure, Financial Markets, Monetary Policy Implementation | Permalink

February 11, 2025

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

Judy DeHaven

In remarks at Pace University on February 11, New York Fed President John Williams discussed the economy and monetary policy. He also offered his economic outlook.

Posted in Economic Outlook | Permalink

February 6, 2025

The FX Market’s Evolution in Focus at 2024 Conference

Dan Reichgott, Fabiola Ravazzolo, Lisa Chung, and Alain Chaboud

The foreign exchange (FX) market is the largest financial market by trading volume in the world, with average daily turnover of approximately $7.5 trillion. It has become increasingly complex over time, as its structure has undergone shifts in the types of market participants, the jurisdictions in which they transact, and the mix of instruments traded. The FX market also plays a critical role in supporting international trade, investment, and finance. With this in mind and in light of its role in monitoring and participating in the market, the Federal Reserve Bank of New York hosted the FX Market Structure Conference in November of last year.

Posted in Financial Markets | Permalink

January 16, 2025

Monitoring Money Market Dynamics Around Year‑end

Brian Gowen, Roberto Perli, Julie Remache, and Will Riordan

A core responsibility of the Open Market Trading Desk (the Desk) at the New York Fed is to closely monitor developments in financial markets. The Desk pays particular attention to those markets, such as money markets, in which it conducts open market operations to implement monetary policy at the direction of the Federal Open Market Committee (FOMC). For example, the overnight reverse repurchase agreement (ON RRP) facility and standing repurchase agreement facility (SRF) are executed in the market for repurchase agreements, or repos, to keep the federal funds rate—the FOMC’s policy rate—in its target range.

Posted in Financial Markets, Monetary Policy Implementation | Permalink

January 15, 2025

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

Julie Lasson

In remarks in Hartford, Connecticut on January 15, New York Fed President John C. Williams spoke about the rise and fall of inflation, how monetary policy is working to achieve the Fed’s dual mandate of maximum employment and price stability, and the regional economy. He also provided his economic outlook.

Posted in Economic Outlook | Permalink

December 11, 2024

Exploring Industries Present and Future: On the Ground in New York’s Southern Tier

Shawn Phillips, Craig Bradstock, and Andrea Grenadier

New York Fed President John C. Williams traveled to the Southern Tier region of New York State in October to hear from stakeholders about local economic conditions. He met with economic development officials, business owners, nonprofit and community leaders, and academics and students during this two-day Second District regional visit.

Posted in Regional Visits | Permalink

December 4, 2024

Ideas in Focus at the 2024 U.S. Treasury Market Conference

Ellen Correia Golay, Trevor Graney, Brian Greene, Erica Gutman, and Sara Kaddoura

As the deepest and most liquid securities market worldwide, the U.S. Treasury market plays a critical role in the global economy. With this in mind, every year, the Federal Reserve Bank of New York, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC) convene the official sector, public sector, and academia to discuss this important market. The U.S. Treasury Market Conference, held in September, marked the 10th of these annual forums.

Posted in Financial Markets | Permalink

December 2, 2024

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

Judy DeHaven

In remarks in Queens, New York, on December 2, New York Fed President John Williams talked about how monetary policy is working to restore balance to the economy and achieve the Fed’s dual mandate of maximum employment and price stability. He also provided his economic outlook.

Posted in Economic Outlook | Permalink

November 21, 2024

The Basics of Nonbank Financial Institutions

Logan Herman, Timothy Higgins, Adam Minson, and Sigurd Ulland

This is the first in an ongoing series on nonbank financial institutions.

There is a vast set of U.S. financial institutions that sit outside the banking system. These companies, which are called “nonbank financial institutions” (NBFIs), are collectively much larger than U.S. banks, as measured by assets, and perform a broad array of services for the U.S economy. In this article, we discuss the universe of NBFIs and their importance for the Federal Reserve’s monetary policy, supervision, and financial stability objectives.

Posted in Financial Infrastructure, Financial Markets, Monetary Policy Implementation, Supervision | Permalink

October 30, 2024

The Future of New York City: Building on the Post‑Pandemic Jobs Rebound

Craig Bradstock and Nathaniel Kressen

On October 4, the New York Fed hosted “The Future of New York City: Focus on Jobs.” Participants discussed New York City’s post-pandemic employment rebound, the geographic redistribution of jobs, and the workforce development challenges the city faces.

Posted in Community Development | Permalink