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5 days ago · Boston Fed President Susan Collins says the central bank would benefit from paying attention to American consumers’ bad feelings about a good economy. In a wide-ranging conversation with ...
- 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.
Sep 22, 2023 · Takeaways from Boston Fed President Susan M. Collins’ September 22, 2023 Remarks. Price stability is essential for a well-functioning economy, and an important precondition for maximum employment that is sustainable over time. Collins continues to hear about the challenges households and firms face related to too-high inflation.
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Is Susan Collins a'realistic Optimist'?
Nov 18, 2023 · A lot has happened in the economy in the 16 months since Susan M. Collins took over as president of the Federal Reserve Bank of Boston. But Collins has remained steadfast in her outlook that ...
Feb 7, 2024 · 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. These very encouraging trends have reinforced Collins’ optimism that we are on a path to price stability with a healthy ...
Overview. Susan M. Collins left academia to become president and CEO of the Boston Fed at a time when the Federal Reserve’s efforts to fight inflation were under heavy scrutiny. In an interview with the Six Hundred Atlantic podcast, Collins talks about the Fed’s focus on inflation and discusses her return to New England after decades away.
Jan 3, 2023 · Susan Collins is the first Black woman to head a regional Fed bank. ... the impact that had on the economy,” said the Boston Fed president about the currency overhaul during an interview with ...
