Federal Reserve Bank of New York’s Post

Economic analysis often focuses on understanding the average effects of a policy or program. However, it is vital to understand how macroeconomic trends vary across geographic, demographic, and socioeconomic boundaries. Our Equitable Growth Indicators (EGIs) help bring a deeper understanding of equitable growth considerations to policymaking, research, and practice. Explore our latest national and regional EGIs reports here: https://nyfed.org/43okwP4

As a Talent Acquisition Coordinator, Ryann helps design and shape the New York Fed's internship program. Throughout the summer, she provides mentorship and guidance to interns to help foster their professional development. "The best part is making the intern experience meaningful, as it not only contributes to the New York Fed's success but also shapes our future workforce," she says. Learn more about careers at the New York Fed: https://lnkd.in/ePSe9q9R

Today, our Center for Microeconomic Data released the June 2024 Survey of Consumer Expectations, which shows that inflation expectations declined at the short- and longer-term horizons, but increased slightly at the medium-term horizon. Similarly, one-year-ahead expectations about home prices and one-year-ahead expectations about specific goods prices all declined. Learn more: https://nyfed.org/4eMmgbc

Last month, in partnership with the European Central Bank, we hosted a conference on nonbank financial institutions (NBFIs). The event brought together experts and policymakers to discuss and advance the collective understanding of NBFIs and their activities. The conference covered a broad range of topics related to the NBFI sector. Participants explored vulnerabilities within the NBFI sector, examined the prudential regulation of these institutions, and discussed the complex linkages between banks and nonbank financial institutions. Additionally, the conference delved into the role of NBFIs in transmitting monetary policy. Watch the full recording here: https://nyfed.org/4ayUPyg

The New York Fed Staff Nowcast for 2024:Q2 is 1.8%, with the 50% probability interval at [0.8, 2.9] and the 68% interval at [0.3, 3.3]. https://nyfed.org/3LbPEur

The Global Supply Chain Pressure Index (GSCPI) rose to -0.03 in June, up from -0.5 in May. https://nyfed.org/3LmjOZ3

In remarks at the Reserve Bank of India, President John C. Williams discussed key principles that are at the heart of inflation targeting strategies and have proven foundational and invaluable in managing extreme uncertainty. https://nyfed.org/4eUgYdZ

Thinking of pursuing a PhD in economics? Kasey has some tips! https://nyfed.org/4aHfMXZ

In today's post, the second in a two-part series, the authors discuss the consequences of an aggressive policy response to inflation using a Heterogeneous Agent New Keynesian model. They find that when facing demand shocks, stabilizing inflation and real activity go hand in hand, with very large benefits for households at the bottom of the wealth distribution. Conversely, when facing supply shocks, stabilizing inflation makes real outcomes more volatile, especially for poorer households. https://nyfed.org/45RAPGv