Speech At "Late Cycle Investing: Opportunity and Risk" Fixed-Income Management 2019, a conference sponsored by the CFA Institute and the CFA Society of Boston, Boston, Massachusetts
Speech At "Monetary Policy’s Impact on Workers and Their Communities," a Fed Listens event, sponsored by the Federal Reserve Bank of Chicago, Chicago, Illinois
Speech At The Future of Money in the Digital Age, Sponsored by the Peterson Institute for International Economics and Princeton University’s Bendheim Center for Finance, Washington, D.C.
Speech At "Trucks and Terabytes: Integrating the 'Old' and 'New' Economies" 61st Annual Meeting of the National Association for Business Economics, Denver, Colorado
Speech At the premiere of "Marriner Eccles: Father of the Modern Federal Reserve," Salt Lake City, Utah
Speech At "Perspectives on Maximum Employment and Price Stability" a Fed Listens event sponsored by the Board of Governors of the Federal Reserve System, Washington, D.C.
Speech At the European Banking Federation's European Banking Summit, Brussels, Belgium
Speech At "Community Banking in the 21st Century" 2019 Community Banking Research and Policy Conference sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation, St. Louis, Missouri
Speech At "Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics," a research conference sponsored by the Federal Reserve Board, Washington, D.C.
Speech At the “Law and Macroeconomics,” a conference at Georgetown University Law Center, Washington, D.C.
WASHINGTON – Many U.S. investors with “alarmingly low” levels of financial knowledge lack confidence in their ability to meet their financial goals, according to new research conducted by the FINRA Investor Education Foundation (FINRA Foundation) and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business.
WASHINGTON—FINRA announced today that Susan Schroeder plans to leave FINRA later this year, after leading the Department of Enforcement since 2017. Schroeder led the consolidation of FINRA’s enforcement functions into a new, unified group. The consolidated enforcement team now comprises 340 employees working in New York, Rockville, and 14 district offices handling disciplinary actions from across FINRA, from potential fraud to trading-based misconduct to sales practice violations.
WASHINGTON – FINRA today published its 2019 Report on FINRA Examination Findings and Observations. The report reflects key findings and observations identified in recent examinations, and contains effective practices that could help firms improve their compliance and risk management programs.
WASHINGTON—FINRA today announced it has made available new resources to assist member firms in their efforts to comply with the Securities and Exchange Commission (SEC) Regulation Best Interest (Reg BI) and Form CRS by the rules’ compliance date of June 30, 2020. FINRA is assisting members in a variety of ways including by providing a new Reg BI and Form CRS Checklist – available on FINRA’s Reg BI webpage along with a number of other resources – and by hosting several FINRA Reg BI events in the coming months.
WASHINGTON – FINRA’s Board of Governors met on Sept. 24-26 at FINRA’s offices in New York, where it approved six rule proposals and received several operational updates from FINRA staff.
WASHINGTON – The FINRA Board of Governors has appointed Peter R. Fisher as a new public Governor. Fisher currently teaches at the Tuck School of Business at Dartmouth, where he is a clinical professor. Fisher’s term on the FINRA Board begins immediately.
WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) today released new fraud research that shows that the scams with the highest engagement and victimization rates involve online purchases and social media—outpacing telephone, mail and email fraud.
WASHINGTON—FINRA today published the 2019 FINRA Industry Snapshot, its second annual statistical report on the brokerage firms, registered representatives and market activity that FINRA regulates.
WASHINGTON—FINRA today announced it has censured and fined UBS Financial Services Inc. (UBS) $2 million for the firm’s repeated failures in timely addressing municipal short positions and in inaccurately representing the tax status of thousands of interest payments to customers.
Olivia Mitchell
WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) today awarded Dr. Olivia S.
The Securities and Exchange Commission today announced that it has voted to propose rule amendments to establish an expedited review procedure for applications under the Investment Company Act that are substantially identical to recent precedent, as well…
The Securities and Exchange Commission and Morehouse College will co-host a panel discussion on strategies to attract investment capital to minority businesses from 4 - 7 p.m. ET on Thursday, Oct. 24 during homecoming week. The special event,…
The Securities and Exchange Commission today issued a statement that invites exchanges and other market participants to submit innovative proposals designed to improve the secondary market structure for exchange listed equity securities that trade…
The Securities and Exchange Commission has filed an emergency action and obtained an asset freeze against 18 traders in a scheme to manipulate more than 3,000 U.S.-listed securities for over $31 million in illicit profits.
The SEC alleges that the…
The Securities and Exchange Commission today announced several teacher investment outreach efforts in connection with its Teachers Initiative. These initiatives include the launch of a podcast series for public school educators, nationwide…
The Securities and Exchange Commission today announced that Domenick Migliorato, a former supervisor of the securities lending desk at Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), has agreed to settle charges for his…
The Securities and Exchange Commission today announced that Robert Burson, an Associate Regional Director of Enforcement in the Chicago Regional Office, is retiring after 29 years at the agency, all in the Chicago office.
Mr. Burson, who is…
The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and…
The Securities and Exchange Commission today announced the appointment of Rebekah Goshorn Jurata as a Board member of the Public Company Accounting Oversight Board (PCAOB) for a term ending October 24, 2024.
The Sarbanes-Oxley Act of 2002 established…
The Securities and Exchange Commission today announced that Kathleen M. Hamm will leave the Public Company Accounting Oversight Board (PCAOB) after completing her term as a Board member. Ms. Hamm’s term began in January 2018 and expires…
FDIC and Federal Reserve request information on use and impact of CAMELS ratings
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
Federal Reserve Board issues enforcement action with former employee of Southern Bancorp Bank
Federal financial regulatory agencies seek comment on proposed interagency policy statement on allowances for credit losses and proposed interagency guidance on credit risk review systems
Federal Reserve Board announces inaugural 21 members of the Insurance Policy Advisory Committee
Minutes of the Board's discount rate meetings on August 26 and September 18, 2019
Federal Reserve Board announces approval of application by Magnolia Banking Corporation
Steven B. Kamin, director of Division of International Finance, to step down from director role
Statement Regarding Monetary Policy Implementation
Federal Reserve Board finalizes rules that tailor its regulations for domestic and foreign banks to more closely match their risk profiles
The Work Plan presents the audits and evaluations that the OIG is conducting to help the Board and the CFPB fulfill their respective missions:
Though not statutorily required to do so, we annually report the major management challenges facing the Board and the Bureau. These challenges represent what we believe to be the areas that, if not addressed, are most likely to hamper the Board's and the Bureau's accomplishment of their strategic objectives.
For the Board, the major management challenges, in order of significance, are as follows:
For the Bureau, the major management challenges, in order of significance, are as follows:
The Board Law Enforcement Unit's mission is to provide a safe and secure environment for staff and others on property owned or leased by the agency. We assessed whether controls in the Operations Bureau, one of four LEU bureaus, are operating effectively to support that mission and broader agency goals.
We found that the Operations Bureau can improve standards and processes associated with its control environment. Specifically, the LEU can document roles, responsibilities, and training requirements because its process for internal reviews was modified. In addition, the LEU can better communicate information about changes affecting the Operations Bureau, better capitalize on professional development opportunities, and strengthen processes for determining shift and post assignments.
Our report contains recommendations.
The Board and the Reserve Banks play a significant role in supervising and regulating U.S. financial institutions. Based on the significance of the issues identified during the supervision process, a variety of enforcement tools can be used to compel an institution's management to address those issues. We assessed the efficiency and effectiveness of the Board's and the Reserve Banks' enforcement action issuance and termination processes and practices.
The Board and the Reserve Banks have implemented some effective practices to support the enforcement action issuance and termination processes. However, the Board can clarify certain aspects of these internal processes, such as the steps and Board stakeholders' roles and responsibilities; improve the timeliness and efficiency of its issuance and termination processes; and increase transparency about the status of enforcement actions.
The Board's highly specialized workforce is critical to achieving the agency's mission to foster the nation's financial stability and economic performance. Workforce planning can help ensure that the right people are in the right places at the right number, time, and cost to execute that mission. We evaluated challenges facing the Board's workforce planning efforts and lessons learned from other organizations.
Although the Board has made initial progress in implementing enterprisewide workforce planning, it faces four operational challenges: resources, data and information, time, and process ownership. Through benchmarking, we identified several strategies that may help the Board mitigate these challenges, such as dedicating sufficient resources and focusing on mission-critical roles.
Our report contains recommendations to help the Board timely implement and sustain enterprisewide workforce planning.
We contracted with an independent public accounting firm to audit the Bureau's compliance with the Digital Accountability and Transparency Act of 2014 for the first quarter of fiscal year 2019. We reviewed and monitored the work of the contractor to ensure compliance with applicable auditing standards and the contract.
The Board’s government travel card program provides employees with resources to arrange and pay for official travel and training-related expenses and to receive reimbursements for these authorized expenses. Our objective was to identify potentially . . .
The United States Attorney's Office announced that Kenneth Charity, age 54, a resident of New Orleans, Louisiana, pleaded guilty today to conspiring to defraud First NBC Bank, the New Orleans-based bank that failed in April 2017.
An Open Board meeting of the Board of Governors of the Federal Reserve System was held at 2:00 p.m. on October 10, 2019. Matter(s) considered: Final rules on prudential standards and resolution plan requirements for large domestic and foreign banking organizations and proposed rule on supervisory assessments for large banking organizations.
A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:00 a.m.on July 30, 2019 and continued at 9:00 a.m. on July 31, 2019. Matter(s) considered: Discussion of Monetary Policy Issues.
A closed meeting of the Board of Governors of the Federal Reserve System will be held at 10:00 a.m. on July 24, 2019. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure
Nathan Converse and Enrico Mallucci | How does sovereign risk affect investors' behavior? We answer this question using a novel database that combines sovereign default probabilities for 27 developed and emerging markets with monthly data on the portfolios of individual bond mutual funds. We first show that changes in yields do not fully compensate investors for additional sovereign risk, so that bond funds reduce their exposure to a country's assets when its sovereign default risk increases. However, the magnitude of the response varies widely across countries. Fund managers aggressively reduce their exposure to high-debt countries and high-risk countries. By contrast, they are more lenient toward core developed markets. In this sense, these economies appear to receive preferential treatment. Second, we document what determines the destination of reallocation ows. When fund managers reduce their exposure to a country in response to its sovereign risk, they shift their assets to countries outside the immediate geographic region while at the same time avoiding countries with high debt-to-GDP ratios and markets to which they are already heavily exposed. These results are supportive of models of sovereign default that assign a nontrivial role to the preferences of international creditors.
Shaghil Ahmed, Ricardo Correa, Daniel A. Dias, Nils Gornemann, Jasper Hoek, Anil Jain, Edith Liu, and Anna Wong | China's economy has become larger and more interconnected with the rest of the world, thus raising the possibility that acute financial stress in China may lead to global financial instability. This paper analyzes the potential spillovers of such an event to the rest of the world with three methodologies: a VAR, an event study, and a DSGE model. We find the sentiment channel to be the primary spillover channel to the United States, affecting global risk aversion and asset prices such as equity prices and the dollar, in addition to modest real effects through the trade channel. In comparison, the combined financial and real effects to other advanced and emerging market economies, especially net commodity exporters, would be more consequential due to their larger direct exposure to China and more limited scope of monetary policy to respond to shocks.
Ulrike Malmendier and Leslie Sheng Shen | We show that prior lifetime experiences can "scar" consumers. Consumers who have lived through times of high unemployment exhibit persistent pessimism about their future financial situation and spend significantly less, controlling for the standard life-cycle consumption factors, even though their actual future income is uncorrelated with past experiences. Due to their experience-induced frugality, scarred consumers build up more wealth. We use a stochastic lifecycle model to show that the negative relationship between past experiences and consumption cannot be generated by financial constraints, income scarring, and unemployment scarring, but is consistent with experience-based learning.
Robert J. Barro and Gordon Y. Liao | We derive an option-pricing formula from recursive preference and estimate rare disaster probability. The new options-pricing formula applies to far-out-of-the money put options on the stock market when disaster risk dominates, the size distribution of disasters follows a power law, and the economy has a representative agent with Epstein-Zin utility. The formula conforms with options data on the S&P 500 index from 1983-2018 and for analogous indices for other countries. The disaster probability, inferred from monthly fixed effects, is highly correlated across countries, peaks during the 2008-2009 financial crisis, and forecasts equity index returns and growth vulnerabilities in the economy.
Tyler Pike, Horacio Sapriza, and Tom Zimmermann | This paper constructs a leading macroeconomic indicator from microeconomic data using recent machine learning techniques. Using tree-based methods, we estimate probabilities of default for publicly traded non-financial firms in the United States. We then use the cross-section of out-of-sample predicted default probabilities to construct a leading indicator of non-financial corporate health. The index predicts real economic outcomes such as GDP growth and employment up to eight quarters ahead. Impulse responses validate the interpretation of the index as a measure of financial stress.
Joshua Blonz | In many settings, misaligned incentives and inadequate monitoring lead employees to take self-interested actions contrary to their employer's wishes, giving rise to the classic principal-agent problem. In this paper, I identify and quantify the costs of misaligned incentives in the context of an energy efficiency appliance replacement program. I show that contractors (agents) hired by the electric utility (the principal) increase their compensation by intentionally misreporting program data to deliberately authorize replacement of non-qualified refrigerators. I provide empirical estimates of the impacts of misaligned incentives on (1) the effectiveness of energy efficiency retrofits and (2) welfare. I estimate that unqualified replacements reduce welfare by an average of $106 and save only half as much electricity as replacements that follow program guidelines. The same program without a principal-agent distortion would increase welfare by $60 per replacement. The resul ts provide novel evidence of how principal-agent distortions in the implementation of a potentially beneficial program can undermine its value.
Jesse Bricker, Kevin B. Moore, and Jeffrey P. Thompson | We use data from the Survey of Consumer Finances (SCF) to explore how household asset portfolios in the United States have evolved from 1989 to 2016. Throughout this period, two key assets—housing and financial market assets—have driven the aggregate household balance sheet evolution. However, aggregates mask great heterogeneity in balance sheet composition across the wealth distribution, and most families hold a relatively small share of assets in financial markets and larger shares in housing and other nonfinancial assets. We also describe the typical life cycle asset accumulation processes among low, middle, and high-income families which—though varying dramatically by level—are quite similar. Finally, we use household balance sheets to describe how financial vulnerability has changed over time.
Xavier Jaravel and Erick Sager | This paper finds that U.S. consumer prices fell substantially due to increased trade with China. With comprehensive price micro-data and two complementary identification strategies, we estimate that a 1pp increase in import penetration from China causes a 1.91% decline in consumer prices. This price response is driven by declining markups for domestically-produced goods, and is one order of magnitude larger than in standard trade models that abstract from strategic price-setting. The estimates imply that trade with China increased U.S. consumer surplus by about $400,000 per displaced job, and that product categories catering to low-income consumers experienced larger price declines.
Brigitte Roth Tran | Using novel methodology and proprietary daily store-level sporting goods and apparel brand data, I find that, consistent with long-run adaptation to climate, sales sensitivity to weather declines with historical norms and variability of weather. Short-run adaptation to weather shocks is dominated by changes in what people buy and how they buy it, with little intertemporal substitution. Over four weeks, a one-standard deviation one-day weather shock shifts sales by about 10 percent. While switching between indoor and outdoor stores offsets a small portion of contemporaneous responses to weather, I find no evidence that ecommerce offsets any of the effects.
Gazi I. Kara and Youngsuk Yook | We document that banks reduce supply of jumbo mortgage loans when policy uncertainty increases as measured by the timing of US gubernatorial elections in banks' headquarter states. The reduction is larger for more uncertain elections. We utilize high-frequency, geographically granular loan data to address an identification problem arising from changing demand for loans: (1) the microeconomic data allow for state/time (quarter) fixed effects; (2) we observe banks reduce lending not just in their home states but also outside their home states when their home states hold elections; (3) we observe important cross-sectional differences in the way banks with different characteristics respond to policy uncertainty. Overall, the findings suggest that policy uncertainty has a real effect on residential housing markets through banks' credit supply decisions and that it can spill over across states through lending by banks serving multiple states.
Gary Anderson and Alena Audzeyeva | We propose a coherent framework using support vector regression (SRV) for generating and ranking a set of high quality models for predicting emerging market sovereign credit spreads. Our framework adapts a global optimization algorithm employing an hv-block cross-validation metric, pertinent for models with serially correlated economic variables, to produce robust sets of tuning parameters for SRV kernel functions. In contrast to previous approaches identifying a single "best" tuning parameter setting, a task that is pragmatically improbable to achieve in many applications, we proceed with a collection of tuning parameter candidates, employing the Model Confidence Set test to select the most accurate models from the collection of promising candidates. Using bond credit spread data for three large emerging market economies and an array of input variables motivated by economic theory, we apply our framework to identify relatively small sets of SVR models with su perior out-of-sample forecasting performance. Benchmarking our SRV forecasts against random walk and conventional linear model forecasts provides evidence for the notably superior forecasting accuracy of SRV-based models. In contrast to routinely used linear model benchmarks, the SRV-based models can generate accurate forecasts using only a small set of input variables limited to the country-specific credit-spread-curve factors, lending some support to the rational expectation theory of the term structure in the context of emerging market credit spreads. Consequently, our evidence indicates a better ability of highly flexible SVR to capture investor expectations about future spreads reflected in today's credit spread curve.
Simon Gilchrist, Vivian Yue, and Egon Zakrajsek | This paper analyzes how US monetary policy affects the pricing of dollar-denominated sovereign debt. We document that yields on dollar-denominated sovereign bonds are highly responsive to US monetary policy surprises—during both the conventional and unconventional policy regimes—and that the passthrough of unconventional policy to foreign bond yields is, on balance, comparable to that of conventional policy. In addition, a conventional US monetary easing (tightening) leads to a significant narrowing (widening) of credit spreads on sovereign bonds issued by countries with a speculative-grade credit rating but has no effect on the corresponding weighted average of bilateral exchange rates for a basket of currencies from the same set of risky countries; this indicates that an unanticipated tightening of US monetary policy widens credit spreads on risky sovereign debt directly through the financial channel, as opposed to indirectly through the exchange rate channel. During the unconventional policy regime, yields on both investment- and speculative-grade sovereign bonds move one-to-one with policy-induced fluctuations in yields on comparable US Treasuries. We also examine whether the response of sovereign credit spreads to US monetary policy differs between policy easings and tightenings and find no evidence of such asymmetry.
Original Paper (PDF) | Accessible materials (.zip)
Stephanie R. Aaronson, Mary C. Daly, William L. Wascher, and David W. Wilcox | Previous research has shown that the labor market experiences of less advantaged groups are more cyclically sensitive than the labor market experiences of more advantaged groups; in other words, less advantaged groups experience a high-beta version of the aggregate fluctuations in the labor market. For example, when the unemployment rate of whites increases by 1 percentage point, the unemployment rates of African Americans and Hispanics rise by well more than 1 percentage point, on average. This behavior is observed across other labor-market indicators, and is roughly reversed when the unemployment rate declines. We update this work to include the post-Great Recession period and extend the analysis to consider whether these high-beta relationships change when the labor market is especially tight. We find suggestive evidence that when the labor market is already strong, a further increment of strengthening provides a modest extra benefit to some disadvantaged groups, relative to earlier in the labor-market cycle. In addition, we provide preliminary evidence suggesting that these gains are somewhat persistent for African Americans and women.
Tomaz Cajner, Leland D. Crane, Ryan A. Decker, Adrian Hamins-Puertolas, Christopher Kurz | This paper combines information from two sources of U.S. private payroll employment to increase the accuracy of real-time measurement of the labor market. The sources are the Current Employment Statistics (CES) from BLS and microdata from the payroll processing firm ADP. We briefly describe the ADP-derived data series, compare it to the BLS data, and describe an exercise that benchmarks the data series to an employment census. The CES and the ADP employment data are each derived from roughly equal-sized samples. We argue that combining CES and ADP data series reduces the measurement error inherent in both data sources. In particular, we infer "true" unobserved payroll employment growth using a state-space model and find that the optimal predictor of the unobserved state puts approximately equal weight on the CES and ADP-derived series. Moreover, the estimated state contains information about future readings of payroll employment.
Bert Loudis and Ben Ranish | We find that that the Current Expected Credit Loss (CECL) standard would slightly dampen fluctuations in bank lending over the economic cycle. In particular, if the CECL standard had always been in place, we estimate that lending would have grown more slowly leading up to the financial crisis and more rapidly afterwards. We arrive at this conclusion by estimating historical allowances under CECL and modeling how the impact on accounting variables would have affected banks' lending and capital distributions. We consider a variety of approaches to address uncertainty regarding the management of bank capital and predictability of credit losses.
Sarah S. Baker, David López-Salido, and Edward Nelson | We evaluate the relative merits of the "money view" and "credit view" as accounts of macroeconomic outcomes. We first lay out core elements of the money view as articulated by Friedman and Schwartz. We then reconsider the findings regarding the money view versus the credit view in recent literature. Schularick and Taylor's (2012) result that credit outperforms money in predicting financial crises is fully consistent with the money view of macroeconomic outcomes; consequently, one needs to examine those outcomes directly to discriminate between the money view and the credit view. Our analysis of the postwar evidence suggests that money outperforms credit in predicting economic downturns in the 14 countries included in the Schularick-Taylor database. For our reexamination of the evidence, we have constructed new, more reliable, annual data on money.
Original paper (PDF) | Accessible materials (.zip)
Laura J. Feiveson and John Sabelhaus | Empirical analysis of U.S. income, saving and wealth dynamics is constrained by a lack of high-quality and comprehensive household-level panel data. This paper uses a pseudo-panel approach, tracking types of agents by birth cohort and across time through a series of cross-section snapshots synthesized with macro aggregates. The key micro source data is the Survey of Consumer Finances (SCF), which captures the top of the wealth distribution by sampling from administrative records. The SCF has the detailed balance sheet components, incomes, and interfamily transfers needed to use both sides of the intertemporal budget constraint and thus solve for saving and consumption. The wealth change decomposition by age and agent type provides a new set of benchmarks for heterogeneous agent macro models, reconciling observed anomalies about lifecycle saving behavior and emphasizing the importance of generally unmeasured incomes (interfamily transfers and capital gains) in wealth accumulation dynamics.
Samer Shousha | This paper shows that dollar appreciations lead to declines in GDP, investment, and credit to the private sector in emerging market economies (EMEs). These results imply that the transmission of dollar movements to EMEs occurs mainly through financial conditions rather than net exports, contrary to what would be expected from the conventional Mundell-Fleming model. Moreover, the central role of the U.S. dollar in global trade invoicing and financing - the dominant currency paradigm - and the increased integration of EMEs into international supply chains weaken the traditional trade channel. Finally, as expected if financial vulnerabilities are prominent, EMEs with higher exposure to credit denominated in dollars and lower monetary policy credibility experience greater contractions during dollar appreciations.
Javier Bianchi, Pablo Ottonello, and Ignacio Presno | The excess procyclicality of fiscal policy is commonly viewed as a central malaise in emerging economies. We document that procyclicality is more pervasive in countries with higher sovereign risk and provide a model of optimal fiscal policy with nominal rigidities and endogenous sovereign default that can account for this empirical pattern. Financing a fiscal stimulus is costly for risky countries and can render countercyclical policies undesirable, even in the presence of large Keynesian stabilization gains. We also show that imposing austerity can backfire by exacerbating the exposure to default, but a well-designed "fiscal forward guidance" can help reduce the excess procyclicality.
The New York Fed’s Center for Microeconomic Data released the September 2019 Survey of Consumer Expectations, which shows an uptick in the short-term and a decline in medium-term inflation expectations.
In light of recent and expected increases in the Federal Reserve’s non-reserve liabilities, the Federal Open Market Committee (FOMC) directed the Desk, effective October 15, 2019, to purchase Treasury bills at least into the second quarter of next year to maintain over time ample reserve balances at or above the level that prevailed in early September 2019.
In accordance with the most recent Federal Open Market Committee directive, the Open Market Trading Desk at the New York Fed will conduct a series of overnight and term repurchase agreement (repo) operations to help maintain the federal funds rate within the target range.
New Credit Insecurity Index suggests post-Crisis credit recovery remains incomplete; Highest share of "credit-insecure" counties found in Arizona, Alaska and Mississippi.
The New York Fed’s Center for Microeconomic Data today released the July 2019 SCE Labor Market Survey, which shows a rise in employer-to-employer transitions as well as transitions into unemployment, compared to a year ago
In accordance with the FOMC Directive issued September 18, 2019, the Open Market Trading Desk at the Federal Reserve Bank of New York will conduct an overnight repurchase agreement (repo) operation from 8:15 AM ET to 8:30 AM ET tomorrow, Thursday, September 19, 2019, in order to help maintain the federal funds rate within the target range of 1-3/4 to 2 percent.
The New York Fed’s Center for Microeconomic Data released the August 2019 Survey of Consumer Expectations, which shows a decline in short- and medium-term inflation expectations.
The Federal Reserve Bank of New York announced today the appointment of Lacey Dingman as Executive Vice President, Head of the Human Resources Group, and Chief Human Resources Officer (CHRO) effective September 16, 2019.
Despite Most Firms Being Primary Sources of Income for their Owners, 55% Were Not Profitable; Data Reveal Racial Disparities in Financing Access
The New York Fed’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit, which shows that total household debt increased by $192 billion (1.4%) to $13.86 trillion in the second quarter of 2019.
Total commercial paper outstanding
Nonfinancial domestic commercial paper outstanding
Nonfinancial foreign commercial paper outstanding
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Overnight AA nonfinancial commercial paper rate
30-day AA nonfinancial commercial paper rate
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30-day A2/P2 nonfinancial commercial paper rate
Overnight AA financial commercial paper rate
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Overnight AA asset-backed commercial paper rate
30-day AA asset-backed commercial paper rate
2-month financial commercial paper
10-year Treasury constant maturity
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30-year Treasury constant maturity
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5-year inflation indexed Treasury constant maturity
4-week Treasury bill
7-year inflation indexed Treasury constant maturity
