Board of Governors of the Federal Reserve System

Monetary Affairs

The Division of Monetary Affairs supports the Board and the Federal Open Market Committee (FOMC) in their monetary policy deliberations by preparing research and analysis in the fields of finance, money and banking, and monetary policy design and implementation. The Division also assists the Board and FOMC in preparing policy communications, maintains records of FOMC deliberations and decisions, and produces monetary and financial data. In addition, the Division contributes to the Board’s supervisory, regulatory, and financial stability functions.

Banking and Financial Analysis

The Banking and Financial Analysis (BFA) Section conducts current analysis and longer-term research on the role of banks in the U.S. financial system and economy in support of Board and FOMC monetary policy-making deliberations. Section staff analyze the supply of and demand for bank-intermediated credit, bank funding patterns, and the way in which policy-induced changes in short-term interest rates and the Fed's balance sheet influence such intermediation activities, taking into account the evolving regulatory environment. Section staff also engage in a variety of longer-term projects regarding the interaction of the banking sector and the broader financial markets and real economy that are relevant for the design, implementation, and transmission of monetary policy, as well as monetary policy's possible influence on financial stability.