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

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

October 10, 2024

A New View of Our Monetary Policy Expectations Surveys

Roberto Perli, Julie Remache, Alex Zhou Thorp, Olivia Lima, and Bryce Loomis

The New York Fed’s Open Market Trading Desk (“the Desk”) is responsible for aggregating and analyzing information on financial markets and investor expectations, among its many duties. This information is central to our ability to deeply understand and explain financial market developments to policymakers. We gather market intelligence in several ways, including by speaking regularly with market participants, analyzing financial market instruments, and administering surveys.

Posted in Monetary Policy Implementation | Permalink

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

Judy DeHaven

In remarks at Binghamton University on October 10, New York Fed President John Williams spoke about how the imbalances in the economy and labor market have dissipated and how inflation is moving sustainably toward 2 percent. He also discussed the decision by the Federal Open Market Committee (FOMC) to move the stance of monetary policy toward a more neutral setting. And he gave his economic outlook.

Posted in Economic Outlook | Permalink

September 26, 2024

Key Takeaways from President Williams’s Speech at the 2024 U.S. Treasury Market Conference

Julie Lasson

On Thursday, September 26, New York Fed President John Williams spoke at the 10th U.S. Treasury Market Conference about how the annual interagency collaboration has strengthened the understanding of Treasury market resiliency and that of adjacent markets. He also shared news about the New York Fed’s ongoing commitment to ensuring that the financial system continues to stand on a strong foundation of reference rates.

Posted in Financial Markets | Permalink

September 6, 2024

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

Julie Lasson

In remarks delivered at the Council on Foreign Relations, New York Fed President John C. Williams spoke about the economy, supply and demand balance, and bringing inflation back down to the Federal Open Market Committee’s (FOMC’s) 2 percent longer-run goal. He also discussed the progress made toward the Federal Reserve’s dual mandate goals of maximum employment and price stability, as well as the path ahead for monetary policy.

Posted in Economic Outlook | Permalink

September 5, 2024

Tokenization: Another Giant Leap for Securities?

Christopher Desch and Henry Holden

For most of modern history, stocks and bonds were pieces of paper. Sixty years ago, buying a financial security or taking it as collateral meant receiving a certificate about five days later. This worked well enough for decades, but by 1968 there was so much paper that settlement became unmanageable, and the ensuing crisis forced Wall Street to start using computers to keep track of paper securities. This transition took about four years and did not go smoothly. In the time it took for Wall Street to modernize, NASA’s Apollo program managed four moon landings.

Posted in Financial Infrastructure | Permalink

August 12, 2024

Examining the Global Reach of the U.S. Dollar

Linda S. Goldberg, Fabiola Ravazzolo, Ricardo Correa, and Juan M. Londono

On May 20 and 21, 2024, the Federal Reserve Board and the New York Fed jointly hosted the Third Conference on the International Roles of the U.S. Dollar. The conference brought together researchers, practitioners, and policymakers to understand how changes in the global economic and financial landscape may affect the central role of the dollar.

Posted in Financial Markets | Permalink