Statement Regarding the Annual Report on Open Market Operations during 2025

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Operating Policy

Statement Regarding the Annual Report on Open Market Operations during 2025

April 13, 2026

Today, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York published its annual report, Open Market Operations During 2025. This report was prepared by the Markets Group and presented to the Federal Open Market Committee (FOMC). It contains a summary of open market operations conducted by the Desk for the System Open Market Account (SOMA) and a review of Federal Reserve balance sheet developments in 2025. The report also presents New York Fed staff projections of SOMA domestic securities holdings, reserve balances, and associated net income. The projections are based on assumptions drawn from FOMC communications and the January 2026 Survey of Market Expectations.

The Open Market Operations During 2025 report, along with underlying projections data, are available on the New York Fed’s website. Historical reports are also available.

For more information regarding the New York Fed’s Markets Group and Monetary Policy Implementation, please visit this webpage.

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