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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

Due to market disruptions and closures associated with Hurricane Sandy, the daily effective federal funds rate for Monday, October 29, 2012, is a volume-weighted average of overnight and two-day trades arranged by major brokers. 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

FAQs: Purchases of Longer-term Treasury Securities »

Open Market Operations: Transaction Data Detailed data on open market, securities lending and foreign currency transactions-including, for each transaction, the date, amount, counterparty, price or interest rate paid or received, and the type and value of collateral or assets transferred. This information is provided in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and complements operational and holdings data also available on this website.

Federal Reserve single-tranche term repurchase agreements March to December 2008

Fast Facts: Single-Tranche Term Repurchase Agreements »

FAQs: Agency MBS CUSIP Aggregation »

News and Announcements

Federal Open Market Committee statement May 1, 2013

New York Fed releases tentative outright Treasury operation schedule April 30, 2013

Minutes of March 19-20 Federal Open Market Committee meeting April 10, 2013

Federal Reserve Board and Federal Open Market Committee release economic projections from March 19-20 FOMC meeting March 20, 2013

Statement regarding repurchase agreements January 16, 2013

Recent Speeches

The Implementation of Current Asset Purchases Remarks by Simon Potter at the Forecasters Club of New York, New York City March 27, 2013

Publications

Domestic Open Market Operations During 2012 This report reviews the conduct of domestic open market operations and other developments that influenced the balance sheet of the Federal Reserve in 2012.. Released April 2013; 45 pages / 1,060 kb

Liquidity Benefits of the TBA Market The presence of the to-be-announced (TBA) market provides greater liquidity to the agency mortgage-backed-securities (MBS) market, according to a New York Fed study authored by James Vickery and Joshua Wright. They describe the mechanics of this market and document its robust liquidity, even during the financial crisis, and review the prospects for the TBA market amid the housing finance reform discussion. January 18, 2013