The Teller Window
A view into the work of the New York Fed
July 22, 2024

How Nonprofits Drive Economic Activity in New York’s North Country

On our recent regional visit to New York’s North Country, we heard from stakeholders that delivering essential social services can be a major challenge due to the area’s vast geography and low population density, and that the nonprofit sector plays a critical role in addressing this issue. Building on our earlier report, this article examines how nonprofits support low- and moderate-income communities in both small towns and larger municipalities across the North Country.

July 5, 2024

Key Takeaways from President Williams’s Speech on Managing Policy Amid Uncertainty

New York Fed President John C. Williams delivered the 4th Suresh Tendulkar Memorial Lecture at the Reserve Bank of India in Mumbai on July 5, 2024. In his remarks, he discussed the key principles of inflation targeting strategies that have proven foundational in helping the Fed and other central banks manage extreme uncertainty. These principles include the need for central banks to own the responsibility for price stability and have independence to act to achieve it; transparency and clear communication of goals, including an explicit numerical inflation target; and well-anchored inflation expectations.

June 26, 2024

Unique Geography, Common Challenges: Regional Visit Reflects Varied Aspects of North Country Economy

New York Fed President John C. Williams traveled to the North Country region of upstate New York last month to hear from stakeholders about local economic conditions. He met with government officials, business owners, veterans and military families, and nonprofit and community leaders during this two-day Second District regional visit.

June 24, 2024

Why Inflation Expectations Matter: Celebrating 10 Years of Our Survey of Consumer Expectations

In this recurring column, Kartik Athreya, the New York Fed’s Director of Research, draws connections between broader economic policy issues and our everyday lives.
Expectations shape behavior. That’s why the Survey of Consumer Expectations, now in its 10th year, is such an important tool for central bankers. The monthly survey, produced by our Center for Microeconomic Data, has three main components: inflation expectations, labor market expectations, and household finance expectations. While all these expectations are important, I’ll focus here on inflation expectations, and how they shape people’s actions.

June 17, 2024

2024 Governance and Culture Reform Conference: The Elements of Accountability

The New York Fed’s conference on culture in the financial services industry, held in May, marked the 10th anniversary of the Bank’s culture initiative.  

May 30, 2024

Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy

In remarks delivered at the Economic Club of New York, New York Fed President John C. Williams discussed how the Federal Reserve is working to achieve both maximum employment and price stability, the progress of getting supply and demand in better balance, and bringing inflation back down to the Federal Open Market Committee’s (FOMC’s) 2 percent longer-run goal.

May 29, 2024

When Are Demand and Supply Shocks ‘Drivers’ of Inflation?

In this recurring column, Kartik Athreya, the New York Fed’s Director of Research, draws connections between broader economic policy issues and our everyday lives.

A type of statement one frequently hears, and that I myself sometimes make, is that “inflation is being driven by item X being stuck in a supply-chain mess,” or “item Y being suddenly in great demand,” and so on.

May 28, 2024

Charting a Path Forward for Puerto Rico’s Economy

Puerto Rico is on the cusp of a once-in-a-generation opportunity to reshape its economy. That was the consensus at the NEXA Jobs Summit in San Juan, Puerto Rico on April 10-11. This gathering, organized by the Platform for Social Impact, brought together leaders from community and economic development, government, academia, and the private sector. Participants explored how Puerto Rico could take advantage of government and private funds, economic momentum following more than a decade of recession, and a young and capable workforce to develop quality jobs on the Island and address long-term poverty and economic insecurity.

May 15, 2024

Ten Years of Governance and Culture Reform: Taking Stock

The New York Fed convened its first event focused on culture in the financial services industry 10 years ago in the wake of the global financial crisis. The conference took place against a backdrop of low public trust in the industry after a series of scandals, including predatory lending, rogue trading, and rate rigging. Participants sought to understand the cultural drivers of misconduct and inspire positive change.

May 9, 2024

Teacher Professional Development: Demonstrating Economics Is Integral to Life

Two groups of about 10 teachers stood on opposite sides of the room, each holding a single playing card, their eyes focused on the empty space in the middle of the New York Fed’s Museum and Learning Center. The color of the card told each teacher if they were a buyer or a seller. At the signal, they sprinted into the market, calling out prices and trying to make deals.


The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders. It offers a deep look at issues that matter to the Federal Reserve’s Second District and the nation.

Articles on the Teller Window focus on the people and programs that help the New York Fed support the U.S. economy. They are written for a wide audience with the aim of illustrating what we are doing and why it matters. Stories include editorials, interviews, explainers, and reports on events and trends in our communities and region. The Teller Window is edited by the Communications and Outreach Group on behalf of the New York Fed. Separately, for analysis from New York Fed economists working at the intersection of research and policy, please see Liberty Street Economics.

The New York Fed began publishing on the Teller Window in November 2022. Articles with dates earlier than November 2022 were originally published by the New York Fed on Medium.

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