NY Fed's Perli Says Monetary Policy Toolkit Working Well, Signals Flexibility on Treasury Bill Purchases

NEW YORK, September 22, 2026 — Roberto Perli, the New York Fed official responsible for implementing short-term interest rate policy, said Tuesday that the central bank's monetary policy control toolkit continues to function effectively, maintaining strong interest rate control and ample reserves. Perli, manager of the New York Fed's System Open Market Account, said recent decisions to pause Treasury bill purchases are "no different in spirit" from prior Desk decisions since Reserve Management Purchases began in December 2025. He indicated the Fed could resume buying bills if liquidity conditions warrant, adding that RMPs will be adapted to market liquidity needs. He noted the New York Fed's reserve forecasting process is "robust and generally quite accurate," with forecast misses representing a small fraction of total reserves supply. Perli also said offering a centrally cleared version of standing repo operations would offer clear benefits from a monetary policy implementation perspective.