The New York Fed seems to be an organization in slow decline. Some of the newer senior leadership is definitely a downgrade in talent in terms of decision making, delegation, execution, etc.
The organization hasn't found a way to successfully deal with the fact that it got top-heavy through the financial crisis, so there is a lot of jockeying for position. However, a new president was recently named, so maybe that will change things.
I think it is still a great place for someone to start a career. The organization's mission and responsibilities provide a great opportunity to learn about many aspects of the financial system. However, it no longer seems to provide the merit-based progression it once did, making it a less than ideal choice for a long-term high performer.
Still some hardworking, dedicated public servants working there.
Lack of future vision, move to quantity-based metrics of success has probably led to a decrease in quality of work.