[New York Fed Official Says Federal Reserve May Soon Begin Asset Purchases] Roberto Perli of the New York Federal Reserve stated that the rise in overnight funding costs indicates that bank reserves are no longer sufficient, and the Federal Reserve may soon purchase assets to maintain liquidity levels. In a prepared speech for a conference co-hosted by the New York Fed on Wednesday, Perli noted that several indicators, including the rise in money market rates, suggest a shortage of reserves. Perli is responsible for the Federal Reserve's System Open Market Account (SOMA) for securities investments.