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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

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

Federal Reserve single-tranche term repurchase agreements March to December 2008

Fast Facts: Single-Tranche Term Repurchase Agreements »

FAQs: Agency MBS CUSIP Aggregation »

Longer-term Treasury securities purchases FAQs updated »

News and Announcements

New York Fed releases tentative outright Treasury operation schedule January 31, 2012

Statement supporting implementation of TMPG fails charge trading practice January 31, 2012

Federal Open Market Committee statement January 25, 2012

Minutes of the Federal Open Market Committee, November 28 and December 13, 2011 January 3, 2012

Publications

New study sheds light on the liquidity of TIPS The latest article from the New York Fed’s Economic Policy Review series, "The Microstructure of the TIPS Market," provides new evidence on the liquidity of Treasury inflation-protected securities (TIPS) and how it differs from that of nominal Treasury securities. December 23, 2011

Domestic Open Market Operations During 2010 The annual report of the implementation of open market operations used to control the federal funds rate. Released March 2011; 43 pages / 718 kb