The Teller Window
A view into the work of the New York Fed
August 21, 2023

Liquidity Fees, Swing Pricing, and the 2023 Money Market Fund Reforms

In July 2023, the SEC issued a new set of reforms for the U.S. money market fund (MMF) industry. The reforms increase the amount of daily and weekly liquid assets a fund must hold, eliminate the link between weekly liquid assets (WLA) and the option to impose liquidity fees and redemption gates, and introduce a dynamic liquidity fee. This article describes some of the most important provisions of the reforms.

August 17, 2023

Innovating for the Future, Heeding Lessons from the Past

From artificial intelligence to digital assets, innovation is all the talk in finance. But as we think about the benefits of innovation and new financial products, it’s important to heed the lessons of the past. A particularly instructive example is the story of the London interbank offered rate, otherwise known as LIBOR.

August 14, 2023

Key Takeaways from the 2023 Financial Innovations Roundtable on Climate, Equity, and the Social Drivers of Health

The New York Fed and the Center for Impact Finance at University of New Hampshire’s Carsey School of Public Policy brought together leaders from the climate, health, and community development finance sectors for the annual Financial Innovations Roundtable, held in June. The Roundtable was part of an ongoing collaboration between the New York Fed and the Carsey School that aims to identify innovative ways to fund improvements in low- and moderate-income communities.

August 7, 2023

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

On Monday, August 7, The New York Times published a transcript of an interview with New York Fed President John Williams. In it, he discussed inflation, the labor market, and his outlook for monetary policy.

July 28, 2023

Engaging Future Central Bankers: Newark Seventh Graders Visit the New York Fed

About 1,800 students, teachers, and chaperones from the Newark public school system visited the New York Fed’s Museum & Learning Center over three months this spring. The visits were part of the New York Fed’s outreach efforts to engage every seventh-grade class in the New Jersey school district, the third largest in the New York Fed’s Second District after New York City and Puerto Rico.

July 18, 2023

Five Messages from the 2023 Governance and Culture Reform Conference

On June 20, the New York Fed hosted a half-day conference focused on culture in financial services. The event was part of the Governance and Culture Reform initiative’s ongoing efforts to understand and influence industry norms to help create a safer and more trustworthy banking sector. Here are the key themes that emerged during the day’s discussions:

July 11, 2023

Key Takeaways from President Williams’s Interview with the Financial Times

On Tuesday, July 11, The Financial Times published the transcript of an interview with New York Fed President John Williams. In it, he discussed inflation, the labor market, and his economic outlook.

June 26, 2023

FedNow Is Coming in July. What Is It, and What Does It Do?

On March 15, the Federal Reserve announced that the FedNow Service will launch in July 2023. FedNow will “facilitate nationwide reach of instant payment services by financial institutions—regardless of size or geographic location—around the clock, every day of the year.” But what exactly is the FedNow Service, and what does it do? In this article, we describe FedNow at a high level, offer answers to common and anticipated questions about the service, and explain how it will support the provision of instant payment services in the United States.

June 20, 2023

Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties

New York Fed President John C. Williams traveled to the U.S. Virgin Islands last month to hear from government officials, students, business owners, and nonprofit and community leaders about economic conditions in the territory. The U.S. Virgin Islands (U.S.V.I.) are part of the Federal Reserve’s Second District, which also encompasses New York State, northern New Jersey, southwestern Connecticut, and Puerto Rico.

May 18, 2023

New York Innovation Center: Exploring the Frontier of Central Banking Technology

The New York Fed established the New York Innovation Center (NYIC) in 2021 with the support of its strategic partner, the Bank for International Settlements (BIS), to explore the potential of technological innovation in central banking to benefit the global financial system.


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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