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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 February 8, 2007 Primary Dealer Statistics Historical Search Search data from July 2001 to the present

NEWS AND ANNOUNCEMENTS

U.S. Monetary Authorities Did Not Intervene in FX Markets during the First Quarter May 8, 2008

Statement Regarding System Open Market Account Redemption May 8, 2008

Federal Reserve, European Central Bank and Swiss National Bank announce an expansion of liquidity measures May 2, 2008

Statement Regarding System Open Market Account Redemption May 1, 2008

Federal Open Market Committee Decides to Lower Fed Funds Rate 25 Basis Points to 2 Percent April 30, 2008

Statement Regarding System Open Market Account Redemption Aoril 24, 2008

Minutes of Federal Open Market Committee, March 10, 18 Aoril 8, 2008

Statement Regarding System Open Market Account Redemption April 3, 2008

Research Highlights

Buybacks in Treasury Cash and Debt Management This paper examines the use of buybacks in Treasury cash and debt management. The authors review the mechanics and results of the buyback operations in 2000-01, during a time of budget surpluses, and assess the prospective use of buybacks in the absence of a surplus. Staff Report No. 304, October 2007

The Emergence of “Regular and Predictable” as a Treasury Debt Management Strategy The author shows that in 1975, Treasury officials financed an unusually rapid expansion of the federal deficit with a flurry of tactical offerings. Because the timing and maturities of the offerings followed no predictable pattern, the sales sometimes took investors by surprise, disrupting the market. These events led Treasury officials to embrace a more regularized program of regular and predictable issuance. Economic Policy Review 13 (1), March 2007

The Yield Curve as a Leading Indicator: Some Practical Issues Since the 1980s, economists have argued that the slope of the yield curve—the spread between long- and short-term interest rates—is a good predictor of future economic activity. Current Issues in Economics and Finance 12 (5), July/August 2006