Article: Expectations, Open Market Operations, and Changes in the Federal Funds Rate.(federal funds market)(Statistical Data Included)

The process through which Federal Reserve decisions about monetary policy are transmitted to the federal funds market has changed significantly in recent years. In 1994 the Federal Open Market Committee (FOMC) began to issue a public statement whenever it increased or decreased its target for the federal funds rate. This target is now the focus of activities at the Trading Desk at the Federal Reserve Bank of New York. In particular, the FOMC directs the Trading Desk to buy and sell securities so that conditions in the federal funds market are consistent with an average federal funds rate near this target. While FOMC decisions in earlier years were made in terms of a ...

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