NY Fed splits markets group and seeks two EVPs

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The Federal Reserve Bank of New York plans to split its market group by creating two units, both run by executive vice-presidents, one of which will focus solely on monetary policy implementation.

The New York Fed plays a critical monetary policy role in the Federal Reserve System, as it implements market operations decided by the Federal Open Market Committee (FOMC) in Washington, DC, by buying and selling US government securities in the secondary market.

The decision to break up the markets

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