The Federal Reserve Board employs over 300 Ph.D. economists, who represent an exceptionally diverse range of interests and specific areas of expertise. Board economists conduct cutting edge research, produce numerous working papers, and are among the leading contributors at professional meetings and in major journals. Our economists also produce a wide variety of economic analyses and forecasts for the Board of Governors and the Federal Open Market Committee.

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Field of Interest:

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.

FOMC Secretariat

The FOMC Secretariat works closely with the FOMC, carrying out a wide range of administrative duties in support of the Committee's activities. Routine duties include meeting arrangements, the production of minutes and transcripts of meetings, and the maintenance of the Committee's official records. More broadly, the Secretariat serves as a repository of knowledge about the Committee's history, operating procedures, and precedents. In this capacity, it conducts research pertaining to the monetary policy and methods of operations.

Photo of Michele Cavallo
Michele Cavallo Principal Economist FOMC Secretariat
Monetary Affairs
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Last Update: September 25, 2023