As Expected, Fed Stayed Out In August-October Period

REGULATIONS

In what came as little surprise to market participants (FX Week, November 16), the Federal Reserve Bank of New York announced last week that they did not intervene in the foreign exchange markets during the three month period ended October 31.

Although Sam Cross, executive vice president and manager of the Federal Reserve System’s foreign operations said that their absence does not in any way indicate that they are "out of the intervention business," many analysts believe that U.S. monetary

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