BIS Review 21/2005  3  Shortly after 9 a.m. each morning, the Desk staff and staff members at the Board of Governors confer over the phone to discuss their respective estimates of the day's demand for balances as well as to consider factors that may affect supply.
The Desk manager and his staff also keep in close touch with fed funds brokers and other market participants so as to be able to assess general market conditions. The Desk's market contacts are useful not only for controlling the funds rate but also for obtaining broader financial-market information for the use of Fed policymakers.