Federal Reserve Bank of Boston

Boston Fed President and CEO Susan M. Collins recently visited the University of Michigan - Gerald R. Ford School of Public Policy. She shared her perspectives on the economy, spoke with students, and chatted with John Leahy, who chairs the economics department, and is the Allen Sinai Professor of Macroeconomics and Public Policy. Listen to her full remarks: https://lnkd.in/emVnY2ZF Thank you to the Ford School for providing photos.?

Investment in the semiconductor and green energy sectors could create an estimated additional 4,000 – 6,000 jobs monthly from 2024 – 2025. In a new Current Policy Perspective, Boston Fed economist Omar Barbiero discusses manufacturing gains since the CHIPS Act and Inflation Reduction Act went into effect in 2022.? Read the paper: https://bit.ly/3Vbcszw??

A falling “domestic mobility rate” means people are moving less, but why does that matter? In an interview, Boston Fed economist Pinghui Wu says it can be a sign people can’t afford to move, and that can affect choices like job changes or family size: https://bit.ly/3YZ9hfr

How could advancements in machine learning, data analysis, and artificial intelligence impact the future of financial services – and their everyday customers?? Economists and financial experts explored this question at the Boston Fed’s 68th Economic Research Conference, held on Friday and Saturday. The event was titled, “The Future of Finance: Implications of Innovation.” “Changes are occurring very rapidly. The technology discussed here will not stand still and, in all likelihood, will only grow in importance,” said Boston Fed President and CEO Susan M. Collins in her opening remarks. “We want to explore the potential impacts on traditional and nontraditional financial intermediaries, and, more broadly, on the public’s access to financial services.” Visit https://bit.ly/4fSCQ99 for a full recap of the conference.?

When the gender pay gap narrows in a specific sector, women are more likely than men to seek jobs in that sector. At the same time, men tend to look for work in less- equitable sectors that typically pay higher wages. That response can counteract reductions in the pay gap. Read more on whether the “glass ceiling” may be self-reinforcing in a new paper coauthored by Boston Fed economist Leslie Sheng Shen: https://bit.ly/4eFRmA0

Two recent spikes in global shipping costs during the COVID-19 pandemic and disruptions at the Suez and Panama canals had significantly larger pass-throughs into U.S. import prices, compared to price increases during the 2016 – 2019 period, when shipping costs were more stable. Read more about how the effect of global shipping costs on U.S. import prices grows with the severity of shipping cost surges in a new Current Policy Perspectives from Boston Fed economists Leslie Sheng Shen and Hillary Stein, Ph.D.: https://bit.ly/4i0nJw8

Why are New Englanders moving less? Research by Boston Fed economist Pinghui Wu found that nearly a third fewer New Englanders changed residences in 2024, compared to 2019. In an interview with Six Hundred Atlantic, she discusses why it matters. Wu says it might be a sign that people can’t afford to move, and that could signal something about their overall financial situation that might be important enough to affect critical life decisions. For instance, they might forego a job change because they can’t afford to relocate. Or they may choose to have fewer kids. She adds that if this low “domestic mobility” rate persists, it could have long-term demographic economic implications by changing the way people live and form families. Listen to the interview: https://bit.ly/3YZ9hfr

Boston Fed President & CEO Susan M. Collins will provide remarks and participate in a conversation at the University of Michigan - Gerald R. Ford School of Public Policy on Wednesday, November 20, beginning at 4 p.m. ET. Collins will discuss monetary policy, her career path, and the breadth of the Federal Reserve's work. Register and watch via livestream: https://bit.ly/3OdBhXy

The Federal Reserve Bank of Boston announced with great sadness the passing of executive vice president and chief administrative officer Jackie Palladino. “Jackie was a remarkable person and an optimistic, resilient, forward-looking colleague; a strategic partner for many; committed to excellence in everything, and taking joy in the Fed’s fundamental public service,” said Susan M. Collins, the Bank’s president and CEO. On behalf of the entire organization, leadership extends their sincere condolences to Jackie’s family, friends, colleagues, and those she interacted with in the business community. “Jackie had had such a meaningful impact on the Bank in so many ways – on our ways of working, and certainly on our people,” said Karen Pennell, the Bank’s first vice president and chief operating officer. “At this very sad moment for our organization, we are inspired by her example.” Jackie was a member of the Bank’s Executive Committee and had responsibility for an extensive portfolio. Earlier in her career, Jackie spent two decades in banking supervision, regulation, and credit – evaluating the condition of banking organizations, analyzing potential bank mergers, and managing lending activities. In addition to her work in the Federal Reserve, Jackie served on the board of directors of the United Way of Massachusetts Bay and Merrimack Valley.

The Boston Fed’s 68th Economic Conference, “The Future of Finance: Implications of Innovation,” explores the impacts of evolving technology on financial services. Senior economist and policy advisor Joanna Stavins breaks down the conference and discusses the importance of this year’s topic. The two-day virtual conference will be held on Friday, Nov. 15, and Saturday, Nov. 16. Tune in and learn more: https://bit.ly/4fGpdK8