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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 2007 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 November 19, 2008

Federal Open Market Committee statement October 29, 2008

Federal Reserve, other central banks announce reductions in policy interest rates 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 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 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 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

Legislation and Authorization

Minutes of the Federal Open Market Committee: January 30-31, 2007 February 21, 2007