Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic
Remarks by Lorie K. Logan, executive vice president, at the 2021 Financial Crisis Forum, Panel on Lessons for Emergency Lending (delivered via videoconference)
nyfed.org/3jMWqrU Some lessons I’ve taken from two crises that occurred during my time implementing monetary policy: the Global Financial Crisis (GFC) and the coronavirus pandemic shock. I’ll discuss liquidity shocks and how central bank actions address them.
-Lorie Logan

537 Days: Time Is Still Ticking

Remarks by John C. Williams, President and CEO, at LIBOR: Entering the Endgame (delivered via videoconference)
nyfed.org/2DAm7KR

@bankofengland “The ongoing transition away from LIBOR has ramifications for institutions, markets, and regulators across the globe, making cooperation at the international level of critical importance.”
-John C. Williams

Amid #COVID19 Outbreak, Consumers Temper Spending Outlook

- expectations for household spending growth over next 12 months declined to a median of 1.5%

- with a sharp decline in expected non-essential spending growth (hobbies, leisure, vacation, etc.)
nyfed.org/3fs2MtV Given the ongoing #COVID19 outbreak, the April survey (fielded between April 2 and 30) unsurprisingly shows a number of sharp changes in consumers’ spending behavior and outlook.
nyfed.org/3fs2MtV

"The Federal Reserve’s Recent Actions to Support the Flow of Credit to Households and Businesses"
Remarks by Lorie Logan, EVP, before the Foreign Exchange Committee → nyfed.org/2XAiOLH In early to mid-March, amid extreme volatility across financial markets triggered by the coronavirus pandemic, several markets at the center of the U.S. financial system were severely disrupted.

2019 Saw Continued Revenue Growth Among Small Employer Firms, but Funding Shortfalls and Financial Challenges Threaten Ability to Weather COVID-19 Crisis → bit.ly/3aX7GfW The importance of small businesses to our nation’s economy cannot be overstated. They account for 47.5% of the private-sector workforce and are vital to the fabric of local communities. → bit.ly/3aX7GfW
#smallbiz #toosmalltofail

NOW: Well-Being Across America
Learn how policy-influencers and practitioners use data to tackle some of the greatest inequalities our communities are facing, and how evidence-based data increases greater understanding of well-being of communities.
#communities #inequality [Today’s highlighted work] gave me goosebumps which you don’t normally hear about this kind of data. - David Erickson, Ph.D., @NewYorkFed

Statement Regarding Repurchase Operations → nyfed.org/2PgbzUQ In accordance with the Dec. 11 FOMC directive, we’ll conduct repos to ensure the supply of reserves remains ample & mitigate the risk of money market pressures around year end that could adversely affect policy implementation.

NEW: Activity in the region’s service sector declined slightly, according to firms responding to the Federal Reserve Bank of New York’s October 2019 Business Leaders Survey → nyfed.org/2IMaBLq The survey’s headline business activity index dropped 9 points to -4.3—the first negative reading in more than two years. #BusinessLeadersSurvey

JUST RELEASED: Tariffs and trade policy seen to be pushing up prices and reducing profits nyfed.org/2MiMYhT #ESMS #BLS Supplementary questions to the August Empire State Manufacturing Survey and Business Leaders Survey focused on the effects of recent changes in trade policies—and specifically tariffs—on businesses in the region. #BLS #ESMS

Hi! I’m Kyra and I’m excited to run the @NewYorkFed account for #NationalInternDay! I grew up in California, and now I’m on the East Coast double majoring in Economics and History. #NYFedInterns I’m strongly considering a PhD in Economics, but I’m not firmly committed to that as I also want to think about an MBA or a Master’s in Public Policy. In the meantime, I’m enjoying my work as a Research & Statistics Summer Analyst. #NYFedInterns #NationalInternDay

To celebrate #PrideMonth, we have a special moment of our own to share… The first time a Pride flag has ever flown from our @NewYorkFed offices. 🏳️‍🌈 #MomentsOfPride #Pride #WorldPride #Stonewall50 Hi, I’m Kathi. I grew up a military brat and lived all over, including Tunisia & Bolivia. I’m grateful for the exposure to different cultures and social settings as I grew up. I believe it helped me understand myself and others in more profound ways. #MomentsOfPride #Stonewall50

JUST RELEASED: Total household debt grew by $124 billion over the first quarter of 2019, boosted by increases in mortgage, auto, and student loan balances. nyfed.org/2W2kgpI #HHDC Aggregate household debt balances ticked up in the first quarter of 2019 for the 19th consecutive quarter, and are now $993 billion (7.8%) higher than the previous (2008Q3) peak of $12.68 trillion. #HHDC

JUST RELEASED: Activity in the #2ndDistrict's service sector expanded modestly, according to firms responding to the Federal Reserve Bank of New York’s November 2018 Business Leaders Survey: nyfed.org/BLS #businessleaderssurvey The headline business activity index held steady at 8.6. #businessleaderssurvey

You might remember that we love charts. Seriously, we get a little excited about charts. #NYFedstats

twitter.com/i/moments/9895… Well, we can't make charts without statistics. And while #WorldStatisticsDay doesn’t occur again until October 20, 2020, we decided to celebrate this October 20! Because that’s how much we love statistics! Join us? #NYFedstats

NEW RELEASE: U.S. Economy in a Snapshot, August 2018 → nyfed.org/usEconomySnaps… #EconomySnapshot Real consumer spending increased in June at a pace similar to that in May, as real spending rose robustly in Q2. The rise in spending for June was led by services and durable goods expenditures. #EconomySnapshot

TODAY: The Effects of Post-Crisis Banking Reforms
Structural and Cyclical Macroprudential Objectives in Supervisory Stress Testing, by Beverly Hirtle
FULL REMARKS: nyfed.org/2K0QOLO #BankingReform “We are approaching the ten-year anniversary of the worst financial crisis in generations.” -Beverly Hirtle, EVP Research & Statistics @NewYorkFed #BankingReform