Economic Bulletin
Recent Bulletins
Rapid Declines in the Fed’s Overnight Reverse Repurchase (ON RRP) Facility May Start to Slow
The value of assets held at the Federal Reserve’s overnight reverse repurchase (ON RRP) facility has dropped by close to 60...
Comparing Measures of Rental Prices Can Inform Monetary Policy
The Zillow rental price index leads the official U.S. Bureau of Labor Statistics rental dataset by about six to 10 months.
Labor Constraints and Strong Demand Are Driving Robust Food Services Inflation
Inflation for food services has outpaced inflation for other services due to labor shortages and a fast rebound in spending.
Post-Pandemic Labor Shortages Have Limited the Effect of Monetary Policy on the Labor Market
Many employers are holding on to workers and hiring less-skilled workers due to severe labor shortages.
Failure of SVB Reduced Local Consumer Spending but Had Limited Effect on Aggregate Spending
While the failure of Silicon Valley Bank dampened consumer spending in some counties, aggregate spending remained resilient.
To Reach the Fed’s Inflation Target, Interest Rates May Have to Remain Restrictive for Some Time
Although federal funds rate hikes began in 2022:Q1, the stance of monetary policy did not become restrictive until 2023:Q1.
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