Last Updated: 11/25/2020
Introduction and Applicability
- Copyright Law
- User is Solely Responsible for Content Use
- Use Restrictions
- Prohibited Use
- Third Party Content
- User-Submitted Content and Content Licenses
Digital Millennium Copyright Act
In general, the New York Fed intends for Website visitors to have permission to use and share Content. Some conditions apply to all Content. Those conditions are described below.
In addition, certain Content is subject to more specific restrictions on use ("Use Restrictions"). Use Restrictions are described either in the Terms or with the relevant Content where it appears on the Website. Visitors who choose to use Content to which Use Restrictions apply may do so only if you also comply with the applicable Use Restrictions.
For the limited circumstances in which the New York Fed collects personal information through the Website, the New York Fed follows the practices described in our Privacy Statement.
The New York Fed may change the Terms and the Privacy Statement at any time without prior notice. If you cannot or choose not to comply with these Terms, do not use the Website.
Content means all information published on the Website, which includes, without limitation, text, reports, papers, press releases, data, photos, images, video, audio, documents, charts, diagrams, and presentations. The New York Fed also makes some Content available through other electronic means, such as an RSS feed, an application programming interface (API), or tools provided by third parties. These Terms generally apply to Content accessed through those other distribution channels as well.
The New York Fed owns the Website and the New York Fed or its licensors own the Content. All material and functionality comprising the Website and Content is protected by copyright, trademark, patent, trade secret, and other intellectual property laws.
The New York Fed grants you a non-exclusive license, subject to the Terms, to use, copy, and distribute Content for your personal or business purposes. You may:
- Access the Content, manually or through an automated process or device, provided your access does not have the effect of disabling, damaging, or interfering with the function of the Website,
- Download, store, and use Content in any format or media,
- Copy and distribute the Content in any format or media, and
- Modify and create derivative works from the Content.
Whenever you use any of the Content, the following conditions apply:
- When you copy or distribute any Content, you must include any copyright notice and other source identifiers that the New York Fed includes with that Content. If the Content identifies individual authors, you must also include that information in your copy.
- If Content includes a Website address from which the Content may be obtained without charge, you may not remove that citation from the Content.
- If you modify any of the Content, you must clearly label the modified Content to ensure there is no confusion or ambiguity about the difference between the original Content and the modifications or the source of the modifications. You may not attribute any modifications or derivative works to the New York Fed.
- You will avoid modifying the Content or using excerpts of the Content in a manner that distorts or misrepresents the Content as it has been published by the New York Fed. You may not modify the title or headline of the Content.
- If you distribute the Content, you must make the Content available with the same permissions, conditions, and restrictions set forth in these Terms. You may not impose more restrictive terms or conditions on the Content.
- You must not state or imply that the New York Fed endorses your use, reproduction, or distribution of the Content or any product, service, financial instrument, or material you create or derive using the Content or any excerpt of the Content. The New York Fed does not permit the use of its name in advertising, as an endorsement for any product or service, or for any other commercial purpose.
- You are responsible for your use, copying, and distribution of Content, including any errors, modifications, or alterations you introduce, whether intentionally or inadvertently, and for all products, services, financial instruments, and materials you create or derive using the Content or any excerpt of the Content.
The New York Fed does not intend the license granted in the Terms to limit any right you have to use the Content as permitted under United States copyright law. The license granted in these Terms continues through the duration of the New York Fed’s copyright in the Content, but terminates automatically if you fail to comply with the Terms.
User is Solely Responsible for Content Use
As noted in paragraph (7) of the Conditions, each user is responsible for how you use the Content. The New York Fed disclaims any responsibility for any use you make of the Website or the Content. The New York Fed disclaims all liability to you or to anyone with whom you share the Content or any product, service, financial instrument, or material you create or derive using the Content or any excerpt of the Content.
None of the Content is investment advice. The New York Fed does not endorse, promote, or participate in the pricing of any financial instrument or transaction that references any of the Content, including any reference rate data or related materials.
The New York Fed may change the Website at any time in its discretion and without prior notice. The New York Fed may also withdraw, modify, or amend published Content at any time in its discretion and without prior notice. The New York Fed may alter the methods of calculation, publication schedule, rate revision practices or availability of reference rates, certain research reports, and any other Content at any time without prior notice.
Users are responsible for monitoring the Website for any changes, updates, or corrections relevant to Content you choose to use. Users are responsible for determining what steps, if any, you should take to reflect changes, updates, or corrections the New York Fed makes to Content in any product, service, financial instrument, or material you create or derive using the Content or any excerpt of the Content.
As of the “Last Revised” date above, the Content listed below is subject to Use Restrictions. From time to time, the New York Fed may identify on the Website other Content subject to Use Restrictions.
- Blog Posts – Articles or entries in the Liberty Street Economics Blog
You may use individual Blog posts subject to the conditions listed above. Distribution of Blog posts on a regular or serial basis and archiving or storing Blog posts in an archive made available to the public (for free or subject to a subscription) requires a separate written license agreement with the New York Fed.
When you cite or distribute a Blog post, you must include a link to the post where it appears on the Website.
If you choose to submit comments on the Liberty Street Economics Blog, you must adhere to the Comment Guidelines posted in the Liberty Street Economics blog.
- Lesson Plans – Lesson plans posted in the Outreach & Education section of the Website
You may include the Lesson Plans in a subscription service for educators, but you may not separately charge for the lesson plans. Copies of lesson plans must include the following attribution:
“©Federal Reserve Bank of New York www.newyorkfed.org/outreach-and-education.”
- Reference Rates – Reference Rates data and other information about reference rates posted in the Markets & Policy Implementation section of the Website
The New York Fed produces a number of reference rates that provide insight into the dynamics of money markets, and it makes reference rate data and related information available on the Website.
If you use or distribute reference rate data or related information posted to the website, you must include the following notice and disclaimer with your presentation of that data or information:
*Brackets in the form of notice indicate detail to be completed by the person using or distributing the reference rate data or related information.
If you offer a product or service based on a particular reference rate, you may use the name and acronym associated with that reference rate to describe your product or service. You may also use the reference rate name or acronym in your product or service name. You may not, however, claim or assert any exclusive or unique rights in the name or acronym associated with any reference rate.
Whenever you use the name or acronym associated with a reference rate in the name, title, or description of any product or service you offer, you must include the following disclaimer as prominently as practicable in any materials that identify or describe your product or service:
“[User]* is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by [user].”
*Brackets in the form of disclaimer indicate detail to be completed by the person using the reference rate name or acronym.
The Secured Overnight Financing Rate (SOFR) Data and Broad General Collateral Rate (BGCR) Data are calculated using data provided under a license granted to the New York Fed by DTCC Solutions LLC (“Solutions”), an affiliate of The Depository Trust & Clearing Corporation. Solutions, its affiliates, and third parties from which they obtained data have no liability for the content of this material.
- Staff Reports and Working Papers – Reports from the New York Fed’s working papers series that are identified as a Staff Report in the Economic Research section of the Website or as a Working Paper on web pages describing the research of individual New York Fed staff economists
You may use individual Staff Reports and Working Papers for personal use or for internal business purposes. Your use of Staff Reports and Working Papers is subject to the Conditions listed above. You may not distribute Staff Reports or Working Papers for a business or commercial purpose.
New York Fed economists may develop Staff Reports and Working Papers they author into articles published in economic or scientific research journals. In some cases, attribution of a Staff Report or Working Paper may require citation to the journal in which a related article is published. You must follow any attribution requirements noted in or with any Staff Report or Working Paper you use.
- Household Debt and Credit Reports – Reports, charts, and data related to the Quarterly Report on Household Debt and Credit posted in the Economic Research, Data & Indicators section of the Website
The Quarterly Report on Household Debt and Credit is analysis based on New York Fed Consumer Credit Panel / Equifax data. The New York Fed publishes data with its analysis.
If you use the Consumer Credit Panel data, the proper attribution format is “New York Fed Consumer Credit Panel / Equifax.”
- Survey of Consumer Expectations (SCE) – Reports, charts, and data related to the Survey of Consumer Expectations posted in the Economic Research, Data & Indicators section of the Website
The SCE is a monthly online survey of a rotating panel of household heads. The survey collects timely information on consumers’ expectations and decisions on a broad variety of topics, including but not limited to inflation, household finance, the labor market, and the housing market. The New York Fed publishes survey questions and data with its analysis.
SCE Questions: You may use and adapt all or substantially all of the SCE questions in a survey you conduct, provided that you acknowledge your use of the SCE questions and your acknowledgment is made in a way that it does not state or imply the New York Fed endorses your survey.
You must include the following attribution and disclaimer in presenting the results of your survey:
“Some [All]* survey questions were taken or adapted from the Survey of Consumer Expectations, ©2013-2020 Federal Reserve Bank of New York. The SCE questions are available without charge at https://www.newyorkfed.org/microeconomics/sce and may be used subject to license terms posted there. The New York Fed did not participate in or endorse [identify user’s survey]*, and the New York Fed disclaims any responsibility or legal liability for the administration of the survey and the analysis and interpretation of data collected.”
*Brackets in the form of attribution and disclaimer indicate detail to be completed by the person using the SCE questions in another survey.
SCE Data: You may use SCE data posted by the New York Fed on the Website. You must include the following attribution and disclaimer with any publication or presentation of the SCE data:
“Source: Survey of Consumer Expectations, ©2013-2020 Federal Reserve Bank of New York. The SCE data are available without charge at https://www.newyorkfed.org/microeconomics/sce and may be used subject to license terms posted there. The New York Fed disclaims any responsibility for this analysis and interpretation of Survey of Consumer Expectations data.”
If you use figures or graphs to present SCE data in a publication that generally includes separate attributions for figures and graphs, use the following attribution for your figures and graphs: “Source: Survey of Consumer Expectations, New York Fed.”
- You may not use the Website or any Content in a manner that violates any applicable law or regulation or for any fraudulent purpose. You may not impersonate or attempt to impersonate the New York Fed or any New York Fed employee, including through the use of email addresses associated with them.
- You must avoid using or accessing the Website in a manner that has or could have the effect of disabling, damaging, or interfering with the functioning of the Website or use of the Website by others.
- You must not attempt to gain unauthorized access to, interfere with, damage, or disrupt the Website or any computing device or electronic service the New York Fed uses to create, calculate, process, store, transmit, or display any Content, including the Reference Rates. The New York Fed monitors the Website and will take appropriate action, including referral to law enforcement, for any illegal or unauthorized access or use, or attempted access or use, of the Website.
The New York Fed provides links to information outside the Website as additional resources for users. Your use of any material or services you access from a link that takes you out of the Website is subject to the terms offered by the third party that provides the additional resource.
All statements and opinions expressed in any third-party materials displayed on the Website are solely attributable to the third party, who bears all responsibility for that material. The New York Fed does not endorse any third-party views expressed in Content, and it does not sponsor, endorse, or recommend any products or services used or referenced in the Website.
Third-party content the New York Fed publishes on the Website is owned by another party, and the New York Fed may only allow you to view those materials as they appear on the Website. If you want to make any other use of third-party content, you must obtain permission directly from the owner of that content.
The Terms require users to attribute Content to the New York Fed and to identify any Content used, copied, or distributed to be appropriately identified by the title or headline as it appears on the Website. Except to identify the New York Fed as the source of Content, the Terms do not authorize you to use the name of the New York Fed or any Federal Reserve trade names, trademarks, service marks, or product names (collectively, "New York Fed Marks").
Generally, you must not use any New York Fed Marks, individually or in combination with other words or symbols, as part of the legal name or trade name of any entity or in any internet domain name or social media account name that functions as a product or service identifier or trade name. The New York Fed allows a limited exception to indicate use of a Reference Rate in a product or service. Refer to “Reference Rates” in the Use Restrictions section above.
All other corporate names, product and service names, or logos on the Website may be subject to trademark or other proprietary rights belonging to their respective owners. The Terms do not grant you any license or permission to use the names or trademarks of third parties.
User-Submitted Content and Content Licenses
When you submit comments or other material on the Website, your submissions are not confidential. You are solely responsible for your own comments and submissions and the consequences of posting or publishing in a public forum. The New York Fed reserves the right to decline to post and to remove comments without prior notice.
Your use of any Website feature for posting comments or submitting material to the New York Fed is subject to the following conditions, and by using the Website to post comments or submit material you agree that:
- You own or have the necessary licenses, rights, consents, and permissions to use and authorize the New York Fed to use all comments and other information you provide through the Website.
- Comments and other information you provide through the Website are not confidential and do not, and will not: (a) infringe, violate, or misappropriate any third-party right, including any copyright, trademark, patent, trade secret, moral right, privacy right, right of publicity, or any other intellectual property right, (b) slander, defame, or libel any other person, (c) violate any contractual restrictions or other third party rights, or (d) violate these Terms. You will only submit material that you own or have permission of the owner to submit.
- You will not post comments or submit material contrary to applicable law or regulations.
- Nothing you post to or provide through the Website contains any viruses, adware, spyware, worms, or other malicious code.
By submitting comments to the Website, you grant the New York Fed a perpetual, irrevocable, worldwide, nonexclusive, royalty-free, sublicenseable, and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the comments on the Website and otherwise in connection the New York Fed's operations, including, without limitation, for promoting and redistributing part or all of the Content and derivative works in any format and through any media channels without acknowledgment or compensation to you. You agree that the New York Fed may retain server copies of your comments that have been removed or deleted from the Website. All other rights in your comments are reserved to you.
The New York Fed is not responsible for any Website user’s misuse or misappropriation of any comments or material you post. The New York Fed is also not responsible for the accuracy, usefulness, safety, or appropriateness of any user’s comments. You may be exposed to comments from a variety of sources, some of which you may find inaccurate, offensive, indecent or objectionable. You are solely responsible for your interactions with other users that provide comments.
The New York Fed is committed to making this Website accessible to the widest possible audience, and it strives to ensure that Content meets or exceeds the requirements of the Web Content Accessibility Guidelines (WCAG) 2.0.
Most Content is presented in PDF, HTML, or plain text format. When Content is provided in multiple formats, at least one version is designed to be accessible to users of assistive technology.
The New York Fed invites comments on our accessibility practices. If you would like to comment on our accessibility practices, or if you are seeking a paper copy of a document that is not accessible to you through the Website, you may send a letter or email to:
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Some Website features require registration. When the New York Fed collects personal information through the Website, the personal information collected will be handled in accordance with our Privacy Statement.
Your use of any feature that requires registration is subject to the following conditions, and by registering and using the feature for which you register you agree to:
- provide true, accurate, current and complete information about you as you may be prompted by any registration forms on the Website,
- maintain and promptly update registration information to keep it accurate, current, and complete,
- maintain the confidentiality and security of your password and identification,
- be solely and fully responsible for all use of your account and for any actions that take place using your account, and
- the New York Fed’s use of your data, including personally identifiable information, in the United States, for the purpose for which you registered.
And you agree not to:
- create an account for anyone other than yourself,
- attempt to cloak or conceal your identity when registering or using the Website,
- create an account on the Website if you are under the age of 13, or
- share your password, let anyone else access your account, or take other actions that might compromise the security of your account.
The New York Fed may terminate your license, your account, or your use of the Website and remove or discard all or any part of your registration data or user content at any time without prior notice for any reason at its sole discretion. Upon termination, you do not have the right to use Content except as permitted by law or other agreement with the New York Fed. In addition, the following sections of the Terms survive the termination of your license to use the Website and remain in effect with respect to any Content that you use: Permissible Use, Indemnification, Limitation of Liability, No Warranty, Invalidity of Specific Terms, and Choice of Law and Venue.
Your use of the Website and the Content is at your own risk. The Website and the Content, including third-party material, are provided “AS IS” and “AS AVAILABLE,” without warranties of any kind, express or implied. The New York Fed disclaims any warranties of merchantability, noninfringement, and fitness for a particular purpose. Neither the New York Fed nor any employee or other person associated with the New York Fed makes any warranty or representation (a) regarding the completeness, reliability, quality, accuracy, security, or availability of the Website or the Content, (b) that defects will be corrected, (c) that the Website or infrastructure through which it is made available is free of viruses or other harmful components, or (d) that the Website or the Content will meet your needs or expectations.
None of the New York Fed, any of its directors, officers, employees, agents, or contractors, any other Federal Reserve Bank, the Board of Governors of the Federal Reserve System or any third-party provider of Content shall be liable for any direct, indirect, special, or consequential damages of any kind whatsoever, including, without limitation, damages for loss of profits, business interruption, loss of information, or expenses such as attorneys’ fees, arising from or relating to the Website or Content, whether asserted in an action based on contract, negligence or other tortious action, or other claim, and regardless of the negligence of the New York Fed or any of its employees, agents, or contractors, whether or not the New York Fed has been advised of the possibility of such damages.
It is a condition of this license to use the Website and Content that you assume all risk of your access and use of the Website and Content. By using the Website and Content, you release and waive all claims against the New York Fed and its directors, officers, employees, agents, and contractors from any and all liability claims, damages, costs and expenses (including litigation costs and attorneys’ fees) of every kind and nature, arising from or in any way related to your use of the Website and Content, including use of any Content in or as the basis for a financial instrument, derivative work, transaction, or any other commercial activity.
The New York Fed makes information available with limited restrictions on its use. As a corollary to that, the New York Fed expects Website users to take responsibility for their use of content they take from the Website. Therefore, it is a condition to your use of the Website and Content, and by using the Website and the Content you agree, that you will indemnify and hold harmless the New York Fed and its directors, officers, employees, agents, and contractors from and against any third party claims, damages, liabilities, costs and expenses (including litigation costs and attorneys’ fees) of every kind and nature arising from or in any way related to your use of the Website, use, copying, or distribution of Content, your commercial activities using Content, submission of User Contributions, or your violation of the Terms.
The New York Fed may participate in the defense of any third-party claim at its expense. You may not settle a third-party claim without the written consent of the New York Fed except that written consent will not be required if the settlement (a) contains no finding or admission of fault or violation of law or rights of any person, (b) provides for monetary damages to be paid in full by you as the sole relief, and (c) includes a complete and unconditional release of the New York Fed from all liability in any way related to the third-party claim.
The New York Fed undertakes to abide by all relevant copyright laws, and it does not permit infringement of copyright or other intellectual property rights on the Website. The New York Fed will review all claims of copyright infringement it receives and remove Content it determines to have been posted or distributed in violation of law.
The New York Fed will promptly terminate, without notice, any user’s access to the Website if the New York Fed determines that user to be a "repeat infringer." A repeat infringer is a user who has been notified that such user’s activity infringes copyright or other intellectual property rights more than twice or whose user-submitted content has been removed from the Website more than twice.
Notice. If you are a copyright owner or an agent of a copyright owner and believe that any user-provided Content or other Content infringes upon your copyrights, you may submit a notice pursuant to the Digital Millennium Copyright Act ("DMCA") by providing the New York Fed with the following information in writing (see 17 U.S.C § 512(c)(3) for further detail):
- Your physical or electronic signature (or the physical or electronic signature of a person authorized to act on your behalf),
- A description of the copyrighted work you claim has been infringed or, if you claim multiple copyrighted works have been infringed, a representative list of such works on the Website,
- A description of the material you claim is infringing or to be the subject of infringing activity and information reasonably sufficient to permit the New York Fed to locate the material on the Website so that it may be removed or access to it may be disabled,
- Your contact information, including your name, address, telephone number, and email address,
- A statement that you have a good-faith belief that use of the material in the manner which you have complained is not authorized by the copyright owner, its agent, or the law, and
- A statement that the information in the notification is accurate and, under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.
Counter-notice. If you posted Content to the Website which has been removed under this procedure and you believe the Content that was removed or to which access was disabled is not infringing or was posted with authorization from the copyright owner or the copyright owner's agent or as permitted by law, you may send a counter-notice with the following information:
- Your physical or electronic signature,
- A description of the material that has been removed or to which access has been disabled and the Website location at which the material appeared before it was removed or access to it was disabled,
- A statement, under penalty of perjury, that you have a good-faith belief that the material was removed or access to it was disabled as a result of mistake or misidentification of the material,
- Your contact information, including your name, address, telephone number, and email address,
- A statement that you consent to the jurisdiction of the United States district court for the judicial district in which your address is located or, if you are outside the United States, to the jurisdiction of the United States district court for the Southern District of New York; and
- A statement that you will accept service of process from the person who provided the New York Fed with notification of the alleged infringement or that person’s agent.
If a counter-notice is received by the New York Fed, the New York Fed will send a copy of the counter-notice to the original complaining party informing that person that the New York Fed may replace the removed material or cease disabling access to it in 10 business days. Unless the original complaining party files an action seeking a court order against the user who provided the Content, the New York Fed may replace the removed Content or restore access to it in 10 to 15 business days following receipt of the counter-notice.
Send To. DMCA notices and counter-notices should be sent to firstname.lastname@example.org, or Legal Department, Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045.
Please note that if you fail to comply with all of the above requirements of this section, your DMCA notice or counter-notice may not be valid.
If any provision of these Terms is determined by a court of competent jurisdiction to be invalid or unenforceable, application of that provision is to be limited to the extent it is invalid or unenforceable, and other provisions are to continue in full force and effect.
The Terms and the relationship between you and the New York Fed is to be construed and enforced in accordance with the federal law of the United States and, in the absence of controlling federal law, the laws of the State of New York, even if applicable conflict-of-law rules indicate the laws of a different jurisdiction would govern. All claims litigated under the Terms must be initiated in the U.S. District Court for the Southern District of New York, and each party consents to the personal jurisdiction of that court.