The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
In the second quarter, the dollar appreciated 3.2 percent against the German mark and 2.2 percent against the Japanese yen. On a trade-weighted basis, the dollar advanced 1.6 percent against the other G-10 nations' currencies, the report noted.
Throughout most of the quarter, the report said, a perception of underlying economic strength in the U.S.and expectations of an eventual increase in interest rates by the Federal Reserve supported the dollar.
The report was presented by Peter R. Fisher, executive vice president of the New York Fed and the Federal Open Market Committee's manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.