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.
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:
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.
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.
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.
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.
On Tuesday, May 9, 2023, New York Fed President John Williams spoke at an event hosted by the Economic Club of New York. He discussed inflation, the labor market, and the importance of price stability.
The New York Fed’s Community Development team is researching what private investments in affordable apartments mean for the supply of affordable rentals and the rents tenants pay. As part of that work, the team published a case study in March based on a survey of managers of private investment vehicles, which found that respondents raised a median $300 million in equity for affordable-housing private investment vehicles since 2017. The team also brought together private investors, affordable-housing advocates, and experts in the field for an in-person event on March 27, 2023.
On March 31, New York Fed President John C. Williams traveled to Fairfield County, Connecticut, to hear from local stakeholders about economic conditions in the region. Fairfield County is part of the Federal Reserve’s Second District, which also encompasses New York State, Northern New Jersey, Puerto Rico, and the U.S. Virgin Islands. During the daylong visit, President Williams met with government officials, students, business owners, job seekers, and nonprofit and community leaders. Here are the key themes that emerged in these meetings and discussions:
On Wednesday, April 19, 2023, New York Fed President John Williams spoke at an event hosted by the Money Marketeers of New York University. He discussed inflation, credit conditions, and the steps the Federal Reserve is taking to restore price stability.
The New York Fed’s Legal Group launched the Pro Bono Legal Work Program in early 2021 to encourage staff to provide free legal services to those in need.
