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.
In a prior article, we discussed the scarce reserves regime the Fed used to implement monetary policy before the global financial crisis, and how the Fed’s repo and reverse repo operations evolved in response to the crisis. In this article, we explore the continued evolution of repo and reverse repo operations—namely, how they were structured to address the spike in repo rates in September 2019 and the extraordinary market dislocations at the onset of the COVID-19 pandemic in March 2020.
In remarks in New York City on July 16, New York Fed President John C. Williams discussed what the latest data are saying in light of economic uncertainty, and how he expects the effects of tariffs to take shape.
Repurchase and reverse repurchase operations—or “repo and reverse repo” transactions—are critical to the Federal Reserve’s implementation of monetary policy. Alongside a broader suite of open market operations, these transactions influence interest rates and support smooth market functioning by helping to maintain the federal funds rate well within the target range set by the Federal Open Market Committee.
In remarks in Albany on June 24, New York Fed President John C. Williams discussed what recent soft data and hard data reveal about the U.S economy, and how the totality of the data is informing his economic outlook.
The continued unwinding of large central bank balance sheets in the post-pandemic period and its impact on financial markets and the broader economy have presented several policy and monetary policy implementation questions in the U.S. and abroad. To help address this, the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs hosted a workshop on “Unwinding Large Central Bank Balance Sheets” in May. The workshop’s three panels brought together academics, industry and public policy experts, and current and former central bankers. In this article, we highlight the main themes from the day’s discussions.
As the director of research at the New York Fed, I lead a team that intensively studies the economy. In addition to evaluating monetary policy and labor markets, our team works to better understand topics including financial market function, supply chain constraints, hybrid work, student loan delinquencies, and housing starts.
Growth, uncertainty, and opportunity were the recurring themes during an April visit to Puerto Rico by New York Fed President John C. Williams. This regional 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 Island.
Roberto Perli, manager of the Federal Reserve’s System Open Market Account (SOMA), spoke at the Eighth Short-Term Funding Markets Conference at the Federal Reserve Board in Washington, D.C. on May 9.
The 45 high school teachers had questions for Andrew Haughwout, the New York Fed’s deputy director of research.
In remarks at a Puerto Rico Chamber of Commerce event on April 11, New York Fed President John C. Williams discussed the economy and monetary policy in the context of a changing and uncertain landscape. He also talked about inflation expectations and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability, and shared observations about Puerto Rico’s economy.
