William Dudley, the former president of the Federal Reserve Bank of New York, wrote this week in Bloomberg, that a recession is inevitable by the end of next year, after warning that the Fed took too long to fight inflation. Writing in his June 22 Bloomberg Opinion column William Dudley said that in the next 12 to 18 months, the…

Inflation and spending expectations for the coming year hit a record high in May, as prices rose at the fastest pace in almost 41 years, the New York Federal Reserve reported in survey results on June 13. The median one-year outlook for inflation gains increased to 6.6 percent in May, up from 6.3 percent in April, which is…

Factory activity in New York state slumped in January amid a surge in COVID-19 infections, but manufacturers remained upbeat about business conditions over the next six months. The New York Federal Reserve said on Tuesday its “Empire State” index on current business conditions plunged 32.6 points to a reading of -0.7 this month. This was…

John C. Williams, the Federal Reserve Bank of New York President and vice chair of the rate-setting Federal Open Market Committee (FMOC), said that the central bank is approaching a decision on whether to raise its short-term interest rates from near zero. Williams said that the current signs of a strong labor market and rising…

Commentary The Federal Reserve, soon after the November 2020 presidential election, declared climate change a potential threat to the U.S. financial system, joining a club of central banks that seek to “mobilize” more capital for green energy. The Biden administration and top Fed officials announced their plans to introduce regulations to address climate-related financial risks,…

A new study from the New York Federal Reserve examining the impact of climate change via extreme weather events on bank financial stability throws cold water on the heated rhetoric around climate change, finding that the threat to banks from natural disasters is trivial while suggesting that a bigger danger to financial institutions comes from…

The New York Federal Reserve launched a new innovation center on Monday that will support the central bank as it explores the possibility of a digital currency and tackles other issues such as financial market infrastructure and regulation. The center, in partnership with the Bank for International Settlements (BIS) Innovation Hub, will help the central…