Home

Open Market Operations

The Bank implements monetary policy primarily by conducting temporary and permanent open market operations. By buying and selling government securities, the Bank affects the aggregate level of balances available in the banking system, and thus impacts the federal funds rate.   More ››

Federal Funds: Effective Rate vs. Target Rate Note: The New York Fed discontinued publication of weekly averages of the federal funds rate as of June 30, 2004. The weekly average will continue to be available on Federal Reserve Statistical Release H.15

Featured Updates

Domestic Open Market Operations during 2007 The annual report of the implementation of open market operations used to control the federal funds rate. Released February 2008; 38 pages / 340 kb

News and Announcements

Statement Regarding System Open Market Account Redemption May 15, 2008

Statement Regarding System Open Market Account Redemption May 8, 2008

Statement Regarding System Open Market Account Redemption May 1, 2008

Federal Open Market Committee Decides to Lower Fed Funds Rate 25 Basis Points to 2 Percent April 30, 2008

Statement Regarding System Open Market Account Redemption April 24, 2008

Minutes of Federal Open Market Committee, March 10, 18 April 8, 2008

Statement Regarding System Open Market Account Redemption April 3, 2008

Publications

Alternative Instruments for Open Market and Discount Window Operations December 20, 2002; 165 pages / 2.04 mb

Aggregate Reserves of Depository Institutions and the Monetary Base Federal Reserve Statistical Release H.3

Factors Affecting Reserve Balances Federal Reserve Statistical Release H.4.1

Legislation and Authorization

Minutes of the Federal Open Market Committee: January 30-31, 2007 February 21, 2007