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.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
By trading government securities, the New York Fed affects the
federal funds rate, which is the interest rate at which depository institutions
lend balances to each other overnight. The Federal Open Market Committee
establishes the target rate for trading in the federal funds market.
Note: The New York Fed discontinued publication of period-to-date and month-to-date average values as of August 21, 2006.
1 The daily effective federal funds rate is a volume-weighted average of rates on trades arranged by major
brokers. The effective rate is calculated by the Federal Reserve Bank
of New York using data provided by the brokers and is subject to revision.
2 On December 16, 2008, the Federal Open Market Committee established a target range for the federal funds rate of 0 to 1/4 percent.