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.
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.
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.
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.
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.
The ninth annual U.S. Treasury Market Conference, held at the Federal Reserve Bank of New York last November, brought together market participants, official sector representatives, academics, regulatory authorities, and others to discuss ongoing developments in the U.S. Treasury market. The New York Fed sponsored the conference with 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). This year’s conference included several official-sector speeches and three panels.
New York Fed President John C. Williams spoke about his economic outlook and monetary policy before a group of real estate and business leaders from across the greater New York metropolitan area on January 10, 2024.
A more robust secondary market for loans originated by Community Development Financial Institutions (CDFIs), which specialize in lending to low- and moderate-income communities, would give CDFIs greater access to capital, thus allowing them to make more loans. This is why the Community Development team at the New York Fed is researching the secondary market for loans originated by CDFIs and how that market could be expanded.
The Fourth New York Fed Conference on Fintech, held on September 29, convened thought leaders from the financial industry, academia, and public sector to discuss financial technology developments and their impact, with a focus on artificial intelligence (AI) and digital assets. As I noted in remarks at that event, I believe it is important to broaden our collective understanding of how financial technology—and especially generative AI—can be harnessed to deliver progress on our collective goals, while recognizing the need for guardrails and safety measures.
New York Fed President John C. Williams spoke about monetary policy and his economic outlook at an event hosted by the Bretton Woods Committee and the New York Fed on November 30, 2023.
The New York Fed invites central bankers from around the world to its annual Central Banking Seminar each October. The Seminar, now in its 47th year, aims to educate central bankers about recent developments and current challenges in U.S. and global economies and financial markets, monetary policy, and financial supervision.
