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 Policy and Dealer Analysis

The Monetary Policy and Dealer Analysis section provides analysis to policymakers and engages in long-term research projects on: the relationship between monetary policy and financial stability; the availability of credit and leverage to financial institutions and investors, such as hedge funds, outside of the traditional banking system; the operations and activities of securities firms that serve as the Federal Reserve’s counterparties in its implementation of monetary policy; and Federal Reserve lending policies.  Section members analyze financial-market developments and dealer firms' activities for the Board and the FOMC and engage in a broad set of longer-term research projects on financial markets, financial institutions, and macroeconomics that are relevant for financial stability and monetary policy.

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