Associate, Mortgage Markets, Markets Group (Chicago-based)
At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed. What we do:
The Markets Group at the Federal Reserve Bank of New York implements monetary policy on behalf of the Federal Reserve System, provides payments and custody services to foreign central banks and acts as a fiscal agent for the U.S. Treasury Department. As part of these duties, the Market Operations Monitoring and Analysis Function (MOMA) within the Markets Group executes transactions in the open market and conducts detailed analysis of financial market developments in support of the monetary policy and financial stability decision-making process.
The Mortgage Markets (MM) Directorate monitors and analyzes mortgage markets to inform the formulation and implementation of monetary and financial stability policy and implements agency MBS and agency debt operations consistent with the FOMC’s authorization and directives. The MM Directorate produces high quality, timely, integrated and thematic monitoring of mortgage markets that is grounded in its operational experience and direct interaction with market participants. It also supports the work of the Treasury Market Practices Group (TMPG) and its mission to recommend best practices applicable to the Treasury and agency MBS markets.
Th e MM Directorate is seeking a candidate to fill an associate position with responsibility for executing MBS operations and conducting related analysis on the mortgage market. The position can be filled in Chicago. Your role as Market & Policy Analysis Associate:
Qualifications: What we are looking for:
- Execute agency MBS open market operations in a well-controlled, efficient, and effective manner and conduct operations-related analysis for MOMA management
- Lead analysis on new developments in the agency MBS market for senior staff and policy makers at the Federal Reserve and Treasury
- Participate in the team’s routine mortgage market monitoring rotations, which include contributions to daily conference calls and written briefings
- Maintain relationships with MBS market participants, including primary dealers, buy-side investors, and mortgage originators
- Participate in ad-hoc projects on policy-relevant issues regarding the Federal Reserve’s agency MBS portfolio
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
- Master’s level degree in Business, Economics, Policy or a related area strongly preferred
- At least 3 years of related financial market experience
- Excellent written and verbal communication skills; ability to extract larger themes while providing concise, articulate, and insightful analysis in both written and verbal form
- Strong interpersonal skills and ability to interact and collaborate effectively with team members, peers, senior management, and external parties
- Strong ability to maintain composure during stressful situations
- Strong quantitative skills and proven ability in working with and understanding market data including trading volumes, spreads, etc.
- Demonstrated analytical skills, including substantial knowledge of financial instruments, market structure, macroeconomic theory, and monetary policy
- Ability to analyze complex market issues, make decisions quickly, and respond under pressure
- Ability to work productively on a high-performance team and as an independent analyst
- Strong attention to detail and ability to anticipate and resolve issues as they arise
- Familiarity with mortgage-related markets and/or financial market transactions a plus
- Travel to New York periodically
This position requires access to confidential supervisory information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
This position requires access to FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so. Why the Fed
Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank’s diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching out MBA. Click here to learn more.