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Feb 7, 2024 · Susan M. Collins shares perspectives on the economy. Watch on. Takeaways from Boston Fed President Susan M. Collins’ February 7, 2024 Remarks. The U.S. economy overall performed remarkably well in 2023. Inflation slowed notably last year, while the job market remained quite favorable.
00:00:00. 30. Runtime: 12:59 — Susan M. Collins talks about taking over as president and CEO of the Federal Reserve Bank of Boston during a busy time for the Bank and an important and challenging time for the Federal Reserve.
- Overview
- Black Wealth Isn't Keeping Up
- Trade Deficit With China Climbing Toward Zero
- Where You Live Shapes the Unemployment Rate
Welcome to Investopedia's economics live blog, where we'll explain what the day's news says about the state of the U.S. economy and how that's likely to affect your finances. Here we will compile data releases, economic reports, quotes from expert sources and anything else that helps explain economic issues and why they matter to you.
Today, another batch of Federal Reserve officials will offer their opinions on the Open Market Committee's path forward.
Boston Fed President Susan Collins
line of Federal Reserve officials
who broadly said they needed more “
” that inflation is sustainably declining before cutting interest rates. She did, however, lay out a few fundamental indicators she is watching.
Household wealth for Black households in the U.S. has fallen 1.4% since the pandemic began, while Hispanic and White households have seen double-digit increases. Researchers say it's mainly because Black households have less invested in equities and have missed out on the stock market boom.
(To see a specific data point, tap or hover over that area of the chart.)
Wealth inequality is worsening because Black households have little invested in equities, businesses, and mutual funds compared to their White counterparts, researchers said. Those investments make up less than 20% of Black households’ overall wealth on average compared to about 50% for White households, according to the New York Fed.
That means they missed out on the massive stock market boom over the last few years—the S&P 500 stock index, for example, is up more than 53% since the beginning of 2020.
The U.S. imported $279.4 billion more worth of goods and services to China than it exported in 2023, the smallest deficit since 2010.
(To see a specific data point, tap or hover over that area of the chart.)
The reduced trade deficit comes amid a
by the U.S. and other countries, in which governments have favored domestic manufacturing and trading with their geopolitical allies rather than their competitors. For example, the CHIPS Act of 2022
massively subsidized the production of computer chips
China falling well behind Canada and Mexico
California and Pennsylvania started 2023 with similar outlooks but have diverged as the year went on. California cities had some of the highest unemployment rates in the country in December, while Pennsylvania had some of the lowest.
That's a stark contrast to Pennsylvania, where the unemployment rate declined. Seven of the top ten metros with the largest decline in unemployment rate were in Pennsylvania.
Applications for mortgages increased by 3.7% for the week ending on Feb. 2 despite mortgage rates holding steady so far in 2024, according to
“Purchase activity has been strong to start 2024 compared to the final quarter of 2023,” said Joel Kan, MBA vice president. “However, activity is still weaker than a year ago because of low housing supply.”
Rates for the 30-year fixed mortgage were at 6.8%, slightly higher than last week, but near where they were at the start of the year.
have remained steady despite swings in influential Treasury yields.
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Feb 28, 2024 · Takeaways from Boston Fed President Susan M. Collins’ February 28, 2024 Remarks. The U.S. economy overall performed remarkably well in 2023: inflation slowed notably, while job growth and output growth remained quite strong. Importantly, the pandemic recovery has been unusually equitable, with employment gains having been broadly shared ...
Jan 3, 2023 · Family Trips to Jamaica Were Early Economics Lessons for New Boston Fed President. Susan Collins is the first Black woman to head a regional Fed bank. Susan Collins. Photographer: Vanessa...
Nov 17, 2023 · Boston Fed president Susan Collins remains upbeat on the economy. Susan M. Collins says she’s hopeful inflation can be tamed without triggering a painful recession. By Larry Edelman Globe...
Nov 18, 2023 · Collins said the economy’s ability to weather a spike in inflation in 2021 and 2022 is one reason she’s optimistic that a sharp rise in the jobless rate can be avoided. The national...