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Board of Governors of the Federal Reserve System
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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.

Money Market Analysis

The Money Market Analysis section engages in the formulation and implementation of monetary policy, and undertakes current analysis and longer-term research on money markets, banking, and macroeconomic issues. The section works closely with the Federal Reserve Bank of New York in analyzing daily open market operations; more broadly, the section supports the Board and the FOMC by conducting research and analysis on a range of topics related to the tools and implementation of monetary policy. In recent years, staff's analysis and research has focused on the effect of the large-scale asset purchase programs on the Federal Reserve's balance sheet, income, and interest rates. Staff members are also involved in a variety of longer-term projects related to reserve markets, money markets, and monetary policy accommodation.

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Last update: October 20, 2014