The FRED Blog has discussed how the daily operations of the Federal Reserve Banks and, specifically, the New York Fed generally maintain the effective federal funds rate within the target range set by the Federal Open Market Committee (FOMC).
As part of this management effort, the New York Fed monitors a variety of overnight interest rates that help take the pulse of financial markets and the overall cost of borrowing. Data added to FRED last October allow us to see how recent changes to the Federal Reserve System’s balance sheet have impacted money market conditions.