Monetary Affairs 

The Division of Monetary Affairs is responsible for research and analysis to support the Board and the Federal Open Market Committee in the conduct of monetary policy, especially in the areas of finance, money and banking, and monetary policy design and implementation. The Division also provides expertise on open market operations, discount window policy, and reserve markets.

Monetary and Financial Market Analysis

Monetary and Financial Market Analysis (MFMA) analyzes macroeconomic and financial issues pertaining to the formulation, implementation, and transmission of monetary policy. The section is responsible for maintaining  market-based measures of monetary policy expectations, interest rate forecasts, and inflation expectations, as well as the associated uncertainties, by systematically analyzing and modeling the information content of asset prices regarding monetary policy and macroeconomic outlook.  Key areas of specialization include federal funds and money market derivatives; nominal Treasury, agency MBS, as well as other fixed-income securities and their derivatives; and TIPS and other inflation-linked assets. Section economists also engage in a broad range of longer-term research projects that focus on the interaction between the macroeconomy, monetary policy, and financial markets.

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