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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 $23.1 billion net ($36.2 billion gross) in agency mortgage-backed securities July 2, 2009

Tentative TSLF Auction Schedule for Third Quarter 2009 June 29, 2009

Primary dealers list revised June 26, 2009

Federal Reserve announces extensions of and modifications to a number of its liquidity programs June 25, 2009

New York Fed issues tentative outright Treasury operation schedule June 24, 2009

FOMC keeps target for fed funds rate at 0 to 0.25 percent June 24, 2009

New York Fed Welcomes Further Industry Commitments On Over-the-counter Derivatives June 2, 2009

New York Fed announces terms for June TSLF options program May 27, 2009

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