Consistent with a decision we made in January, our  - 11 goal is to provide an ample supply of reserves to ensure that control of the federal funds rate and other short-term interest rates is exercised primarily by setting our administered rates and not through frequent market interventions.
Of course, we will not hesitate to conduct temporary operations if needed to foster trading in the federal funds market at rates within the target range. Reserve balances are one among several items on the liability side of the Federal Reserve’s balance sheet, and demand for these liabilities—notably, currency in circulation—grows over time.