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Keywords:System Open Market Account (SOMA) 

Report
The early years of the primary dealer system

This paper presents a history of the primary dealer system from the late 1930s to the early 1950s. The paper focuses on two formal programs: the ?recognized? dealer program adopted by the Federal Reserve Bank of New York in 1939 and the ?qualified? dealer program adopted by the Federal Open Market Committee (FOMC) in 1944 and abandoned in 1953. Following his selection as Manager of the System Open Market Account (SOMA) in 1939, Robert Rouse formalized the New York Fed?s system of ?recognized? dealer counterparties. Although the Bank typically dealt with recognized dealers, it also did ...
Staff Reports , Paper 777

Speech
Implementation of open market operations in a time of transition

Remarks before the Japan Center for Economic Research, Tokyo, Japan.
Speech , Paper 142

Speech
Recent developments in monetary policy implementation

Remarks before the Money Marketeers of New York University, New York City
Speech , Paper 127

Journal Article
A Monetarist View of the Fed’s Balance Sheet Normalization Period

The Federal Reserve currently holds over $4 trillion in fixed-income assets. However, since the fall of 2017 the Fed has been in a ?balance sheet normalization period,? during which the size of its balance sheet is gradually shrinking over time. In particular, the Federal Open Market Committee (FOMC) has been instructing the Federal Reserve trading desk to reduce its security holdings by reinvesting principal payments only to the extent that these payments exceed gradually raising caps. These caps on redemptions will be maintained until the Fed considers that its balance sheet has reached a ...
Economic Perspectives , Issue 2 , Pages 2-14

Speech
Interest rate control during normalization

Remarks at the SIFMA Conference on Securities Financing Transactions, New York City.
Speech , Paper 145

Speech
Concluding remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis

Remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota.
Speech , Paper 220

Speech
Money Market Developments: Views from the Desk

Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech , Paper 333

Speech
The Federal Reserve's experience purchasing and reinvesting agency MBS: remarks at the Bank of England, London

Remarks at the Bank of England, London.
Speech , Paper 311

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