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.
During the three months that ended March 31, the dollar appreciated 8.8 percent against the German mark and 6.9 percent against the Japanese yen, and 7.5 percent on a trade-weighted basis against the other G-10 nations' currencies, the report noted.
The report noted that U.S. authorities received final repayment during the period from Mexico on a special medium-term swap arrangement. Mexico repaid $3.5 billion to the Treasury's Exchange Stabilization Fund (ESF) on January 16, closing out the special medium-term swap arrangement that was set up on February 21, 1995.
The report to Congress was presented by Peter R. Fisher, executive vice president of the New York Fed and the FOMC's manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.