Board of Governors of the Federal Reserve System

Monetary Affairs

The Division of Monetary Affairs supports the Board and the Federal Open Market Committee (FOMC) in their monetary policy deliberations by preparing research and analysis in the fields of finance, money and banking, and monetary policy design and implementation. The Division also assists the Board and FOMC in preparing policy communications, maintains records of FOMC deliberations and decisions, and produces monetary and financial data. In addition, the Division contributes to the Board’s supervisory, regulatory, and financial stability functions.

Macro-Financial Analysis

The Macro-Financial Analysis (MFA) section supports the monetary policy and financial stability mandates of the Board through policy analysis and longer-term research on the interaction between monetary policy, financial market conditions and economic activity. Analysis and research include the measurements of financial conditions and investors' sentiment; the relationship between these variables, monetary policy and economic fluctuations; the transmission of monetary policy through financial markets; the assessment of the merits for incorporating financial stability considerations into a monetary policy framework. Section staff also contribute to the Board's overall work program on the relationship between monetary policy and financial stability, through their regular contribution to the Quantitative Surveillance and related initiatives.