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The Federal Reserve Bank of New York implements monetary policy on behalf of the Federal Reserve System, as mandated by the Federal Open Market Committee. To accomplish this, the Bank targets the federal funds rate through temporary and permanent open market operations with primary dealers. Securities purchased through these operations are managed in a portfolio known as the System Open Market Account and are lent on a daily basis through the securities lending program. The Bank also implements foreign exchange policy on behalf of the System and the U.S. Treasury.

Features

Temporary Open Market Operations Statistics on temporary operations, which involve short-term repurchase and reverse repurchase agreements, are updated each business day.

Permanent Open Market Operations Statistics on permanent operations, which involve the outright buying and selling of securities, are updated on days they occur.

Securities Lending Operations Loans are awarded to primary dealers based on competitive bidding in an auction held each business day at noon. Results are posted each afternoon.

Federal Funds Data Includes the daily effective rate, standard deviation and period averages, updated each business day.

Primary Dealer Statistical Releases Includes weekly transactions and market share data reported by designated primary dealers. Current Primary Dealer List June 5, 2008 Primary Dealer Statistics Historical Search Search data from July 2001 to the present

NEWS AND ANNOUNCEMENTS

Minutes of October 28-29 Federal Open Market Committee meeting November 19, 2008

U.S. Monetary Authorities Did Not Intervene in FX Markets during the Third Quarter November 13, 2008

New York Fed Endorses TMPG Best Practice Initiatives November 12, 2008

New York Fed Releases Additional MMIFF Details November 10, 2008

Tentative TSLF Auction Schedule for November and December October 31, 2008

New York Fed Announces Terms for November and December TSLF Options Program October 31, 2008

New York Fed Welcomes Further Industry Commitments on Over-the-Counter Derivatives October 31, 2008

Federal Open Market Committee statement October 29 2008

New York Fed Releases MMIFF FAQs October 22, 2008

Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF) October 21, 2008

CPFF registration October 20, 2008

New York Fed Releases Expanded CPFF FAQs October 17, 2008

Research Highlights

The Case for TIPS: An Examination of the Costs and Benefits Several studies have shown that, ex-post, the issuance of Treasury Inflation-Protected Securities (TIPS) has cost U.S. taxpayers money. This study finds that the ex-ante costs of TIPS issuance versus nominal Treasury issuance are currently about equal and that TIPS provide meaningful benefits to investors and policymakers. Staff Report 353, October 2008