The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
According to the report, the dollar appreciated 8.2 percent against the euro and appreciated 2 percent against the Japanese yen during the three month period that ended September 30, 2000.
The intervention was carried out by the foreign exchange trading desk at the New York Fed, operating in coordination with the European Central Bank (ECB) and the monetary authorities of Japan, Canada, and the United Kingdom. The amount was split evenly between the Federal Reserve System and the U.S. Treasury Departments Exchange Stabilization Fund (ESF).
The report was presented by Peter R. Fisher, executive vice president of the New York Fed and the Federal Open Market Committees (FOMC) manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.