Surveys
Banking Conditions Survey
Loan volume and demand fell in November after several months of growth. Volume declines were led by consumer and commercial and industrial lending.
November 10, 2025
Research Department Working Papers
Optimal Foreign Reserve Intervention and Financial Development
This paper documents evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange reserve holdings in response to a U.S. interest rate increase.
November 03, 2025
Speech by President Lorie Logan
Ample liquidity for a safe and efficient banking system
President Logan discussed the stance of monetary policy and how the Fed's balance sheet fosters a safe and efficient liquidity environment for the U.S. banking system.
October 31, 2025
Innovation promises efficiencies in remittances, if regulation can keep up
As payments technologies evolve faster than the rules governing them, understanding both the mechanics and policy trade-offs of cross-border transfers is increasingly important.
October 15, 2025
Network structure of money markets and firms affects policy transmission
Understanding the underlying network structure of money markets provides valuable insights for monitoring reserve scarcity and its evolution in response to regulatory and market changes.
October 07, 2025
Payment system design can encourage intraday liquidity efficiency
Efficient allocation of bank reserves improves central bank balance sheet efficiency. Frictions in such redistribution can affect monetary policy implementation.
October 02, 2025
Central bank swaps offer dollar crisis lifeline to non-U.S. banks
Starting in late 2007, the Federal Reserve, in partnership with a few major foreign central banks, began offering central bank dollar liquidity swap lines as an important liquidity backstop.
September 30, 2025
Surveys
Banking Conditions Survey
Loan volume and demand increased in September. Credit tightening continued, but loan pricing declined.
September 29, 2025
Options for modernizing the FOMC’s operating target interest rate
The Federal Open Market Committee primarily adjusts the stance of monetary policy through its target range for the federal funds rate. We discuss whether the fed funds rate remains the right operating target for short-term interest rates.
September 25, 2025
Eleventh District Banking Trends
This quarterly report tracks the financial performance of Eleventh District banks in comparison with national averages, looking at profitability, loans, deposits and other key metrics.
September 04, 2025