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Open market operations during 1996

Author

Listed:
  • Gerald D. Cohen
  • Peter R. Fisher

Abstract

During 1996, the Trading Desk at the Federal Reserve Bank of New York managed reserve conditions with the objective of maintaining the federal funds rate around the level desired by the Federal Open Market Committee (FOMC). As was the case last year, the need for permanent reserve additions was relatively modest as demand for currency grew moderately and reserve requirements declined because of the continued spread of sweep programs at commercial banks. The decrease in operating balances of depository institutions at Reserve Banks had an impact on bank reserve management strategies and the Desk's choice of operations. The Desk paid close attention to the daily pattern of reserve demands and, by tailoring its operations accordingly, maintained funds trading close to the FOMC's desired rate.

Suggested Citation

  • Gerald D. Cohen & Peter R. Fisher, 1997. "Open market operations during 1996," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 565-574.
    • Handle: RePEc:fip:fedgrb:y:1997:i:jul:p:565-574:n:v.83no.7
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    File URL: http://www.federalreserve.gov/pubs/bulletin/1997/19970703.pdf
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    Cited by:

    1. Selva Demiralp, 2001. "Monetary policy in a changing world: rising role of expectations and the anticipation effect," Finance and Economics Discussion Series 2001-55, Board of Governors of the Federal Reserve System (U.S.).
    2. Roberds, William, 1998. "The supply and demand for Federal Reserve deposits : A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 49(1), pages 45-52, December.

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