N.Y. Fed aggressively hires traders as holdings surge

The Federal Reserve Bank of New York plans to bolster its market-group staff, which was at 240 at the end of 2007, to 400 by the end of this year. The bank's soaring securities holdings prompted the hiring spree as the Fed aims to keep credit flowing through the economy. "Once we started to have to implement programs that were clearly outside the traditional credit-easing tools that the Fed has used before, it became illogical to manage some of the new programs inside the current structure," said Patricia Mosser, a senior adviser.

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