In remarks delivered at the Hoover Institution, New York Fed President John C. Williams discussed three key principles derived from monetary policy theory and experience that help guide central banks in achieving price stability.
May 3, 2024
April 11, 2024
Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy
In remarks delivered at the Federal Home Loan Bank of New York’s annual symposium, New York Fed President John C. Williams discussed the progress made in restoring price stability to the economy, the work still needed to return inflation to 2 percent, and the trajectory of the Fed’s balance sheet.
Posted in Economic Outlook | Permalink
April 9, 2024
A Focus on ‘Equitable’ and ‘Growth’ in Understanding the Economy
Though I only just joined the New York Fed in February, I’ve been closely following its equitable growth research for nearly five years. Recently, I spoke with researchers from a broad range of areas across the Federal Reserve System, including micro-, macro-, and financial economics, about why “equitable” and “growth” are important to our understanding of the economy. Given today’s release of our Equitable Growth Indicators, I want to share more broadly, in my view, why this work matters to us.
Posted in Economic Insights | Permalink
April 8, 2024
Building the CDFI Sector in Puerto Rico
Puerto Rico’s community development financial institution (CDFI) sector has grown 15-fold over the last decade following a collaboration that brought together leaders from government, community development finance, and Puerto Rico’s credit unions, known as cooperativas.
Posted in Community Development | Permalink
April 4, 2024
Regional Visit Shows Housing Affordability, Infrastructure as Top Issues for Businesses and Communities on Long Island
On February 28, New York Fed President John C. Williams traveled to Long Island to hear from local stakeholders about economic conditions in the region. Long Island is part of the Federal Reserve’s Second District, which, in addition to New York State, includes Northern New Jersey; Fairfield County, Connecticut; Puerto Rico; and the U.S. Virgin Islands. During the daylong visit, President Williams met with government officials, business owners, and nonprofit and community leaders. Here are the key themes that emerged in the day’s meetings and discussions.
Posted in Regional Visits | Permalink
February 28, 2024
Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy
In remarks delivered during a regional visit to Long Island on February 28, 2024, New York Fed President John C. Williams discussed the progress made in restoring price stability to the economy, as well as the work still needed to return inflation to 2 percent.
Posted in Economic Outlook | Permalink
February 21, 2024
Examining the Recent Inflation Episode, the Fed’s Response, and Effects on Markets
The rise in inflation following the COVID-19 pandemic was a global phenomenon, and it prompted many central banks to tighten monetary policy to bring inflation down. A recently published Centre for Economic Policy Research e-book, “Monetary Policy Responses to the Post-Pandemic Inflation,” provides a collection of viewpoints on the actions of central banks and their effects across various economies and markets.
Posted in Monetary Policy Implementation | Permalink
January 19, 2024
The Future of the Treasury Cash Market in Focus at the 2023 U.S. Treasury Market Conference
At the ninth annual U.S. Treasury Market Conference, Josh Frost, from the U.S. Department of the Treasury, moderated a panel soliciting perspectives on the future of the Treasury cash market. The panel included representatives from two asset management firms, a primary dealer, and the New York Fed.
Posted in Financial Markets | Permalink
January 18, 2024
Assessing Recent Treasury Market Resiliency and Liquidity at the 2023 U.S. Treasury Market Conference
At the ninth annual U.S. Treasury Market Conference, Ellen Correia Golay, from the Markets Group at the New York Fed, moderated a panel on Treasury market resiliency and liquidity. The discussion, on November 16, 2023, considered the recent performance of the Treasury market amid higher volatility. It looked particularly at trading behavior, market resiliency, and liquidity, as well as potential initiatives to bolster the market’s resilience. The panel included representatives from a primary dealer, a hedge fund, an asset manager, a principal trading firm (PTF), and the New York Fed.
Posted in Financial Markets | Permalink
Non‑Centrally Cleared Bilateral Repo Market in Focus at the 2023 U.S. Treasury Market Conference
At the ninth annual U.S. Treasury Market Conference, David Bowman, from the Division of Monetary Affairs at the Federal Reserve Board, moderated a panel soliciting perspectives on trading practices, motivations, and risk management considerations in the non-centrally cleared bilateral repo (NCCBR) market. The panel included representatives from three broker-dealer firms, a hedge fund, and the Office of Financial Research (OFR). Although insight into NCCBR activity is relatively limited, it is estimated to be the largest Treasury repo market segment and acts as a major source of funding to nonbank financial institutions, particularly hedge funds.
Posted in Financial Markets | Permalink
