The Teller Window
The Teller Window
A view into the work of the New York Fed
October 15, 2025

NBFIs in Focus: The Basics of Mutual Funds and ETFs

Kevin Henry

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This is part of an ongoing educational series on nonbank financial institutions.
 
Mutual funds and exchange-traded funds, or ETFs, are important nonbank financial institutions (NBFIs) in the U.S. financial system. Both are widely accessible investment vehicles that can hold various kinds of assets. Combined, nearly 75 percent of mutual fund and ETF assets are stocks, about 20 percent are bonds, and the rest are commodities and other assets, according to Morningstar data through September. Mutual funds and ETFs are regulated by the Securities and Exchange Commission and are required to disclose information about their investment objectives, structures, and operations on a quarterly basis. This article details how mutual funds and ETFs differ, their recent growth, and their importance to the Federal Reserve’s objectives of monetary policy, prudential supervision, and financial stability. It does not cover money market mutual funds, which are a different type of NBFI.

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Posted in Financial Markets, Nonbank Financial Institutions (NBFIs) | Permalink
October 14, 2025

Exploring Institutional Investment in Multifamily Affordable Housing

Maria Carmelita Recto and Jonathan Kivell

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Housing affordability is a challenge throughout the Federal Reserve’s Second District, putting a strain on household finances and communities in urban and rural areas, big cities, and small towns. The Community Development team at the New York Fed has created a body of work around the development, financing, and rehabilitation of multifamily affordable housing, publishing papers on affordable housing investments by private investment vehicles and pension funds. The team has hosted events on local policies and approaches to developing and rehabilitating affordable apartments, as well as efforts by faith-based organizations, hospitals, and institutional investors to increase the supply of affordable homes. 

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Posted in Community Development | Permalink
October 10, 2025

Key Takeaways from President Williams’s Interview with The New York Times

Brian Manning

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On Thursday, October 9, The New York Times published a transcript of an interview with New York Fed President John Williams. In it, he discussed the labor market, inflation, his monetary policy outlook, and central bank independence.

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Posted in Economic Outlook | Permalink
September 25, 2025

Promoting Good Practices in the FX Market

Dan Reichgott and Lisa Chung

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The New York Fed has unique responsibilities to support the Federal Reserve System’s monetary policy and financial stability goals. As part of that, the New York Fed participates in the foreign exchange (FX) market by intervening when directed by the Federal Open Market Committee and U.S. Treasury, conducting FX transactions for official sector account holders, managing international dollar liquidity facilities, and monitoring global market developments. It also sponsors the Foreign Exchange Committee (FXC), represents the U.S. on the Global Foreign Exchange Committee (GFXC), and convenes the industry and public sector from around the world for FX market structure conferences.

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Posted in Financial Markets | Permalink
September 23, 2025

Tracking the Economy in Real‑Time Through Regional Business Surveys

Richard Deitz and Kartik Athreya

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Federal Reserve policymakers need current information about economic conditions to make well-informed monetary policy decisions. But hard data, such as GDP and the unemployment rate, is released with a significant lag, making it difficult to get a precise, real-time read on the economy, especially during times of rapid change.

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Posted in Economic Insights | Permalink
September 18, 2025

New York Fed Law Enforcement Unit: ‘There’s a Pride to Wearing This Uniform’

Ellen Simon

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As part of its mission to make the economy stronger and the financial system more stable, the New York Fed processes cash notes for banks, runs trillions of dollars in electronic bank payments annually, and auctions trillions more in U.S. Treasury notes each year.

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Posted in About the New York Fed | Permalink
September 4, 2025

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

Julie Lasson

In remarks in New York City on September 4, New York Fed President John C. Williams discussed his outlook for the economy and how he sees the path forward in the current moment.

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Posted in Economic Outlook | Permalink
August 25, 2025

Key Takeaways from President Williams’s Remarks on the Economic Stars

Judy DeHaven

In remarks at a conference in Mexico City on August 25, New York Fed President John C. Williams addressed three questions pertaining to the importance, measurement, and use of time-varying unobservable variables at central banks, with a particular focus on the neutral rate of interest, or r-star.

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Posted in Economic Insights, Monetary Policy Implementation | Permalink
August 13, 2025

Data Security, AI, and Infrastructure: Examining Cyber Risk in the Financial System

Michael Junho Lee and Rinku Sinha

Earlier this year, the New York Fed and Columbia University’s School of International and Public Affairs (SIPA) co-organized the sixth annual State-of-the-Field Conference on Cyber Risk to Financial Stability. Since 2017, this collaboration between the New York Fed and SIPA has sought to address three key questions: What are we learning about cyber risk to financial stability? What are we doing to improve resilience and stability? And what’s next?

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Posted in Technology | Permalink
August 7, 2025

Nanotech, Semiconductors, and Workforce Challenges: A Visit to the Capital Region

Shawn Phillips

New York Fed President John C. Williams spent two days in June visiting leaders in government, business, and economic and community development in New York’s Capital Region to learn more about the area’s economic opportunities and challenges. The visit—part of the New York Fed’s ongoing efforts to assess economic conditions across the Federal Reserve’s Second District—gave President Williams an opportunity to engage directly on issues specific to the region.

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Posted in Regional Visits | Permalink
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About

The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders. It offers a deep look at issues that matter to the Federal Reserve’s Second District and the nation.

Articles on the Teller Window focus on the people and programs that help the New York Fed support the U.S. economy. They are written for a wide audience with the aim of illustrating what we are doing and why it matters. Stories include editorials, interviews, explainers, and reports on events and trends in our communities and region. The Teller Window is edited by the Communications and Outreach Group on behalf of the New York Fed. Separately, for analysis from New York Fed economists working at the intersection of research and policy, please see Liberty Street Economics.

The New York Fed began publishing on the Teller Window in November 2022. Articles with dates earlier than November 2022 were originally published by the New York Fed on Medium.

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