william c dudley : what kind of jobs have been created during the recovery? remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the regional economic press briefing, new york city, 21 may 2014. * * * good morning and welcome once again to the federal reserve bank of new york ’ s regional economic press briefing. i am pleased to have this opportunity to speak with you. this morning i want to focus on economic conditions in our region, giving particular attention to the kinds of jobs created in new york, northern new jersey and puerto rico during the recovery from the great recession. as always, what i have to say reflects my own views and not necessarily those of the federal open market committee ( fomc ) or the federal reserve system. while the new york fed has broad operating responsibilities on behalf of the fomc and the federal reserve system, we are also deeply committed to our region. that commitment manifests itself in several ways. we produce monthly indices of economic activity that enable us to gauge the performance of the region ’ s economy. we conduct a regular poll of small businesses in our region, and just last week, we hosted a summit examining new sources of credit for small businesses. we developed block - by - block flood maps which were created after superstorm sandy to inform residents and businesses in brooklyn of their vulnerability to future storms. and, we work with area schools to improve students ’ understanding of monetary policy, the fed and economics. it is also important to me that i visit different parts of our district on a regular basis and talk directly with the people who live and work here. for example, last fall i visited western new york and saw the many positive changes helping to revitalize what has been a slow growing economy for some time. earlier this year, i met with companies on a visit to brooklyn and observed some of the new hi - tech jobs that are being brought to the city – a good precursor to today ’ s presentation. while in brooklyn, i also visited brownsville, a neighborhood which underscores the reality of the challenges that many face and the fact that the economy is not improving for everyone. later this year, i have similar trips planned to puerto rico, the bronx and albany. obtaining on - the - ground intelligence is valuable and helps shape my view of the region, the economy and my outlook on policy. as you may know, the district we cover is quite diverse. it is not

mr mcdonough focuses on the importance of risk management techniques and the enhancement of market discipline remarks by the president of the federal reserve bank of new york, mr william j mcdonough, before the bond market association in new york on 21 / 1 / 99. good morning. it is a pleasure to be here today and i thank the bond market association for giving me this opportunity to share some of my thoughts about supporting the resiliency and liquidity of our capital markets. as you recall, last august the russian government announced an effective devaluation of the ruble and declared a debt moratorium, shocking investor confidence all over the world. against the backdrop of weakened economies and financial markets in many developing countries, global equity and debt markets became increasingly volatile. in the u. s., a number of market observers had anticipated a correction in stock prices. however, the simultaneous and abrupt widening of credit spreads went far beyond the expectations of investors and financial intermediaries. we are all familiar with the immediate consequences of these dramatic events. what is most important, it seems to me, is to try to understand what public and private entities can potentially do to prevent, mitigate, and manage financial uncertainty in the future. in the face of the recent events in brazil, the launch of the euro, the countdown to y2k, and the extraordinary market volatility of the last 18 months, all of us are obliged to think carefully about our responsibility to support the functioning of liquid and efficient financial markets. one conclusion seems clear : prudent risk management by a critical mass of firms will not only help to ensure a safe and sound financial system, but also will reward individual institutions with longterm profitability. in my view, market discipline, enhanced by appropriate regulation and supervision, offers the only realistic path for us to achieve our goals of a strong and stable marketplace. today, i would like to focus my comments on the importance of risk management techniques and how market discipline can be enhanced to the benefit of public and private sector participants alike. a series of market events over the past year and a half, beginning with the devaluation of the thai baht in july 1997, had a major impact on many lenders and investors, revealing in the process several shortcomings in risk management techniques. one lesson financial institutions learned from these events was the need to continuously reassess both counterparty credit risk management techniques and assumptions about market liquidity. broadly, financial institutions learned that