On December 3, the New York Fed announced the formation of its Integrated Policy Analysis Group (IPA). Designed to develop the New York Fed’s view of the economic and financial environment globally, the IPA will (i) integrate information from within and outside the Bank to assess the developing economic and financial environment; (ii) assess risks with the potential to impact the Fed’s objectives and “consider policy options to mitigate those risks;” and (iii) manage international relationships. Alberto G. Musalem was appointed as the head of IPA, and the new group is scheduled to begin its work in January 2015.