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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

Federal Funds chart - please call 212-720-6130 for more information.

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 OFFSITE

Featured Updates
Domestic Open Market Operations during 2007 pdf
The annual report of the implementation of open market operations used to control the federal funds rate.
Released February 2008; 38 pages / 340 kb
News and Announcements
Minutes of October 28-29 Federal Open Market Committee meeting offsite
November 19, 2008

Federal Open Market Committee statement offsite
October 29, 2008

Federal Reserve, other central banks announce reductions in policy interest rates offsite
October 8, 2008

Board announces creation of the Commercial Paper Funding Facility (CPFF) to help provide liquidity to term funding markets
October 7, 2008

CPFF Terms and Conditions
October 7, 2008

Board announces it will begin to pay interest on
depository institutions’ required and excess reserve balances
offsite
October 6, 2008

FAQs about Interest on Reserves and the Implementation of Monetary Policy
October 6, 2008

Board approves two interim final rules to provide liquidity to markets offsite
September 19, 2008

Purchase of Agency Discount Notes
September 19, 2008

Statement Regarding Planned Purchases of Agency Debt
September 19, 2008

Statement Regarding Supplementary Financing Program
September 17, 2008
Publications
Alternative Instruments for Open Market and Discount Window Operations offsite pdf
December 20, 2002; 165 pages / 2.04 mb

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

Factors Affecting Reserve Balances offsite
Federal Reserve Statistical Release H.4.1
Legislation and Authorization
Minutes of the Federal Open Market Committee: January 30-31, 2007 offsite
February 21, 2007