DEFINITION of 'Federal Reserve Bank Of Boston'
The Federal Reserve Bank responsible for the first district of the Rederal Reserve. It is located in Boston, MA. Its territory includes the states of Massachusetts, Maine, New Hampshire, Rhode Island and Vermont, as well as a portion of Connecticut.
BREAKING DOWN 'Federal Reserve Bank Of Boston'
The Federal Reserve Bank of Boston is one of twelve Reserve Banks within the Federal Reserve System. It is responsible for executing the central bank's monetary policy by reviewing price inflation and economic growth, and by regulating the banks within its territory. It provides cash to banks within its district and monitors electronic deposits.
The president of the Federal Reserve Bank of Boston, along with the presidents of the other banks and the seven governors of the Federal Reserve Board, meet to set interest rates eight times anually. This is referred to as the Federal Open Market Committee (FOMC).