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.

Monetary and Financial Market Analysis

The Monetary and Financial Market Analysis (MFMA) section conducts scholarly research on fixed-income and related markets and analyzes macroeconomic and financial market developments pertaining to the design, implementation, and transmission of monetary policy. The section utilizes and develops time series and asset pricing models to systematically extract interest rate and inflation expectations--and the associated uncertainties--from prices in key fixed-income markets, including those for nominal and inflation-indexed Treasury securities, MBS, and interest rate derivatives. Section members also engage in a broad range of longer-term research projects that focus on the interaction between the macroeconomy, monetary policy, and financial markets.