Reports

“WASHINGTON – First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of…

“Silicon Valley Bank (SVB) failed because of a textbook case of mismanagement by the bank. Its senior leadership failed to manage basic interest rate and liquidity risk. Its board of directors failed to oversee senior leadership and hold them accountable. And Federal Reserve supervisors failed to take forceful enough action, as detailed in the report.”…

“Excluding food and energy, the PCE price index increased 4.6 percent from one year ago.” “Within goods, the decrease was led by motor vehicles and parts and gasoline and other energy goods. Within services, the largest contributors to the increase were spending for housing and utilities and health care services.”

“There are human behaviors or habits that we consider healthy, such as exercising and eating nourishing foods. We may strive to do our best to exhibit those behaviors, but there is usually something pulling us in a differ­ent direction. The notion of saving money, whether for something new in the future, a financial emergency, or…

“Real gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2023.” “The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed…

“The St. Louis Fed headquarters, along with our branch office in Memphis, Tenn., processes over 900 million notes (paper currency) each year. Among those processed and inspected in 2022, a whopping 136 million were removed from circulation, shredded and composted.”

“Fiscal policy provided substantial support to economic growth in 2020 and 2021 amid disruptions to supply in product and labor markets, adding to the inflationary pressures that emerged during the strong rebound from the pandemic-induced recession. In this paper, we investigate the implications of supply disruptions and economic slack for the inflationary effects of fiscal…

“This paper is the first to bring together intraday timing data on the tri-party and cleared segments of the repo market for the purpose of studying the causes of the unusually large interest rate spike in repo markets in September 2019. We conclude that, in large part, the spike resulted from a confluence of factors—large…

“In 1950, the proportion of people 65 years of age and over in the US was 8.2%. By 2019, that proportion had increased to 15.8%. In 2017, the US Census projected that by 2034 the population of people 65+ will be larger than the population of people under 18.1 US Commerce Secretary Gina Raimondo commented…