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The buyer of the CDS makes a series of payments ( the CDS " fee" or " spread" ) to the seller and, in exchange, may expect to. 37 E 28th St Ste 800 New York, NY 10016. The New York Fed' s Liberty Street Economics blog provides commentary on current economic topics relating to monetary policy, macroeconomic developments, financial stability issues, and regional trends in the Second Federal Reserve District.