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 policy analysis and longer-term research on the role of banks in the U.S. financial system and economy in support of the monetary policy and financial stability mandates of the Board. BFA's analysis focuses in particular on the supply of and demand for bank-intermediated credit, bank funding patterns, and the effects of policy-induced changes in short-term interest rates and the Fed’s balance sheet on such intermediation activities, taking into account the evolving regulatory environment. BFA's longer-term projects undertake a variety of topics 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 the interaction between monetary policy and financial stability.