10‏/12‏/2008

Primary Dealer Credit Facility

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The Primary Dealer Credit Facility (PDCF) is an overnight loan facility that will provide funding to primary dealers in exchange for a specified range of eligible collateral and is intended to foster the functioning of financial markets more generally.
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Money Market Investor Funding Facility

______________________________________________________________________ The Money Market Investor Funding Facility (MMIFF), authorized by the Board under Section 13(3) of the Federal Reserve Act, will support a private-sector initiative designed to provide liquidity to U.S. money market investors. Under the MMIFF, the New York Fed will provide senior secured funding to a series of special purpose vehicles to facilitate an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors.

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Open Market Operations

The Bank implements monetary policy primarily by conducting temporary and permanent open market operations. By buying and selling government securities, the Bank affects the aggregate level of balances available in the banking system, and thus impacts the federal funds rate

U.S. Monetary Authorities .........

U.S. Monetary Authorities Did Not Intervene in FX Markets during the Third Quarter
NEW YORK—The U.S. monetary authorities did not intervene in the foreign exchange markets during the July—September quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.
During the three months that ended September 30, 2008, the dollar appreciated 11.8 percent against the euro and depreciated 0.1 percent against the yen. In this period, the dollar’s trade-weighted exchange value appreciated 7.3 percent as measured by the Federal Reserve Board’s major currencies index.
The report was presented by William Dudley, executive vice president of the Federal Reserve Bank of New York and the Federal Open Market Committee’s manager for the System Open Market Account, on behalf of the Treasury and the Federal Reserve System.

Foreign Exchange

The Federal Reserve Bank of New York carries out foreign exchange-related activities on behalf of the Federal Reserve System and the U.S. Treasury. In this capacity, the Bank monitors and analyzes global financial market developments, manages the U.S. foreign currency reserves, and from time to time intervenes in the foreign exchange market. The Bank also executes foreign exchange transactions on behalf of customers

USD per Euro Japanese Yen per USD

As a matter of convention, the dollar-yen exchange rate is expressed in yen per dollar. Hence, an increase in this rate indicates an increase in the value of the dollar versus the yen. In contrast, the euro-dollar exchange rate is expressed in dollars per euro. Thus an increase in this rate indicates a decline in the value of the dollar versus the euro.

10‏/12‏/2008

Primary Dealer Credit Facility

Money Market Investor Funding Facility

Open Market Operations

U.S. Monetary Authorities .........

Foreign Exchange

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