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.
There’s no question that Latino-owned small businesses are critical to U.S. economic success. After all, Latino entrepreneurs have the highest growth rate of all ethnic groups in the United States, and Latino-owned businesses are responsible for hundreds of billions of dollars in sales annually. Despite these successes, many Latino-owned small businesses lack the financing necessary to grow.
Earlier this month at the New York Fed, we co-hosted a conference with Trish Mosser of Columbia’s School of International and Public Affairs on normalizing central banks’ balance sheets. This was the second workshop we’ve done, and we had current and former central bankers, academics, market participants, and the press in attendance. While last year we focused on what had been learned about implementing monetary policy following the crisis, this year we focused on what the “new normal” might be for central banks’ balance sheets. For those interested in learning more about what was discussed, the presentations from the event are now available on our website.
This speech was originally published on the New York Fed website.
Good morning. It is a pleasure to return to FX Week USA, and I would like to thank FX Week for the invitation. Foreign exchange (FX) market participants play important roles in their interactions with the New York Fed. They act as FX trading counterparties of the New York Fed and they provide information on market conditions to support the Desk’s monitoring of financial markets and transmission of policy. I am pleased to have the opportunity to speak with you today. Before I begin, I would also like to note that my comments today reflect my own views and not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System[1]. However, remarks on the expectations for FX counterparties reflect the policies of the Federal Reserve Bank of New York.
A recap of insights, analysis and discussions we don’t want you to miss. Each month we compile key highlights from selected publications, events and perspectives to provide you with a deeper look into the work we do at the New York Fed.
Just as economists strive to identify the latest, most accurate data and trends, so too do economics and business professors at colleges and universities. After the 2008 financial crisis and recession and the increased interest they elicited, the New York Fed realized that an opportunity existed to partner with higher education to foster a greater understanding of the Federal Reserve, monetary policy, and the financial system.
The New York Fed’s regional visits typically take our team many hours and miles away from our office in Lower Manhattan. There is, in fact, a lot of ground to cover in the Second District. But in March, we stayed closer to home, with a visit to New York City’s remarkably diverse borough of Queens.
The New York Fed’s regional roadshows — quarterly trips to different parts of the Second District — help us maintain connections with the people and communities we serve, gather insights into local economic conditions and share research on the regional economy. On these visits, President Dudley and other New York Fed staff meet with business leaders, public officials, representatives from local community and economic development organizations, students and educators to get a sense of how the real economy is performing and impacting their communities.
A recap of insights, analysis and discussions we don’t want you to miss. Each month we compile key highlights from selected publications, events and perspectives to provide you with a deeper look into the work we do at the New York Fed.
In recent months, there has been a lot of discussion around the normalization of the Federal Reserve’s balance sheet. As policymakers continue their discussion of potential reductions in the Fed’s securities holdings, questions frequently arise on what the balance sheet might look like in the future. In particular: How big will it be?
A recap of insights, analysis and discussions we don’t want you to miss. Each month we compile key highlights from selected publications, events and perspectives to provide you with a deeper look into the work we do at the New York Fed.
