By Pam Martens and Russ Martens: December 11, 2020 ~
Few Americans are aware that the central bank of the United States, the Federal Reserve, has its own trading desk in New York that interacts every business day with the trading desks of the giant Wall Street banks.
When Americans think of massive trading operations, names like JPMorgan, Goldman Sachs, Morgan Stanley, UBS and Citigroup come to mind. But if we measure trading desks by the value of their portfolio holdings, these global banks are pikers compared to the Fed’s trading desk, operated by one of its 12 private regional banks, the Federal Reserve Bank of New York (New York Fed).