Federal Reserve Bank of Boston

Boston Fed President and CEO Susan M. Collins and Research Director Egon Zakrajsek recently participated in the Technology-Enabled Disruption conference in Atlanta.  The event – which was organized by the Boston Fed, the Federal Reserve Bank of Atlanta, and the Federal Reserve Bank of Richmond – explored how technology-enabled disruption impacts businesses, workers, and consumers, as well as the overall economy and economic inclusion. Watch each session: https://bit.ly/3Nje31Q

Compared to the rest of the U.S., a greater share of jobs in New England require a license. The rates of occupational licensing in Connecticut and Rhode Island are among the nation’s highest, according to a new NEPPC Regional Brief coauthored by Boston Fed senior economist Osborne Jackson. What are the potential implications for workers, employers, and consumers in the region? Read the brief to learn more: https://bit.ly/4fjccpR

Boston Fed President Susan M. Collins and First Vice President Karen Pennell welcomed representatives from the six New England Bankers Associations to the Reserve Bank for a discussion about both challenges and opportunities for the banking industry in the region.  

Boston Fed President and CEO Susan M. Collins delivered remarks and discussed economic and labor market conditions with local business and community leaders at the Worcester Regional Research Bureau, Inc.'s annual meeting. Here are the takeaways: Collins said the U.S. economy is in a good place overall. She said activity continues to grow at a solid pace, and anticipates “that inflation will return to the Fed’s 2 percent target in a timely way – and crucially, amid a healthy labor market.” Collins said, given the disinflation progress to date, further adjustments in the policy rate will likely be needed after September’s initial rate cut. Collins said she will continue to pay close attention to both price stability and maximum employment, the two parts of the Fed’s Congressional mandate. The labor market has softened since the tight conditions a year ago. Unemployment remains low and job growth is solid. Collins continues to see low levels of initial claims for unemployment insurance, as well as muted levels of continuing claims. Services prices (excluding housing) are currently expanding at a rate more consistent with 2 percent overall inflation. But even though housing inflation has moderated some recently – it remains the most “sticky” – meaning it’s not dropping as fast. Current, elevated wage growth reflects robust gains in worker productivity, so it shouldn’t necessarily lead to additional price pressures. Nominal wage growth could continue to exceed inflation for a while, but it should remain consistent with the ongoing disinflation process. Economic resurgence in the face of long-term challenges often involves local people willing to collaborate across sectors on shared goals and strategies. Collins noted New Englanders are expanding their “playbook” of effective local strategies. “Some locales have focused on business retention and recruitment and strengthening neighborhoods. In others, local leaders have decided to focus on reducing impediments to participation in the labor force – addressing tangible problems like job readiness, child care, and transportation. In others, people are focusing on entrepreneurship support.” Read Collins' full remarks: https://bit.ly/3NlEsfi

A 2012 Boston Magazine article called Lawrence, Mass. the “City of the Damned,” and it hit Lawrence residents hard. No one claimed it was all fiction, but fired-up community and business leaders said it was nowhere near the whole story about this heavily Hispanic city that’s served for decades as a welcoming “gateway city” for immigrants. “We wanted to change the narrative around the city, we wanted to get the real story of the city out there,” resident Jess Andors said. “Not just at the level of storytelling, but by doing the work on the ground to bring the changes we wanted to see.” A decade later, residents of this Working Cities Challenge winning community say the initiative, which emphasizes cross-sector collaboration and civic leadership, has helped boost Lawrence’s quality of the life. In June, Boston Fed President and CEO Susan M. Collins visited the city to learn more about the work. Read more about the Lawrence WCC team and other Working Places initiatives in 30 communities across New England: https://bit.ly/4eh7R5E

Read the full paper on bostonfed.org: https://lnkd.in/e4DCeuqC

The Boston Fed is now hiring a compensation manager to design and administer programs that support the Bank’s pay-for-performance strategy. This role will provide expert direction to Human Resources officers and senior leaders in developing the Bank's compensation programs – ensuring they are aligned with the Bank's goals, objectives, and talent needs. Learn more and apply: https://bit.ly/3YbJNwb

Applications are now open for the Research Assistant program at the Boston Fed! RAs work with economists on a variety of research projects and support analysis of the regional, national, and global economies. They also learn more about monetary policy, bank regulation, payments systems, and financial markets. The two-year program is designed for recent college graduates with a background in economics, math, statistics, or related fields. Learn more and apply: https://bit.ly/3zgfJpk

U.S. households that can’t make and receive digital payments can’t fully participate in an increasingly digitized economy. But the absence of a common definition of households that are underserved in digital payments makes it difficult – if not impossible – to collect relevant data and assess the scope of this problem. A new paper coauthored by Boston Fed economist Joanna Stavins aims to establish a common definition and to define digital payments inclusion. Read the paper: https://bit.ly/4eOI05F

Boston Fed President and CEO Susan M. Collins, and Federal Reserve Board Governor Adriana Kugler visited Fitchburg, Massachusetts today. Fitchburg is one of the first participants of the Boston Fed’s Working Places initiative. Collins and Kugler met with business and community leaders and learned about the city's economic progress. A full recap is coming soon to bostonfed.org