Lisa Cook, Speech: Welcome Remarks, Exploring Careers in Economics – Spring 2023
“This event has a fairly self-explanatory title—exploring careers in economics. But the broad range of opportunities is anything but straightforward. Economics touches every aspect of daily life, and you can see its impact in the world outside your door—and inside as well.”
Read MoreSusan M. Collins, Q&A: Exploring Careers in Economics – Spring 2023
Susan M. Collins participated in a virtual interview about careers in economics and her personal experiences. Monetary policy and the economy were not discussed in this 23 minute Q&A.
Read MoreSusan M. Collins, Interview: Marketplace Morning Report
Fed Funds “I do think that the recent stresses are quite likely to cause some financial tightening. And that’s something that I factor in as I think about what appropriate monetary policy is.” “Some banks may choose to increase their liquidity a bit, perhaps, tightening conditions for credit. And that would help to slow the…
Read MoreTom Barkin, Speech/Q&A: Guilford College Business Summit
Richmond Federal Reserve President Tom Barkin and five other business and economic leaders who took part in Guilford College’s first Business Summit on 4/3/23. The speech and Q&A segment are not yet available.
Read MoreJames Bullard, Interview: Bloomberg TV
Banking Crisis “I do think that the reaction to the banking problems was swift and was appropriate and both here in the U.S. and overseas. I think the idea that there are macroprudential tools that you can use in that kind of situation to calm things down, that seems to have worked so far. You…
Read MoreFed Unfiltered, Daily Trends: Tables (4/3/23)
NY Fed, Monetary Policy Transmission and the Size of the Money Market Fund Industry: An Update
“This post updates the findings of our previous work on the relationship between monetary policy, MMF yields, and the size of the MMF industry. During the current tightening cycle, MMF yields have increased by 4.13 percentage points, in line with our previous estimate of the beta on MMF shares between 2002 and 2020; in contrast, deposit rates have…
Read MoreFed Unfiltered, Weekly Report: 4/3/23
Fed Unfiltered, Up to Speed: Economic Releases (Apr, May, June)
Fed Unfiltered, Annotated Graphs: Balance Sheet
Christopher Waller, Speech/Q&A: The Unstable Phillips Curve
Q&A Segment In the 10 minute Q&A, goods and labor supply was discussed, although monetary policy, the banking crisis and the overall economy was not mentioned. Speech Segment “My topic tonight is “The Unstable Phillips Curve.”1 This is not intended to be a deep academic analysis but rather to present some thoughts for discussion.” “What…
Read MoreIMF, Report: For Central Banks, Less is More
“Will these twin mandates condemn the world to low growth? No, but they will place the onus for fostering growth back on the private sector and governments, where it belongs. More focused and less interventionist central banks would probably deliver better outcomes than the high-inflation, high-leverage, low-growth world we now find ourselves in. For central…
Read MoreFed Unfiltered, Daily Trends: Tables (3/31/23)
Lisa Cook, Speech: The U.S. Economic Outlook and Monetary Policy
Inflation “Even so, several factors are likely to contribute to disinflation. Long-term inflation expectations remain well anchored, and shorter-term expectations have retraced much of last year’s rise. Rent increases on new leases have slowed sharply over the past six months, which should begin to pull down measured housing-services inflation over the course of this year.…
Read MoreJohn Williams, Speech: Achieving Balance Amid Uncertainty
Q&A Segment Monetary Policy and the economy were not mentioned. Speech Segment Inflation Expectations “One aspect of inflation that’s important for achieving and sustaining price stability is the anchoring of inflation expectations. Various measures of longer-run inflation expectations have remained well anchored at levels consistent with our 2 percent goal.” “Inflation expectations for the next…
Read MoreKC Fed, Report: Why Has Monetary Policy Tightening Not Cooled the Labor Market Enough to Quell Inflation?
“Despite a year of rapidly rising interest rates, labor markets remain tight, likely contributing to the persistence of inflation. We create industry-specific versions of the KC Fed’s Labor Market Conditions Indicators (LMCI) to examine labor market tightness in different sectors.” “In sum, labor markets in services industries have historically been less sensitive to monetary policy…
Read MoreFed Unfiltered, Annotated Graphs: Core CPI and Core PCE
BEA, Report: Person Income and Outlays – February 2023
February 2023’s Core PCE: 4.6%. “The increase in current-dollar personal income in February was led by an increase in compensation, mainly from wages and salaries. Private wages and salaries for services-producing industries and government wages and salaries increased.” “Within services, increases in housing and health care were partly offset by a decrease in food services…
Read MoreFed Board, Report: H.4.1 Statistical Release
“The H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks.” “The release presents a balance sheet for each Federal Reserve Bank, a consolidated balance sheet for all 12 Reserve Banks, an associated statement that lists the factors affecting reserve balances of depository institutions, and several other tables…
Read MoreChicago Fed, Report: How Climate Change Shapes Bank Lending, Evidence from Portfolio Reallocation
“We document that banks have started to shift their portfolios away from areas with high climate risk starting after the 2014 UN Climate Summit. This shift is driven by a relative reduction in lending to the borrowers more vulnerable to climate shocks. These findings suggest that banks are concerned about potential losses from more frequent…
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