Foreign Central Banks
Central banks for the major currencies use somewhat different institutional and market devices to implement policy. Despite these differences, in the very short run they all operate in ways that lead daily overnight market interest rates along a desired path—albeit with more or less inter-day volatility.
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-02, pp. 17-19, 02.01.2001.