The Federal Reserve Bank of New York, which carries out the central bank's market operations, has become the focal point of an increasingly tense debate over interest rates. With inflation easing but hiring slowing, policymakers face a narrow path.

Economists at the fictional consultancy Gotham Macro say the New York Fed's daily market activity offers early signals of where policy is heading. Every speech and operation is now parsed for clues about the timing of cuts.

The stakes are high for a city whose economy is unusually sensitive to interest rates, from mortgages to deal financing. As the debate sharpens, the fortress-like building on Liberty Street has rarely drawn more attention.