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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.   About the 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 Foreign Exchange Currency Devaluation and Revaluation   Exchange Stabilization Fund   U.S. Foreign Exchange Intervention International Affairs Balance of Payments   Bank for International Settlements   Economic and Monetary Union   Federal Reserve in the International Arena   Foreign Banks and the Federal Reserve   International Banking Facilities Miscellaneous Float   The Money Supply   Monetary Policy Tools Discount Window   Federal Funds   Open Market Operations   Primary Dealers   Repurchase and Reverse Repurchase Transactions   Reserve Requirements   Seasonal Borrowing   System Open Market Account   Treasury Tax and Loan Program Payment Systems Check Processing   Currency Processing and Destruction   How Currency Gets into Circulation 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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