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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

Frequently asked questions regarding the Bank's Permanent Open Market Operations. Treasury Securities » Agency Debt » Agency MBS »

News and Announcements

New York Fed purchases $16 billion net ($17.2 billion gross) in agency mortgage-backed securities November 19, 2009

Federal Open Market Committee keeps target for fed funds rate at 0 to 0.25 percent November 4, 2009

Minutes of September 22-23 Federal Open Market Committee meeting October 14, 2009

Statement Regarding Purchases of Agency Mortgage-Backed Securities and Agency Debt September 23, 2009

New York Fed streamlines external investment managers for agency MBS purchase program August 17, 2009

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