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FOMC Minutes 2025-12-10
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December 9-10, 2025 FOMC Meeting
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Statement by Governor Christopher J. Waller
January 30, 2026 Governor Christopher J. Waller I dissented at the most recent meeting of the Federal Open Market Committee (FOMC) after concluding that cutting the policy rate by 25 basis points was the appropriate stance of policy. Three cuts to the policy rate last year have moved it closer to a neutral setting but ...
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2026-02-01
Beige Book - National Summary
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2026-02-01
Who Is Paying for the 2025 U.S. Tariffs?
Mary Amiti, Chris Flanagan, Sebastian Heise, and David E. Weinstein Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent. In this blog post, we ask how much of the tariffs were paid by the U.S., using import data through November 2025. We find that nearly 90 percent of the t...
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2026-02-04
Speech by Governor Cook on the economic outlook
February 04, 2026 Governor Lisa D. Cook At the Economic Club of Miami, Miami, Florida Thank you, Francisco, for the kind introduction, and many thanks to the Economic Club of Miami for the opportunity to speak with you today. 1 It is wonderful to see firsthand the vibrant and growing South Florida economy. The Miami re...
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2026-02-17
Speech by Governor Barr on artificial intelligence and the labor market
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scraped_fed
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2026-02-23
Speech by Governor Waller on the economic outlook
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scraped_fed
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2026-02-24
Opening remarks by Governor Cook on artificial intelligence and productivity
February 24, 2026 Governor Lisa D. Cook At “The Great Realignment: Navigating AI, Demographic, and Geoeconomic Shifts,” 42nd Annual NABE Economic Policy Conference, Washington, D.C. Good morning. Thank you to the National Association for Business Economics for inviting me to speak with you today, and thank you to Jared...
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2026-02-24
Speech by Governor Waller on operationalizing AI at the Federal Reserve
February 24, 2026 Governor Christopher J. Waller At the Federal Reserve Bank of Boston 2026 Technology-Enabled Disruption Conference: Shaping the Future of Finance and Payments, Boston, Massachusetts (via webcast) Thank you, President Collins, and thank you for the opportunity to speak to you today. 1 Artificial intell...
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2026-02-26
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February 26, 2026 Vice Chair for Supervision Michelle W. Bowman Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Watch Live Chairman Scott, Ranking Member Warren, and Members of the Committee, thank you for the opportunity to testify on the Federal Reserve's supervisory and reg...
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2026-03-18
March 17-18, 2026 FOMC Meeting
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FOMC Minutes 2026-03-18
 The Fed - Monetary Policy: Skip to main content An official website of the United States Government Here's how you know Official websites use .gov A .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPS A lock ( Lock Locked padlock icon ) or https:// means ...
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Minutes of the Federal Open Market Committee March 17–18, 2026 A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors on Tuesday, March 17, 2026, at 10:30 a.m. and continued on Wednesday, March 18, 2026, at 9:00 a...
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vtasca_fomc_archive
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FOMC statement 2026-03-18
Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the ...
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2026-03-21
Acceptance remarks by Chair Powell at the American Society for Public Administration Annual Conference
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2026-03-24
Speech by Governor Barr on the economic outlook and community development
March 24, 2026 Governor Michael S. Barr At the 2026 National Community Investment Conference, Phoenix, Arizona Thank you for inviting me here today. Let me also thank those at all 12 of the Reserve Banks, the Board of Governors, and the staff at FedCommunities for their efforts to bring this year's National Community I...
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2026-03-26
Speech by Governor Cook on reflections on financial stability
March 26, 2026 Governor Lisa D. Cook At Yale Program on Financial Stability, School of Management, Yale University, New Haven, Connecticut Thank you, Professor Metrick, for the kind introduction and the opportunity to return to Yale to speak to the Yale Program on Financial Stability today. 1 I have long admired and be...
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2026-03-26
Testimony by Randall D. Guynn, Director, Division of Supervision and Regulation, on innovation
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2026-03-26
Brief remarks by Governor Barr on the economic outlook and monetary policy
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2026-03-26
Speech by Governor Miran on prospects for shrinking the Fed’s balance sheet
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2026-03-31
Brief remarks by Governor Barr on stablecoins
March 31, 2026 Governor Michael S. Barr At “The GENIUS Act in Practice: Key Questions for Stablecoin Regulation,” The Federalist Society, Washington, D.C. Thank you for the opportunity to be part of this discussion. Last year, Congress passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS...
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2026-04-01
Beige Book - National Summary
Overall economic activity increased at a slight to modest pace in eight of the twelve Federal Reserve Districts, while two Districts reported little change and two Districts reported slight to modest declines. The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making ar...
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2026-04-14
Speech by Governor Barr on rural economic development at “Strengthening America's Economy through Rural Investment”
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2026-04-17
Speech by Governor Waller on the economic outlook
April 17, 2026 Governor Christopher J. Waller At the David Kaserman Memorial Lecture, Department of Economics, Auburn University, Auburn, Alabama Thank you, Joe, and thank you for the opportunity to speak to you today. 1 My subject, as it often is, is the outlook for the U.S. economy and the implications for monetary p...
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2026-04-21
Speech by Governor Waller on modernizing reserve bank operations
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April 28-29, 2026 FOMC Meeting
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FOMC statement 2026-04-29
Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation is elevated, in part reflecting the recent increase in global energy prices. The Committee seeks to achieve maximum ...
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Food Insecurity and Consumer Pessimism
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2026-05-30T00:30:07.046562+00:00
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regional_research.json:1
regional_research
regional_research
2026-05-01
Explaining the K‑Shaped Economy: What’s Behind the Divide?
Rajashri Chakrabarti, Thu Pham, Beck Pierce, and Maxim L. Pinkovskiy In our companion post, we used a new module of our Economic Heterogeneity Indicators (EHIs) to shed light on how recent retail spending growth has been driven by high-income households. This fact is consistent with the popular press’s idea of a “ K-sh...
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2026-05-30T00:30:07.046180+00:00
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scraped_fed
regional_research.json:10
regional_research
regional_research
2026-05-01
Will Mounting Supply Chain Strains Hamstring the AI Investment Boom?
Hunter L. Clark, Jeffrey B. Dawson, and Shad Turney Editor’s Note: The original version of the post included an inaccurate statement about the last chart. The chart itself is correct. The text has been removed. May 14, 3:22pm. The conflict in the Middle East has precipitated a global supply shock—the third in six years...
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public_source_scrape_terms_required
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2026-05-30T00:30:07.049994+00:00
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scraped_fed
regional_research.json:4
regional_research
regional_research
2026-05-01
Assessing the Current State of Wage Inflation
Martin Almuzara, Richard Audoly, and Davide Melcangi Economists often look at nominal wage growth to gauge labor market imbalances, price pressures, and households’ spending ability. But to use wage growth for these purposes, it is important to look through short-run fluctuations and retrieve underlying wage inflation....
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public_source_scrape_terms_required
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2026-05-30T00:30:07.047427+00:00
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scraped_fed
regional_research.json:9
regional_research
regional_research
2026-05-01
Federal Student Loan Defaults Return After Pandemic Pause
Zara Jacob, Donghoon Lee, Daniel Mangrum, Joelle W. Scally, and Wilbert van der Klaauw During 2026:Q1, household debt balances increased slightly, by $18 billion, to reach $18.8 trillion, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data . Amid u...
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public_source_scrape_terms_required
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2026-05-30T00:30:07.049499+00:00
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scraped_fed
regional_research.json:0
regional_research
regional_research
2026-05-01
The Regional Side of the Story: K‑Shaped Pattern in Region, Wider Gap in Gas Spending
Rajashri Chakrabarti, Thu Pham, Beck Pierce, and Maxim L. Pinkovskiy In this post, we use the inaugural release of our regional consumer spending indicators to ask whether these patterns hold for a significant portion of the Second District, and how regional spending patterns by income have been similar to or different...
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public_source_scrape_terms_required
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2026-05-30T00:30:07.045769+00:00
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scraped_fed
regional_research.json:5
regional_research
regional_research
2026-05-01
AI’s Macroeconomic Challenges and Promises
In the third quarter of 2025, America’s largest tech firms for the first time spent more on capital investment than they earned from operations. The implication is that AI, a technology with the potential to make the economy more productive, is, for now, absorbing resources faster than it is generating returns. This po...
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2026-05-30T00:30:07.047793+00:00
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scraped_fed
regional_research.json:7
regional_research
regional_research
2026-05-01
Honey, Who Shrunk the U.S. Income Surplus?
Matthew Higgins and Thomas Klitgaard Foreign holdings of U.S. financial assets are immense, with official estimates putting their current market value at $69 trillion. U.S. holdings of foreign assets are also impressive but much smaller, at $41 trillion. The shortfall in U.S. foreign assets relative to foreign liabilit...
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public_source_scrape_terms_required
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2026-05-30T00:30:07.048631+00:00
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scraped_fed
regional_research.json:8
regional_research
regional_research
2026-05-01
Do Job Postings Show Early Labor‑Market Effects of AI?
Richard Audoly, Miles Guerin, and Giorgio Topa As generative AI tools become more widely used, a key issue is the technology’s impact on labor demand. Where might we find evidence of that impact? In this post, we examine whether early evidence of AI’s effect on the labor market appears in firms’ job postings. We combin...
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2026-05-30T00:30:07.049069+00:00
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scraped_fed
regional_research.json:11
regional_research
regional_research
2026-05-01
Stress and Strain from NBFIs to Banks
Viral V. Acharya, Nicola Cetorelli, and Bruce Tuckman Do the recent stresses in the NBFI space—notably the bankruptcies of Tricolor and First Brands, and the decision of Blue Owl Capital Corp II (OBDC II) to end its redemption program and return capital through a wind-down of the fund—create distress for banks? The gen...
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public_source_scrape_terms_required
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2026-05-30T00:30:07.050426+00:00
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scraped_fed
regional_research.json:6
regional_research
regional_research
2026-05-01
The Global Credit Cycle in Corporate Bond Returns
Nina Boyarchenko and Leonardo Elias The global corporate nonfinancial bond market is both a large investment asset class and a vital source of funding for nonfinancial firms. With $19 trillion outstanding at the end of 2024, a broad portfolio of corporate bonds would be expected to be well diversified. Yet, in 37 perce...
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2026-05-30T00:30:07.048184+00:00
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scraped_fed
governor_speeches.json:536
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governor_speech
2026-05-08
Speech by Governor Waller on Federal Reserve Bank operations
May 08, 2026 Governor Christopher J. Waller At the Hoover Institution Annual Monetary Policy Conference, Stanford, California Thank you for the opportunity to speak to you today. 1 What I want to talk about is central bank independence but applied to Reserve Bank operations. The decentralized and regional design of the...
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2026-05-30T00:30:06.735033+00:00
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governor_speeches.json:537
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governor_speech
2026-05-08
Speech by Governor Cook on the perspectives on tokenization and implications for the financial system
May 08, 2026 Governor Lisa D. Cook At the Central Bank of West African States (BCEAO) Conference on Digital Assets, Dakar, Senegal I am happy to have the opportunity to return to and to speak in Dakar. Not far from here, I began my unexpected journey into the economics profession. 1 As a graduate student at l'Universit...
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2026-05-30T00:30:06.735789+00:00
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governor_speeches.json:535
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governor_speech
2026-05-14
Speech by Governor Barr on the balance sheet
May 14, 2026 Governor Michael S. Barr At the Money Marketeers of New York University, New York, New York Thank you for the opportunity to speak to you today. 1 There has been a lot of discussion of late about reducing the size of the balance sheet of the Federal Reserve to reduce our "footprint" in the financial system...
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2026-05-30T00:30:06.734015+00:00
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governor_speeches.json:534
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governor_speech
2026-05-20
Speech by Governor Barr on consumer financial health metrics
May 20, 2026 Governor Michael S. Barr At EMERGE Financial Health 2026 Scaling Progress, Shaping the Future, Atlanta, Georgia Thank you for the opportunity to speak to you today. 1 In preparing for this event, I found myself reflecting on the evolution of the concept of financial health. What began as a push for expandi...
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2026-05-30T00:30:06.732873+00:00
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governor_speeches.json:533
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2026-05-22
Lecture by Governor Waller on the economic outlook
May 22, 2026 Governor Christopher J. Waller At The Centre for Central Banking Guest Lecture, Frankfurt School of Finance and Management, Frankfurt, Germany Thank you, Jens, and thank you to the Frankfurt School of Finance and Management for the opportunity to speak to you today. 1 Like other central banks, the Federal ...
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2026-05-30T00:30:06.731993+00:00
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governor_speeches.json:532
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governor_speech
2026-05-27
Speech by Governor Cook on AI, the economy, and the financial system
May 27, 2026 Governor Lisa D. Cook At the Stanford Institute for Economic Policy Research, Stanford University, Stanford, California Thank you, Neale, for that kind introduction. Being back on Stanford's campus is always an honor and conjures up great memories. I spent several formative years here—first as a student in...
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2026-05-30T00:30:06.730953+00:00
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