At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
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.
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.
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.
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.
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.
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.
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.
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.
In remarks delivered at the Hoover Institution, New York Fed President John C. Williams discussed three key principles derived from monetary policy theory and experience that help guide central banks in achieving price stability.
In remarks delivered at the Federal Home Loan Bank of New York’s annual symposium, New York Fed President John C. Williams discussed the progress made in restoring price stability to the economy, the work still needed to return inflation to 2 percent, and the trajectory of the Fed’s balance sheet.
