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.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
U.S. Monetary Authorities Did Not Intervene in FX Market during Third Quarter
November 6, 2003
NEW YORK – The U.S. monetary authorities did not intervene in the foreign exchange markets during the July - September quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.
During the three months that ended September 30, 2003, the dollar depreciated 6.9 percent against the yen, 1.2 percent against the euro and 0.4 percent against the Canadian dollar. In this period, the dollar’s exchange value declined 2.3 percent on a trade-weighted basis as measured by the Federal Reserve’s major currencies index.
The report was presented by Dino Kos, executive vice president of the New York Fed and the Federal Open Market Committee’s (FOMC) manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.