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Open Market Operations

The Bank implements monetary policy primarily by conducting temporary and permanent open market operations. By buying and selling government securities, the Bank affects the aggregate level of balances available in the banking system, and thus impacts the federal funds rate.   More ››

Federal Funds: Effective Rate vs. Target Rate Note: The New York Fed discontinued publication of weekly averages of the federal funds rate as of June 30, 2004. The weekly average will continue to be available on Federal Reserve Statistical Release H.15

Featured Updates

Domestic Open Market Operations During 2009 The annual report of the implementation of open market operations used to control the federal funds rate. Released January 2010; 51 pages / 598 kb

Frequently asked questions regarding the Bank's Permanent Open Market Operations. Treasury Securities » Agency Debt » Agency MBS »

News and Announcements

Minutes of August 10 Federal Open Market Committee meeting August 10, 2010

New York Fed releases tentative outright Treasury operation schedule August 11, 2010

Statement regarding reinvestment of principal payments on agency debt and agency MBS August 10, 2010

FAQs: Reinvestment of principal payments on agency debt and agency MBS in Treasuries August 10, 2010

FOMC keeps target for fed funds rate at 0 to 0.25 percent August 10, 2010

New York Fed executes $0 net purchases, $0 dollar rolls and $0 coupon swaps in agency mortgage-backed securities August 5, 2010

Publications

Alternative Instruments for Open Market and Discount Window Operations December 20, 2002; 165 pages / 2.04 mb

Aggregate Reserves of Depository Institutions and the Monetary Base Federal Reserve Statistical Release H.3

Factors Affecting Reserve Balances Federal Reserve Statistical Release H.4.1