FRBSF Economic Letter 2025-27 | November 17, 2025Central banks set policy to support the economy, provide liquidity, and promote financial stability. Modern central banking requires adaptation to current demands and a framework that fosters agility and readiness. Accordingly, central banks have used their balance sheets as policy tools over the past two decades. These tools demand clear communication to the public. The following is adapted from remarks presented by the president of the Federal Reserve Bank ...

A street sign is seen near the New York Stock Exchange (NYSE) in New York City, New York, U.S., August 7, 2025.New York Federal Reserve President John Williams met with Wall Street's dealers last week about a key lending facility, the Financial Times reported, citing three individuals familiar with the matter.The meeting, which took place on the sidelines on Wednesday at the Fed's annual Treasury market conference, included representatives from many of the 25 primary dealers of banks that underwrite the gov ...