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The Federal Reserve Bank of New York implements monetary policy on behalf of the Federal Reserve System, as mandated by the Federal Open Market Committee. To accomplish this, the Bank targets the federal funds rate through temporary and permanent open market operations with primary dealers. Securities purchased through these operations are managed in a portfolio known as the System Open Market Account and are lent on a daily basis through the securities lending program. The Bank also implements foreign exchange policy on behalf of the System and the U.S. Treasury.

Features

Credit and Liquidity Programs and the Balance Sheet The Board of Governors of the Federal Reserve System provides detailed information about the policy tools employed to address the financial crisis.

Forms of Federal Reserve Lending Comprehensive at-a-glance chart that summarizes current forms of Federal Reserve lending.

American International Group Facility Archive of press releases and documents related to the financial support of American International Group.

Over-the-Counter Derivatives Market Infrastructure Archive of press releases and statements on over-the-counter derivatives and related issues.

NEWS AND ANNOUNCEMENTS

New York Fed purchases $10 billion net ($10.6 billion gross) in agency mortgage-backed securities March 18, 2010

Federal Open Market Committee keeps target for fed funds rate at 0 to 0.25 percent March 16, 2010

Statement regarding counterparties for reverse repurchase agreements March 8, 2010

Minutes of January 26-27 Federal Open Market Committee meeting February 17, 2010

U.S monetary authorities did not intervene in FX market during the fourth quarter February 11, 2010

Domestic Open Market Operations During 2009 January 28, 2010

New York Fed supports comprehensive GAO review on AIG, provides documents to Congress January 19, 2010

Statement regarding January 14 meeting on over‐the‐counter derivatives January 14, 2010

New York Fed publishes revised policy for administration of primary dealer relationships » Administration of Relationships with Primary Dealers » FAQS » January 11, 2010

Research Highlights

The Case for TIPS: An Examination of the Costs and Benefits Several studies have shown that, ex-post, the issuance of Treasury Inflation-Protected Securities (TIPS) has cost U.S. taxpayers money. This study finds that the ex-ante costs of TIPS issuance versus nominal Treasury issuance are currently about equal and that TIPS provide meaningful benefits to investors and policymakers. Staff Report 353, October 2008