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 Policy Operations and Analysis

The Monetary Policy Operations and Analysis section oversees the implementation of monetary policy as it relates to reserve requirements, the payment of interest on reserves, the Discount Window, and the Term Deposit Facility. The section contributes to monetary policy design, leveraging expertise in the operational aspects of monetary policy tools, including expertise in the Federal Reserve's counterparties, microstructure of markets in which these counterparties are active, and the Federal Reserve's role in the payment system. The section undertakes current analysis on the intermediation activities of the Federal Reserve's counterparties, particularly banks and money funds, as it relates to monetary policy design and implementation, as well as broader issues of market functioning. Staff studies make ready use of the section's database containing information on the liabilities of thousands of banks and thrifts, as well as data collected by the Federal Reserve on depository assets, deposit pricing behavior, and discount window borrowing and reserve balances. The section has ongoing operational responsibility to compile data to be published on the monetary and reserve aggregates as well as policy rates, discount window borrowing, and the Quarterly Transparency Report.