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Home Fedpoints Fedpoints is a reference series explaining the structure and functions of the Federal Reserve System and the economic concepts relevant to its work.   New York Fed Services for Central Banks and International Institutions   Who We Are and What We Do Federal Reserve System Board of Governors of the Federal Reserve System   Federal Open Market Committee   How the Federal Reserve Is Audited   The Role of Reserve Bank Directors Monetary Policy Discount Window   Federal Funds   Money Supply   Open Market Operations   Primary Dealers   Repurchase and Reverse Repurchase Transactions   Reserve Requirements Under Revision   Seasonal Borrowing   System Open Market Account     Payment Systems Check Processing   Currency Processing and Destruction   Fedwire® and National Settlement Services   Float   How Currency Gets into Circulation Foreign Exchange Currency Devaluation and Revaluation   Exchange Stabilization Fund   U.S. Foreign Exchange Intervention International Affairs Balance of Payments   Federal Reserve in the International Arena   Foreign Banks and the Federal Reserve   International Banking Facilities Treasury Securities Book-Entry Procedure   Estimating Yields on Treasury Securities   Treasury Auctions   Understanding U.S. Government Securities Quotes   Zero Coupons and STRIPS

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