This role is largely a reflection of the New York Fed's responsibility for implementing monetary policy decisions through its open market desk operations. Typically, after the approval of the minutes of the previous FOMC meeting, the first order of business is a report from the System Open Market Account (SOMA) Manager at the New York Fed.
The Manager discusses market activity since the most recent FOMC meeting and may also report on any other domestic or international market activity that may reflect trends in the U.S. and world economies. The SOMA Manager's report is followed by reports by senior Board economists, including the directors of the Division of Research and Statistics and the Division of International Finance.