Dina Shanker

Tim Dewey is chief U.S.

Tim Dewey is chief U.S.

economist for SGH Macro Advisors, and he's going to help us explain the open market portion of that federal open market committee.

economist for SGH Macro Advisors, and he's going to help us explain the open market portion of that federal open market committee.

The FOMC decides rates, open market operations make them happen.

The FOMC decides rates, open market operations make them happen.

Traditionally by buying and selling government securities to change the money supply and influence interest rates.

Traditionally by buying and selling government securities to change the money supply and influence interest rates.

And it's all happening in the open market, where banks and dealers can get in on the action.

And it's all happening in the open market, where banks and dealers can get in on the action.

My name is Julie Ramate.

My name is Julie Ramate.

I am the deputy manager of the system open market account.

I am the deputy manager of the system open market account.

In other words, she works at the desk in charge of open market operations at the Federal Reserve Bank of New York.

In other words, she works at the desk in charge of open market operations at the Federal Reserve Bank of New York.

So let's say this is a day when the policy rate has been changed.

So let's say this is a day when the policy rate has been changed.

While the rest of us are still waiting to hear from Chair Jerome Powell at the FOMC press conference, that open market desk at the New York Fed is receiving marching orders.

While the rest of us are still waiting to hear from Chair Jerome Powell at the FOMC press conference, that open market desk at the New York Fed is receiving marching orders.