Economic Bulletin
Recent Bulletins
The LMCI Momentum Indicator Suggests Monetary Policy Is Beginning to Weigh on Labor Markets
The LMCI momentum indicator turned negative in November 2022, a sign that the labor market may be softening.
Have Lags in Monetary Policy Transmission Shortened?
Using monetary policy tools beyond the federal funds rate may have shortened the lag in policy transmission since 2009.
Is Bank Capital Regulation Driving Continued Use of the ON RRP Facility?
Limited investment opportunities, policy uncertainty, and administrative changes likely explain increases in ON RRP use.
Negative Sentiment toward Spending and Declining Real Incomes May Meaningfully Lower Consumption
Households have continued to make purchases despite very negative sentiment toward spending—but this behavior will likely change.
Disruptions to Russian Energy Supply Likely to Weigh on European Output
A decline in the supply of oil and gas from Russia could lead to a sizable drop in European output over 2023–24.
Labor Market May Remain Tight until Labor Demand Cools Further
Without further cooling in labor demand, labor supply may continue to fall short.
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