Director of Reference Rates

Our Unique Work:

The Domestic and International Markets (DIM) Function within the Markets Group executes transactions in the open market on behalf of the Federal Reserve System, the U.S. Treasury Department, and foreign official customers, and conducts detailed analysis of financial market developments in support of the Federal Reserve's monetary policy and financial stability decision-making process.

The Director of Reference Rates (RR) is a member of the DIM Senior Leadership team and provides leadership and management to the Reference Rates Directorate. The Reference Rates business line is composed of one staff unit, across two physical locations, and has a combination of policy-relevant operational and analytical responsibilities. On the operational side, Reference Rates is responsible for producing a number of globally important reference rates, including the Secured Overnight Funding Rate (SOFR) and the Effective Fed Funds Rate (EFFR). On the analytical side, RR is responsible for producing high quality, timely, and policy-relevant analysis of money market developments, working closely with the Money Markets Directorate, for the Federal Reserve System and U.S. Treasury Department. The Reference Rates Directorate also oversees the administration of the Reference Rate Use Committee (RRUC), an industry group sponsored by the New York Fed to support the integrity, efficiency, and resiliency in the use of U.S. dollar denominated reference rates across financial markets.

How You'll Make an Impact as the Director of Reference Rates:

Provide strategic leadership of and manage reference rate production and analysis of key money market developments.

People management responsibilities:

• Direct a high-performing team of managers, specialists, and analysts engaged in reference rate production in support of the Federal Reserve Bank of New York's responsibility as an administrator and producer;

• Provide strong leadership which cultivates a professional workplace environment that promotes inclusiveness, fosters collaboration, and supports open and transparent communication with an emphasis on talent management to attract, develop, and retain top talent;

• Direct the alignment of resources with the long-term Markets Group strategic plan and work with the DIM senior leadership team to develop and execute DIM's strategy. Align the RR strategic plan with DIM's long run goals and oversee its implementation.

Operational and analytical responsibilities:

• Oversee the range of operations that take place within the Directorate related to reference rates production.

• Promote strong risk management practices and ensure robust control environment and culture.

• Collaborate with first, second, and third line partners to ensure the readiness, resiliency and effectiveness of operational tools for the range of reference rate production conducted within the Directorate;

• Lead the team's experts in delivering high-quality, policy-relevant analysis of developments in money markets in support of the Bank's contributions to the Federal Reserve System's monetary policy and financial stability objectives;

• Provide thought leadership in setting a forward looking analytical and operational agenda to meet current and future policy needs. Work with senior stakeholders to adjust strategic priorities in response to shifts in the operating environment or policy landscape;

• Engage with senior leaders across the Bank, Federal Reserve System and U.S. Treasury to ensure operational output and analytical products and briefings are aligned with stakeholders' priorities;

• Represent the Bank externally in interactions with private sector counterparties and the RRUC to further develop the Bank's understanding of key issues related to the integrity and resiliency of reference rates, including how the use of reference rates is evolving and how the markets underpinning them may be changing as well;

• Represent the Bank in international meetings and maintain relationships with senior representatives from other central banks on relevant policy issues pertaining to reference rates production.

The Unique Skill Sets We're Looking For:

• Relevant work experience with a demonstrated interest in financial markets and central bank policy implementation. Substantial knowledge of financial instruments, market structure, macroeconomic theory and monetary policy; understanding of U.S. money markets is a plus

• Excellent demonstrated leadership and decision-making skills with the ability to oversee highly visible, time sensitive and consequential financial market operations;

• Strong business judgment, proactive leadership, and a strategic orientation to lead a high performing team

• Demonstrated agility and flexibility to guide the directorate through change management and unforeseen business challenges

• Foresight to anticipate and respond to rapidly evolving analytical needs and priorities;

• Strong aptitude and experience in the sustainable and ongoing development of talent, with a track record leading wide-ranging teams to achieve high-quality and timely results across policy, operational, and analytical objectives;

• Demonstrated ability to provide constructive and timely coaching and feedback on performance, strengths, and areas of development; demonstrated commitment to providing meaningful growth opportunities to team members;

• Keen self-awareness and high emotional intelligence, including the ability to build trust in a variety of relationships through candor, reliability, and authenticity, and the capacity to embrace and draw from various perspectives in an inclusive way to improve the quality of outcomes;

• Strong analytical, written and oral communication skills, including the ability to synthesize and transform complex issues and data into meaningful and actionable information for decision-makers, and the ability to lead others in this work;

• Excellent organizational and planning skills;

• Ability to credibly represent the Bank in market discussions with senior members of the investment community and the official sector;

• Approximately 10% travel required.

Other Things to Know:

Salary Range:

New York: $236400 - $400000 / year

Chicago: $208000 - $352000 / year

We believe in transparency at the New York Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you're stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.

How We'll Support You:

Our programs and benefits are designed to support you through all your life stages:

• Learning & Growing: Educational assistance, career development tools, and stretch opportunities

• Supporting Your Family: Parental leave, adoption assistance, back-up dependent and elder care, college planning resources, and more

• Managing Your Health: Comprehensive insurance plans, leave policies, onsite Health & Wellness Center, and onsite Fitness Center

• Optimizing Your Finances: Pension plan, 401(k) with generous match, financial planning resources, and subsidized public transportation program

Full Time / Part Time
Full time

Regular / Temporary
Regular

Job Exempt (Yes / No)
Yes

Job Category
Markets Family Group

Work Shift
First (United States of America)

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of "protected individual" under 8 U.S.C. a7 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to access CSI and/or FOMC information must sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.