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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.

Program Direction

Program Direction carries out responsibilities for monetary and financial policy through various staff activities including, but not limited to: analysis of monetary policy issues--including issues relating to open market, discount, and reserve requirement policies--and preparation of position papers and other documents and reporting to the Board and FOMC on these issues; coordination of analysis of regulatory and statistical issues closely related to monetary policy; publication and interpretation of a variety of statistical series on money, reserves, and interest rates; and liaison with the trading desk at the Federal Reserve Bank of New York in connection with open market operations and monitoring the government securities market.

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Last update: October 20, 2014