On Thursday, June 6, New York Fed President John Williams spoke to the Council on Foreign Relations. He discussed how changes to demographics and productivity growth are causing a step-down in the longer-term neutral rate of interest, or r-star.
June 6, 2019
Key Takeaways from President Williams’s Speech on the Decline in R‑Star and What We Can Do About it
Posted in Economic Outlook | Permalink
June 5, 2019
Inspiring the Next Generation of STEM Leaders: Pam Dyson’s Conversation with Black Girls Code
At the end of April, the New York Fed hosted an economic education event for about 50 middle and high school students from Black Girls Code, a nonprofit organization that focuses on increasing the number of women of color in the STEM fields (science, technology, engineering, and math).
June 4, 2019
Key Takeaways from President Williams’s Speech on Culture in the Financial Services Industry
On Tuesday, June 4, New York Fed President John Williams spoke at the fifth conference on culture in financial services hosted by the Bank.
Posted in Banking Culture | Permalink
May 29, 2019
CDFIs: Catalysts for Equitable Growth
Adrian Franco, the New York Fed’s director of community development finance, delivered a keynote address at the annual conference of the New York State CDFI Coalition in Albany, New York, on May 7. In his remarks, which are published below, he emphasizes how the New York Fed’s community development initiatives can complement the work of community development financial institutions (CDFIs) in promoting equitable growth, and he calls on members of the industry to complete the Federal Reserve’s 2019 CDFI Survey. The survey, which closes on May 31, assesses the condition of CDFIs in the United States in terms of capitalization, financial products, development services, and demand and capacity; it is available here.
Posted in Community Development | Permalink
May 23, 2019
President Williams Visits Puerto Rico and the U.S. Virgin Islands
New York Fed President John C. Williams visited Puerto Rico and the U.S. Virgin Islands in late March, where he met with elected officials and community and business leaders to gain a deeper understanding of current economic conditions and the continuing recovery efforts in the aftermath of Hurricanes Irma and Maria. The hurricanes battered the region in quick succession in late 2017, and the islands still have a long road to recovery. This was President Williams’ first regional visit of the year, and topics in focus included ongoing hurricane recovery efforts, collaboration among organizations, a burgeoning entrepreneurship and start-up ecosystem, and the numerous challenges small businesses face.
Posted in Regional Visits | Permalink
May 14, 2019
Key Takeaways from President Williams’s Speech on How to Prepare for a World Where Low R‑Star Prevails
On Tuesday, May 14, New York Fed President John Williams spoke at the 9th High-Level Conference on the International Monetary System, hosted by the International Monetary Fund and the Swiss National Bank.
Posted in Economic Outlook | Permalink
May 10, 2019
Key Takeaways from President Williams’s Speech on the Economic Outlook and Implications for Monetary Policy
On Friday, May 10, New York Fed President John Williams spoke at the 21st Annual Bronx Bankers Breakfast.
Posted in Economic Outlook | Permalink
May 9, 2019
From Frame to Frame: The Making of a Comic Book Series
The New York Fed recently published The Story of Monetary Policy, the third issue of its new Educational Comic Book Series. In the story, intrepid characters travel to previously unseen worlds, meeting new friends and teaching economic lessons along the way. Today, we offer a behind-the-frames look at the comic book’s production — from idea to sketch to print — and the creation of a world “way, way out at the edge of the universe” to educate students about economics and monetary policy.
Posted in Economic Education | Permalink
May 7, 2019
Takeaways from Lorie Logan’s Remarks on Implementing Monetary Policy in an Ample‑Reserves Regime
During a press conference following last week’s meeting of the Federal Open Market Committee (FOMC), Federal Reserve Chair Jerome Powell pointed out that the Fed has made “consequential decisions” about its balance sheet in recent months, including to maintain its current framework for implementing monetary policy and to slow the pace at which it allows maturing securities to run off. A speech last month by New York Fed senior vice president Lorie Logan provides helpful context around questions about balance sheet normalization and how the Fed could implement monetary policy going forward in light of these decisions by the FOMC.
Posted in Monetary Policy Implementation | Permalink
May 3, 2019
Comic Books as a Teaching Tool: Making the Language of Economics Universal
“Way, way out — at the edge of the universe — there’s a little planet called Novus.” So began the New York Fed’s return to publishing comic books to promote economic literacy, especially among students from middle school through college.
Posted in Economic Education | Permalink
