The Teller Window - A view into the work of the New York Fed

April 4, 2024

Regional Visit Shows Housing Affordability, Infrastructure as Top Issues for Businesses and Communities on Long Island

Andrea Grenadier and Joelle Scally

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

Judy DeHaven

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

Roberto Perli and Eric LeSueur

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

Erica Gutman and Brian Greene

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

Ellen Correia Golay, Brian Greene, Sara Kaddoura, and Brett Rose

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

Leon Barker, Ellen Correia Golay, and Brian Greene

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

January 17, 2024

Ideas in Focus at the 2023 U.S. Treasury Market Conference

Leon Barker, Ellen Correia Golay, and Brian Greene

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.

Posted in Financial Markets | Permalink

January 10, 2024

Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy

Julie Lasson

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.

Posted in Economic Outlook | Permalink

January 8, 2024

What Would It Take to Create a More Robust Secondary Market for CDFI Loans?

Jacob Scott, Maria Carmelita Recto, and Jonathan Kivell

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.

Posted in Community Development | Permalink

December 14, 2023

AI Applications in Finance: Considering the Benefits and Risks

Mihaela Nistor

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.

Posted in Technology | Permalink