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.
June 17, 2024
2024 Governance and Culture Reform Conference: The Elements of Accountability
Posted in Banking Culture | Permalink
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.
Posted in Economic Outlook | Permalink
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.
Posted in Economic Insights | Permalink
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.
Posted in Community Development | Permalink
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.
Posted in Banking Culture | Permalink
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.
Posted in Economic Education | Permalink
May 3, 2024
Key Takeaways from President Williams’s Speech at the Hoover Monetary Policy Conference
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.
April 11, 2024
Key Takeaways from President Williams’s Speech on the Economic Outlook and Monetary Policy
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.
Posted in Economic Outlook | Permalink
April 9, 2024
A Focus on ‘Equitable’ and ‘Growth’ in Understanding the Economy
Though I only just joined the New York Fed in February, I’ve been closely following its equitable growth research for nearly five years. Recently, I spoke with researchers from a broad range of areas across the Federal Reserve System, including micro-, macro-, and financial economics, about why “equitable” and “growth” are important to our understanding of the economy. Given today’s release of our Equitable Growth Indicators, I want to share more broadly, in my view, why this work matters to us.
Posted in Economic Insights | Permalink
April 8, 2024
Building the CDFI Sector in Puerto Rico
Puerto Rico’s community development financial institution (CDFI) sector has grown 15-fold over the last decade following a collaboration that brought together leaders from government, community development finance, and Puerto Rico’s credit unions, known as cooperativas.
Posted in Community Development | Permalink
