Treasury & Mortgage Markets Principal

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

What we do: 

The Markets Group of the Federal Reserve Bank of New York (FRBNY) implements monetary policy on behalf of the Federal Reserve System, executes lender of last resort operations for depository institutions in the Second District, provides payments and custody services to foreign central banks, and acts as fiscal agent for the U.S. Treasury. 

As part of these responsibilities, the mission of the trading desk in the Markets Group is to: 

• Implement domestic open market and foreign currency operations in a manner that is consistent with the FOMC authorization and directives. 

• Monitor and analyze global financial markets to inform the formulation and implementation of monetary and fiscal stability policy. 

• Produce New York Fed Reference Rates. 

• Provide capital markets-related fiscal agency and other services to the U.S. Treasury. 

• Transact on behalf of foreign and international monetary authorities. 

The Treasury and Mortgage Markets (TMM) Directorate, within the Domestic and International Markets Function, monitors and analyzes market developments and executes transactions in the U.S. Treasury market and the agency MBS market. It transacts in these markets to fulfill monetary policy directives through open market operations and other essential operations such as System Open Market Account (SOMA) securities lending and trade execution for Central Bank and International Account Services (CBIAS) customers.  It also conducts extensive analytical work on fixed-income markets, with a focus on the yield curve, interest rate volatility, inflation markets, issue-specific financing markets, liquidity, and market structure.  

In addition, the TMM Directorate supports the U.S. Treasury Department on debt management policy and provides Treasury market intelligence to the Inter-Agency Working Group on Treasury Market Surveillance (IAWG), which consists of the FRBNY, U.S. Treasury Department, Federal Reserve Board of Governors, Securities and Exchange Commission, and Commodity Futures Trading Commission.  The TMM Directorate also promotes industry best practices through the Treasury Market Practices Group (TMPG) and manages numerous other relationships to gather information and further the Federal Reserve's goals. 

Your role as a Treasury & Mortgage Markets Principal:

• Plan and execute operations in Treasury securities and agency mortgage-backed securities (MBS) for the Federal Reserve’s System Open Market Account (SOMA), execute Treasury trades on behalf of Foreign and International Monetary Authority (FIMA) accounts and participate in the initiation and execution of Treasury buyback operations, with a focus on ensuring these activities are properly controlled and carried out in accordance with procedures.

• Manage large operational and/or analytical projects or processes related to Treasury and agency MBS markets and effectively collaborate with stakeholders throughout the Federal Reserve System and US Treasury.

• Monitor and analyze US Treasury and agency MBS markets, drawing out relevance to monetary policy, the macro economy, and financial stability and produce high-quality analysis with limited oversight.

• Prepare written and verbal briefings for senior policymakers on fixed-income markets and monetary policy.

• Regularly interface with market participants to obtain market intelligence.

• Coach, mentor, and provide feedback to other team members to support career development; assist with staff planning and scheduling.

• Contribute to ad hoc project work within the Treasury and Mortgage Market directorates.

What we are looking for:

• Subject Matter Expertise in fixed-income markets and strong understanding of monetary policy. Familiarity with trading and settlement conventions and market microstructure are a plus.

• Ability to combine analytical work with intelligence gathered from multiple sources to evaluate complex market issues.

• Ability to produce well-written exe