The Monetary Policy Advice Process at the New York Fed
Research economists discuss their process for providing advice on monetary policy to the New York Fed president ahead of FOMC meetings.
Measuring Settlement Fails
n June 2014, settlement fails of U.S. Treasury securities reached their highest level since the implementation of the Treasury fails charge in May 2009, attracting significant attention from market participants.
Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet
This week-long series examined the evolution of the Federal Reserve’s securities portfolio and its performance over time.
More Than Meets the Eye: Some Fiscal Implications of Monetary Policy
In 2012, the Fed’s remittances to the U.S. Treasury amounted to $88.4 billion.
What If? A Counterfactual SOMA Portfolio
The Federal Open Market Committee (FOMC) has actively used changes in the size and composition of the System Open Market Account (SOMA) portfolio to implement monetary policy in recent years.
A History of SOMA Income
Historically, the Federal Reserve has held mostly interest-bearing securities on the asset side of its balance sheet and, up until 2008, mostly currency on its liability side, on which it pays no interest.
The SOMA Portfolio through Time
The System Open Market Account (SOMA) is a portfolio held by the Federal Reserve to support monetary policy implementation and reflects assets and liabilities (domestic, and some foreign) acquired through open market operations.
Just Released: Chairman Bernanke Returns to His Academic Roots, Part 2
his week, Federal Reserve Chairman Ben Bernanke completed his four-lecture series for undergraduate students at the George Washington School of Business in Washington, D.C.
Did the Fed’s Term Auction Facility Work?
We argue that the Fed’s Term Auction Facility (TAF), introduced in December 2007, lowered the cost of borrowing of banks in the market during the recent financial crisis.
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