That's especially clear from the New York Fed's document dump, if not from its spin.
Quietly and without fanfare, however, the New York Fed did its job and did it superbly.
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The New York Fed is responsible for overseeing the banking sector in their jurisdiction, including Citigroup.
Could the the New York Fed be lending out gold bars as security for sovereign loans?
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Interestingly, neither the New York Fed nor the Banque de France charge Germany to store its gold.
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Former Treasury Secretary Henry Paulson and former New York Fed chairman Stephen Friedman were also invited to testify.
Only Reserve Bank presidents and research directors were invited, except for a couple extra from the New York Fed.
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It is at the rough edges of the repo market that the New York Fed has signalled its concern.
That appointment will be made by the board of the New York Fed.
Whatever the reason, the New York Fed study lands at the high end of the estimates of how much people spend.
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Mr. Evans has appeared even more forceful in recent months than Mr. Bernanke and William Dudley, the New York Fed president.
Mr Geithner and the New York Fed have with some success been demanding that the derivatives markets sort out their bureaucracy.
Factory production figures out today suggest America's manufacturing industry is recovering, as does some data from the New York Fed.
No, Tim Geithner, his predecessor at the New York Fed, has never worked at Goldman Sachs despite persistent rumors to the contrary.
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Still at the New York Fed, Geithner was engaging with Bair over how to address the problem of failing banks, including Wachovia.
They'll join the eight permanent voters on the FOMC: seven Fed governors (one position is now vacant) and the New York Fed president.
Problem for the New York Fed, which was coordinating the counterparty negotiations, the government had already stepped in to prop up AIG in September.
The emails also portray a New York Fed so sensitive to political fallout that it was tightly controlling the message and movements of AIG.
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That a primary dealer could be so leveraged may well prompt questions about the New York Fed's scrutiny of firms it routinely deals with.
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The transcript compiled by Barclays and released by the New York Fed reads like a David Mamet play without the obscenities or any air of criminality.
Some of those emails, which began circulating over the weekend, depict a New York Fed eager to keep the details of the payments private.
We also had reports of weaker than expected manufacturing from the New York Fed Empire State Manufacturing Survey and from the Philadelphia Fed Manufacturing Index.
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The New York Fed released its manufacturing survey for New York state Tuesday, showing that manufacturing is expanding in February, but profit margins are slimming.
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And Geithner, a former Treasury official who is now president of the New York Fed, has dealt with complicated tax issues before, the report notes.
Separately, the Fed's governors said that they had granted the New York Fed licence to lend to Fannie and Freddie if necessary, against suitable collateral.
He is a quick learner: within a year of joining the New York Fed he could debate the intricacies of monetary policy with academic experts.
At a leverage ratio of 71:1, Grant writes, the New York Fed should be the first to be lining up executors and filing an end-of-life plan.
Between the demands of the New York Fed on the one hand and bonus-hungry traders on the other, there may not be a painless way out.
New York's insurance regulator, Eric Dinallo, is involved in discussions at the New York Fed about AIG, asking the central bank to provide the bridge loan.
Beyond the aforementioned holders of exchange bonds, Bank of New York Mellon and even the New York Fed have asked the judge to revisit its decision.
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