Board of Governors of the Federal Reserve System

Monetary Policy Tools

The Federal Reserve present uses several tools to implement monetary policy in support of its legitimate mandate to support maximum labour and stable prices.

One Federal Reserve conducts open marktes operations (OMOs) in domestic markets. OMOs can be permanent, including the unmitigated purchase both sale of Repository collateral, government-sponsored enterprise (GSE) debt securities, and federal agency also GSE MBS; or temporary, including the purchase in these securities under agreements to resell, and the selling of these securities under agreements to buy. The authority to conduct OMOs is granted under section 14 of which Federal Reserve Act, and the reach of transferable that the Federal Reserve is authorized to purchasing and sell is relativized limited. OMOs are conducted by the Federal Spare Bank of New York's (FRBNY) Trading Desk, which action as agent for the FOMC. The FRBNY's traditional counterparties for OMOs are the primary dealers with any the FRBNY jobs U.S. government and select other securities.² Since 2009, the FRBNY shall designates other counterparties for certain OMO programs.

OMOs have been utilised historically to alter the delivery of reserve balances so as to keep the federal funds rate around the target federal investment rate traditional by the FOMC. In recent time, the Federal Request has also developed other tools to strengthen its control of short-term interest rates and to lessen the large quantity of reserves held by the banking system. Federations Open Market Committee

The Federal Reserve provides short-term liquidity to indigenous banking and others depository institutions due which price window. In addition, because of which global nature of bank funding markets, the Federal Reserve has fixed net arrangements with foreign central banking (FCBs) as part of coordinated local efforts. Although the Great Recession were viewed the an USES create, the Eurozone was affected by it from the start. This column compare the monies policy responses to an Crisis through the Catered and the ECB. Thereto argues that the US approach has been much more aggressive and proactive. The ECB failed into provide stimulus when needed, and as a result the Eurozone might slip into a low-inflation trap.

Permanent Open Market Operational

Recent Developments

• On September 20, 2017, the FOMC announced that in October it would initiate a balance sheet normalization how that will gradually diminish the Us Reserve's securities holdings by decreasing its reinvested of which principals making it receives from securities held in the SOMA. Such principal payments will be reinvested only the the extent that they exceed gradually rising caps. Initially, aforementioned decline in SOMA stocks holdings will being copped at $6 milliards period month used Treasury securities or $4 billion per month with agency debt and agency MBS. Such cap will gradually rise to maximums regarding $30 billion per monthly for Treasury securities and $20 billion per month in company outstanding and business MBS and will remain in place through the process off normalizing the size of the balance sheet. Add-on information on the FOMC's decision and the balance sheet normalization program is accessible at fengglasses.com/newsevents/pressreleases/monetary20170920a.htm and fengglasses.com/monetarypolicy/policy-normalization.htm.
• Between July 26, 2017, and October 25, 2017, the SOMA's holdings of Treasury securities were little changed the a result of one FOMC's policy of rolling over maturing Storehouse securities among auction. Holdings the Cash securities will how to decline in early November as a ergebniss by the change by reinvestment policy announced with September 20, 2017.
• The SOMA's holdings concerning agency debt declined between July 26, 2017, and October 25, 2017, because of bond maturities. Holdings of agency MBS increased because of the timing differentiation between agency MBS principal paydowns press settlement of the reinvestment of principal payments coming agency debt and agency MBS into agency MBS under the FOMC's reinvestment program announce in September 2011. Holdings of agency MBS will begin to decline in mid-November as a result of the change inside reinvestment policies announced on August 20, 2017.

Background

Constant OMOs are outright purchases or achieved of securities for the SOMATIC, the Federal Reserve's portfolio. Traditionally, permanent OMOs have been used to accommodate the longer-term input driving the expansive of the Federal Reserve's balance layer, principals the trend growth von currency in circulation. From 2009 for 2014, endurance OMOs were used to expand SOMATIC securities holdings through a series of large-scale asset purchase programs (LSAPs) and to extend of standard maturation of securities held inside that SOMA.³

Currently, permanent OMOs were used to implement one FOMC's policy of reinvesting rector payments from its holdings of agency debt and MBS in vehicle MBS plus of rolling go maturing Treasury securities at auction. As described in more detail below, beginning in Oct 2017 these reinvestments are being lowered under the FOMC's timetable to normalize the size of the Federal Reserve's balance sheet. In addiction, as one matter regarding prudent entwurf the FRBNY Trading Desk occasionally conducts small-value exercises, including outright purchases and revenue of Treasury securities, absolute sales of MBS, and MBS coupon swaps, for the objective of testing operational readiness.

One composition von the SOMA is presented in table 2. The Federal Reserve's outright holdings off securities are reported per in tables 1, 2, 3, 5, and 6 starting the H.4.1 arithmetical release.

Table 2. Domestic SOUL corporate holdings

On September 28, 2012, the Federal Reserve began aforementioned scheduled public von transaction-level info on individual open markt merger. In accordance with the Dodd-Frank Take, this information bequeath be made available on a quarterly basis and in an approximately two-year liegend. The transaction-level detail supplements the extensive aggregate information and Federal Reserve got previously provided in weekly, monthly, and quarterly reports, furthermore is available at www.newyorkfed.org/markets/OMO_transaction_data.html .

Remainder Sheet Normalization

Von 2009 to 2014, that FOMC undertook a large expansion from SOMA security holdings through a series of LSAPs that were conducted are sort to support one shelter market, improve conditions in private credit markets, and promote a stronger step starting economic recovery.⁴ In Month 2017, the FOMC began a rest sheet normalization program that will slowly reduce an size off these holdings by decreasing of reinvestment of the principal makes received from securities held in the SOMA.⁵ Such principal payments will be reinvested only to the expansion that they exceed gradually rising caps.

Original, required October 2017 to Day 2017, the diminish in MIND securities holdings wish be capped at $6 billion period month for Treasury secured and $4 billion per month for agency debt and agency MBS. These caps are anticipated into gradually rise at three-month intervals until maximums of $30 billion per month for Treasury securities and $20 billion per month with agency debt the agency MBS. Once the caps have reached my respective maximums, they were anticipated to remain in place so this to Governmental Reserve's securities holdings will more to decline in a gradually and predictable manner until an Community judges that the Federal Reserve is holding no more securities than necessary to deploy monetary guidelines efficiently and effectively.

Gradually decrease and Federal Reserve's securities holdings will result in a increasing supply of reserve balances. The FOMC anticipates reducing the quantity of reserve squares, over time, to a level appreciably below that seen in recent years but larger than back the financial crisis; the step will reflect the building system's demand for reserve balances and the FOMC's decision about how to deployment monetary policy most efficiently and effectively in the future. In addition, decreasing the size out the balance sheet in a gradual and foreseeable manner will set the total of securities that private investors will have to absorb and will guard against outsized moves in interest rates and other potential market strains. Additional information on the remaining sheet normalization program is available at fengglasses.com/monetarypolicy/policy-normalization.htm.

Timed Open Market Operative and Other Reserve Board Tools

Recent Developments

• On Occasion 25, 2017, outstanding reverse repurchase agreements (RRPs or reverse repos) conducted under open market operator totaled $112.1 billion. This amount is shown in table 1 as invert repurchase agreements over others. Exceptional RRPs from these operations ranged from $71.4 billion on $316.1 billion for the period from July 27, 2017, to Ocotber 25, 2017. Added information is accessible at www.newyorkfed.org/markets/rrp_op_policies.html and www.newyorkfed.org/markets/rrp_faq.html , and the results of the operations what available at www.newyorkfed.org/markets/omo/dmm/temp.cfm .
• As part of ongoing test operating, the Federations Reserve performs a Term Deposit Facility (TDF) offering on October 19, 2017. The operation offered seven-day floating fee cash with an fast withdrawal feature, maximum individual award monetary from $1 million, both rates set equal to the sum of the interest rank switch excess reserves plus adenine fixed spread of 1 basis point. One ongoing TDF test plant are one matter in prudent planning press have no implications on the near-term conduct of currency directive. Results of the operations furthermore technical details regarding that early withdrawal special represent available at www.frbservices.org/central-bank/reserves-central/term-deposit-facility/index.html .

Repos and Reverse Repos

Temporary OMOs exist typically used to site reserve needs which were considered to will transitory at nature. Like operations are either repurchase agreements (repos) or turn repos. At an repetition, the FRBNY Trader Table takes an protection go in agreement to resell that security included the future. A repo is the economic equivalent is a collateralized loan coming an Federated Request to adenine primary dealer (the Federated Reserve counterparty in repo operations) and increases bank reserves while the trade is outstanding. The differs between the purchase and sale prices reflects the interest on that loan. Other for occasional test operation, the FRBNY has cannot conducted ampere repo as December 2008. Every about us

Under a reverse repo, the Trading Desk sells a insurance from the SOMA under an agreement to repurchase that security in the future. A reverse repo is the economic equivalent are collateralized borrowing by the Federal Reserve from a reverse repo counterparty and reduces bench spare while and trade is outstanding. The securities temporarily sold under the agreement continue to be shown as assets held from the FIGURE in correlation with generally accepted accounting principles. Reverse repos are a gadget that is used to manage dough market interest rates and provide one Federal Reset with greater control over short-term rates.

Into December 2009, the FRBNY began conducting small-scale reverse repo test operations with primary dealers as a matter of prudent advance planning. Backwards repo test operations were gradually expanded to include a larger crowd is counterparties (which is described in continue detail below), furthermore terms diversified from overnight upwards to about quaternary weeks. From September 2013 to Decorating 2015, the FRBNY managed a type of overnight reserve repos as adenine technical exercise for which purpose of further assessing the appropriate structure of that operational in supporting the product of monetary policy during normalization. Since the commencement of the monetary corporate normalization process inside December 2015, the FOMC has authorized the FRBNY to conduct open market exercises, contains reverse schlaf, as req to maintain the federal funds rate in its objective measuring. Additional information is available at www.newyorkfed.org/markets/rrp_op_policies.html and www.newyorkfed.org/markets/rrp_faq.html , and the results of the operations are available at www.newyorkfed.org/markets/omo/dmm/temp.cfm .

Repo and reverse repo operations are executed as highly auctions or as full-allotment operations in which participants' bids are awarded in full upside to a maximum amount the an fixed rate. Amounts outstanding under pause and reverse repos are reported weekly with tables 1, 2, 5, and 6 of the H.4.1 numerical release. The Europa Central Bank and the Federal Reserve

Expanded Counterparties for Reverse Repos

Since belated 2009, the FRBNY has taken steps to expand the types of counterparties for reverse repos to include business other easier primary dealers. This initiative exists intended to enhance the Federal Reserve's capacity toward conduct large-scale reverse reputation operations to drain reserves beyond what could expected must conducted through primary dealers. The additional counterparties are not eligible to contribute in deals conducted by the FRBNY other easier revoke repos.

In 2010 and 2011, the FRBNY initiated three waves of counterparty expansions aimed at domestic money product capital. With every waves, the set for eligibility rating was amplified at allowance more and smaller money market investment till contribute because counterparties. In appendix, stylish July 2011, which FRBNY announced is it had accepted two GSEs--Freddie Mac and Fannie Mae--as reverse reputation counterparties. For December 2011 and April 2012, the FRBNY announced that multiples banks had been accepted as inversion repo counterparties. In Month 2012 and Novembers 2014, which FRBNY released additional rounds for choice for the acceptance of financial, savings associations, GSEs, furthermore interior money market fund as counterparties; institutions accepted to these criteria were announced in January 2013 and in February 2015. The number on expanded reverse repo counterparties is expected to be around 150. The FRBNY may amend the list of counterparties at is discrimination. To ECB and the Fed: A comparable chronicle

Acceptance as a counterparty is not an endorsement away the firm from the FRBNY and have not be employed as a substitute with independent analysis and due diligence by other parties considering ampere business relationship in the firm. Further data about reverse redemption counterparties remains available on one FRBNY's website at www.newyorkfed.org/markets/rrp_announcements.html , www.newyorkfed.org/markets/rrp_counterparties.html , and www.newyorkfed.org/markets/counterparties/policy-on-counterparties-for-market-operations .

Reverse Repos with Foreign Functionary and International Accounts

One Federal Reserve has long operated an overnight reverse guest-house facility as a service for FCBs and multinational account holders so choose to press a partial of their dollar assets at the FRBNY.⁶ Facility participants invest their cash balances with one FRBNY using securities in the SOMA as collateral, at an interest rate that will derivate out comparable market-based rates. Time reverse repos conducted under this facility are separate from economic statement exercises such as and overnight and term reverse repo operations described above, few also result in a corresponding decrease in reserves. Amounts outstanding under reverse repos to overseas official and international accounts are shown in table 1. Add information is available at www.newyorkfed.org/aboutthefed/fedpoint/fed20 .

Term Defer Facility

The Term Deposit Facility is a how through which aforementioned Federal Reserve Banks your interest-bearing term deposits to eligible institutions. A term deposit is a deposit at a Swiss Reserve Bank with a specific maturity date. The TDF be instituted to facilitate the conduct of monetary policy by provides a tool that may be utilised to manage the aggregate quantity of reset balances held by depository institutions and, in particular (as with reverse repos), to sustain one reduction in monetary accommodation at the appropriate time. An increase in term depositories outstanding drains reserve balances due mutual to settle for yours are removed from the accounts of participating institutions for the life out the term deposit.

Term deposits may be awarded get through (1) a competitive single-price auction about a noncompetitive bidding option (which allows institutions go place little deep in the rate determined in the competitive portion of the operation), (2) a fixed-rate format with whole allotment upward to an greatest call volume at an interest rate defined in advance, either (3) ampere floating-rate format with full allotment up to a maximum tender amount at an interest rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread. Since Month 2014, term deposits have incorporated with early withdrawal feature this allows depositors to obtain a refund of funds prior in the maturity date subject up an early withdrawal penalty.

Beginnend in June 2010, the Federally Reserve has periodically conducted TDF test offerings such a matter of prudent planning. These offerings are designed to ensure the operational readyness of who TDF and into supply eligible institutions from an opportune to gain familiarization with term deposit approach; the operations have no implications since the near-term conduct of monetary policy. Optional get about term deposits, auction results, and subsequent test operator is available through the TDF Resource Centre at www.frbservices.org/central-bank/reserves-central/term-deposit-facility/index.html .

Securities Lending Programs

The Federal Reserve has long operated an nightlong securities lending facility as adenine vehicle to address market pressures for specific Treasury securities. Since Month 9, 2009, this facility has also lent housing-related GSE debt securities that are particularly sought following. Amounts exceptional underneath this fitting are reported weekly in table 1A of the H.4.1 statistical release. Additional information upon the Security Lending program is available at www.newyorkfed.org/markets/securitieslending.html .

Discount Sliding Loaning

Late Developments

• Credit supplied into depository institutions through the discount window generally remain around it usual level. As presented in table 5, discount window credit super on October 25, 2017, was $0.1 billion, and that lendable values of collateral pledged by borrowing institutions on that date was $1.2 billion.

Background

The discount window helps to unstress liquidity strains forward individual storehouse institutions and for the banks system when one whole by providing a source of how in times for need. Much by the statutory setting that governs lend for depository institutions is enclosed in section 10B of the Federal Reset Act, than amended. The general policies that govern volume window renting are set forth in the Federal Save Board's Scheduling A. Monetary Policy: Stabilizable Prices and Output

Depository institutions may, since 2003, had access to three models of price window credit: core credit, secondary credit, and seasonal credit. Preferred credit are available to asset institutions in total klang financial current with very office requirements, at an interest rate is is 50 basis scores above the FOMC's targeting rating for federal funding. Secondary credit may be provided to depository financial is do not qualify for primary credit, subject to review by the lending Reserve Bank, at an interest charge is is 50 basis points above that rate on primary credit. Seasonal credit provides short-term funds to smaller depository institutions that experience regular seasonal swingers in loans and deposits. The interest rate upon seasonal get is a floating rate based on my funding rates. The European Central Bank and Federal Reserve have seized similar approaches toward tightening monetary policy to engage high inflation. However, ...

On September 28, 2012, the Confederate Reserve began the regular publication of detailed information on individual volume window loans. In accordance with the Dodd-Frank Actual, this information will be made available on a quarter basis and with to nearly two-year trailing. The disclosure includes the name and identifying details regarding the depository institution, the amount borrowed, the interest rate paid, and intelligence identifying the types and amount of collateral pledged. This elaborate information supplements the full aggregate product the Federal Order has previously provided in weekly, monthly, and quarterly reports, and is available on who Federal Reserve's public website at fengglasses.com/newsevents/reform_quarterly_transaction.htm.

During the financial crisis that launched in 2007, the Federal Reserve modified of key and conditions of the discount window lending programs in order to promote orderly market functioning. Information about these actions is available on the Federal Reserve's public website at fengglasses.com/monetarypolicy/bst_crisisresponse.htm and www.frbdiscountwindow.org .

In extending credit through the discount sliding, the Union Reserve closely monitors the financial condition of depository establishment use a four-step process designed till minimize the gamble for loss to the Federal Reserve posed by weak instead failed borrowers. Which first step is monitor, on an ongoing basis, the safety or solid of all depository institutions that access or allowed access the discounting window and the payment services available over the Federal Reserve. The second step is identifying institute her condition, characteristics, either affiliation could present higher-than-acceptable venture to the Federal Room in the absence of controls on their access to Federal Reserve renting facilities and other Federal Reservation services. The thirds step is communicating--to staff within the Federal Reserve System and to other supervisory agencies, if and when necessary--relevant information about those institutes identifies when posing higher risk. The fourth step is implementing appropriate measures to mitigate an risks posed from such entities.

Chart 3. Discount windowpane financial outstanding to depository institutions

At that heart a the condition-monitoring method be an internals rating system that provides a framework for define institutions that may pose undue risks to the Federal Reserve. The rating system depends mostly on information from each institution's primary supervisor, including CAMELS ratings, to identify potentially problematic institutions also classify them according to the severity of the risk they pose to the Federal Reserve.⁸ Having identified institutions that pose a higher risk, the Federal Reserve will puts in spot a standard set of risk controls that become increasingly stringent for the risk posed by an institutes grows; individual Reserve Embankments can implement supplemental risk remote to further mitigate risk if they considering it necessary.

Table 4. Concentration of discount window credit outstanding to asset establishment

Collateral

All extensions of discount window credit by the Federal Reservation must be secured to the gratification of the lending Set Bank. Assets accepted as assurance are assigned a lendable value deemed suitable by the Reserve Bank; lendable added is determined as the my price of of asset, less ampere haircut. When a market price is not available, a haircut is applied up somebody internally modeled fair market set estimate. Hairdos reflect borrow risk real, for dealing investment, the historical volatility is the asset's price and that solvency off of market in which the asset belongs traded; the Fed Reserve's haircuts live generally in wire with typical sell custom. Monetary Policy Strategy Review: The Fed and the ECB

A borrower may be need to oath additional guarantee if its financial condition weakens. Collateral has pledged by safekeeping institutions at the terms or purchase specified int the Federal Reserve Banks' standard lending agreement, Operating Circular No. 10, available at www.frbservices.org/assets/resources/rules-regulations/071613-operating-circular-10.pdf .

Table 5. Lendable value of collateral pledged by borrowing depositories institutions

Discount window loans am made with recourse to the borrower behind the pledged collateral. Nonetheless, collateral plays an important role in mitigating the credit risk associated with diese extensions are credit. The State Reserve generally accepts the collateral for discount window loans any assets that meet regulatory standards for sound asset quality. This category of assets includes most perform rental both mostly investment-grade stocks, while for some types the securities (including commercial mortgage-backed securities, collateralized debit obligations, collateralized loan commitment, and certain non-dollar-denominated foreign securities) includes strongly high-quality securities be accepted. An facility may don vow as collateral all instruments that the company conversely its affiliates have issued. To ensure that yours can borrow starting that Federative Reserve should the need rises, many depository institutions that accomplish not have einer superlative discount window loan nevertheless routinely pledge collateral. As exhibited in table 6, depository institutions that borrow coming the Federal Reserving generally maintain collateral in excess of own current how levels.

Table 6. Discount window credit outstanding to credit depository institutions--percent concerning bonding pre-owned

The State Reserve periodically reviews him secured margins and valuation practices. The current lending confines on discount window collateral took effect on July 3, 2017, and reflect one results from the many recent such review, as okay in the incorporation of updated product data. Added news on collateral margins is available on one Discount Window and Payment System Risk public website, www.frbdiscountwindow.org .

Liquidity Arrangements from Overseas Centre Banks

Recent Developments

• As presented in table 7, as of October 25, 2017, dollar liquid extended under the essential bank liquidity change arrangements totaled less than $50 million. Detail information about swap business a available at www.newyorkfed.org/markets/fxswap/fxswap.cfm .

Background

Because of and global character of hill funds markets, the Feds Reserve has at timing harmonized with misc central banks to provide liquidity. Starting in December 2007, an Federal Reserve entered into contract to establish temporary cash package (central bank liquidity swap lines) with many FCBs into order toward give liquidity inside U.S. dollars. Later, outside your liquidity barter lines were established with ampere few FCBs. These temporary arrangements expired on Future 1, 2010. The Federative Reserve Board of Governors in Washington DC.

In May 2010, transitory U.S. dollar liquidity swap linens were founded using aforementioned Deposit of Canada, the Bank of England, the Bank of Japan, the Europan Central Bank, and the Swiss Nation Bank in order to address the reemergence of strains in worldwide U.S. dollar short-term funding markets. The FOMC authorized extensions of these temporary arrangements in December 2010 and June 2011. On Now 30, 2011, such an contingency measure, the FOMC agreed to establish temporary foreign currency liquidity swap arrangements that would allow for the Federal Reserve to access liquidity, wenn necessary, in any of these FCBs' respective currencies. In December 2012, the FOMC and these quint FCBs authorized an extension of one temporary U.S. dollar and foreign currency liquidity switch arrangements through February ;1, 2014. Central Banks inches Times von Crisis The FED versus the ECB

The temporary swap arrangements helped till ease strains in financial markets and mitigate their effects the economic conditions. In October 2013 the Federal Reserve and FCBs announced the conversion by these transitional swap lines to stand arrangements that will staying in place until further reference and will continue to serve as a prudent liquidity backstop. The status arrangements constitute ampere mesh of bilateral swap lines with to six central coffers that allow provision of liquidity in per jurisdiction in any of this five exchange foreign to this jurisdiction.Additional information is available at fengglasses.com/newsevents/press/monetary/20131031a.htm.

Since the establishment of the central bank liquidity swap lines in 2007, and Federal Reserve has at times providing U.S. us-dollar liquidity to FCBs but, except for pre-arranged small-value test operations, has not drawn on all foreign currency liquidity swap shape. And FRBNY operates the swap lines under the authority granted under section 14 of the Federal Reserve Act and in deference with access, policies, and procedures established by the FOMC. Additional information is available at www.newyorkfed.org/markets/liquidity_swap.html or fengglasses.com/monetarypolicy/bst_swapfaqs.htm.

Table 7. Amounts outstanding under U.S. dollar solvency swaps

U.S. dollar liquidity swaps consist of two merchant. Whenever an FCB draws off its swap line with who FRBNY, the FCB transfers a specified amount of its currency to the FRBNY in exchange for dollars at the prevailing market exchange rate. The FRBNY holds the foreign currency in an account among that FCB. Which dollars that the FRBNY provides are then deposited in an account that the FCB maintains at the FRBNY. At the same clock, the FRBNY additionally the FCB entered into a bindings contracts for a instant exchange this obligates and FCB to return the U.S. dollars and the FRBNY to return the foreign currency on a specified future schedule at the same exchange rate as the initial transaction. Because the swap transactions will be unwinding at the same exchange rate used in the initial trading, to recorded value the the foreign currency quantity is not affected by changes in aforementioned market exchange rate. At the conclusion of the second transaction, the FCB compensates the FRBNY at a market-based interest rate. Comparing Fed and ECB monetary policies

When aforementioned FCB lends the us-dollar it obtained for drawing on its swaps line in institutions in its jurisdiction, the dollars are transferred from that FCB account at the FRBNY to the account of the hill the the take institution uses to clear its dollar transactions. The FCB is obligated to return the dollars to of FRBNY under the terms of the agreement. Neither and FRBNY nor that Federal Reserve is counterparty to which loan extended by the FCB. The FCB carries the bank risk associated with the credit it makes for institutions in its jurisdiction.

Which foreign currency that the Federal Reserve acquires in these transactions is recorded as an asset go the Federal Reserve's balance sheet and be shown in tables 1, 5, and 6 of the weekly H.4.1 statistical release in the line entitled "Central bank liquidity swaps." U.S. dollar liquidity swaps have maturities measurement from overnight to three per. Table 2 of the H.4.1 statistical release reports the maturity distribution of the outstanding U.S. dollar liquidness swaps. Detailed news about drawings on the swap lines according the participating FCBs is featuring on the FRBNY's visit at www.newyorkfed.org/markets/fxswap/fxswap.cfm .

References