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Federal Reserve Bank of Chicago

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The Federal Reserve Bank of Chicago is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System. It is also referred to as the Chicago Fed.

The Chicago Fed serves the Seventh Federal Reserve District. The seventh district covers the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa.

Federal Reserve Bank of Chicago participates in the formulation and implementation of national monetary policy; supervises and regulates state member banks, bank holding companies and foreign bank branches; and provides financial services to depository institutions and the U.S. government.

Federal Reserve Bank of Atlanta

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The Federal Reserve Bank of Atlanta is one of the 12 Federal Reserve Banks in the Federal Reserve System. The Federal Reserve Bank of Atlanta is also referred to as the Atlanta Fed.

The Atlanta Fed serves the Sixth Federal Reserve District. The sixth district covers the U.S. states of Alabama, Florida, and Georgia, the eastern two-thirds of Tennessee, the southern portion of Louisiana, and southern Mississippi. It operates five branches with the sixth district. The branches are located in Birmingham, Jacksonville, Miami, Nashville, and New Orleans.

Along with the other 11 Reserve Banks and the Board of Governors, the Atlanta Fed monitors financial risks to help support a stable financial system. In a stable system, financial institutions and financial markets can provide households, communities, and businesses with the resources they need to invest, grow, and participate in a well-functioning economy.

The Atlanta Fed have innovated new tools to gauge the health of the macro U.S. economy. Most notable of these tools are GDPNow and Wage Growth Tracker.

Federal Reserve Bank of Richmond

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The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It is one of the 12 Federal Reserve Banks in the Federal Reserve System. The Federal Reserve Bank of Richmond is also referred to as the Richmond Fed.

The Richmond Fed serves the Fifth Federal Reserve District, covering the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia excluding the Northern Panhandle.

The Richmond Fed shares economic research, data, resources, and education about how the economy works. It hosts interactive exhibits, such as The Fed Experience in Richmond.  The Richmond Fed also provides financial literacy programs and training for teachers.

Federal Reserve Bank of New York

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The Federal Reserve Bank of New York is one of 12 Reserve Banks that, together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC), comprise the Federal Reserve System. The Federal Reserve Bank of New York is also referred to as the New York Fed.

The New York Fed serves the Second Federal Reserve District, covering New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands.

The New York Fed is the largest (by assets), most active (by volume), and most influential of the 12 regional Federal Reserve Banks.

Federal Reserve Bank of Boston

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The Federal Reserve Bank of Boston is one of 12 Reserve Banks that, together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC), comprise the Federal Reserve System. The Federal Reserve Bank of Boston is also referred to as the Boston Fed.

The Boston Fed serves the First Federal Reserve District, covering Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except Fairfield County. The bank’s code is A1, which means dollar bills that originate from this bank have the letter A on them. The Boston Fed also includes the New England Public Policy Center.

Federal Reserve Bank of Philadelphia

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The Federal Reserve Bank of Philadelphia is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System. Federal Reserve Bank of Philadelphia is also referred to as the Philadelphia Fed.

The Federal Reserve System was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.

As the US central bank, the Federal Reserve formulates and implements monetary policy, provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.

The Philadelphia Fed serves the Third Federal Reserve District, covering eastern Pennsylvania, southern New Jersey, and Delaware.

Federal Reserve System

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The Federal Reserve System is the central bank of the United States. It performs five primary functions to promote the effective operation of the U.S. economy and, more generally, the public interest. Sometimes referred to as the Federal Reserve, or simply the Fed, it:

  • conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
  • promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
  • promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
  • fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
  • promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.

There are four main components of the Federal Reserve System. Namely, the board of governors, the Federal Open Market Committee, twelve regional Federal Reserve Banks, and the member banks throughout the country.

The Federal Reserve Banks

District # Letter Federal Reserve Bank Website
1 A Boston bos.frb.org
2 B New York newyorkfed.org
3 C Philadelphia philadelphiafed.org
4 D Cleveland clevelandfed.org
5 E Richmond richmondfed.org
6 F Atlanta frbatlanta.org
7 G Chicago chicagofed.org
8 H St. Louis stlouisfed.org
9 I Minneapolis minneapolisfed.org
10 J Kansas City kansascityfed.org
11 K Dallas dallasfed.org
12 L San Francisco frbsf.org

Federal Reserve Bank of Cleveland

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Forex Attack Team
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The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System. The Federal Reserve System was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.

As the US central bank, the Federal Reserve formulates and implements monetary policy, provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.

The Cleveland Fed operates from its headquarters in downtown Cleveland and from its Cincinnati and Pittsburgh Branches. It serves the Fourth Federal Reserve District, which covers all of Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky.

The Cleveland Fed began operating in 1914 and opened its current headquarters in 1923.

Cleveland Fed: Older Pop Most Likely to Wear Face Masks

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Face Mask

Cleveland Fed researchers conducted a survey about wearing face masks. They found strong evidence that older respondents are much more likely to follow mask-wearing requirements than younger respondents. This backs up the recent trend of a rapid escalation of new coronavirus cases among younger individuals.

Medical professionals widely accept that wearing face coverings can greatly reduce the spread of the coronavirus. When coupled with good social distancing, economic shutdowns may be eliminated. This idea was reinforced in the Cleveland Fed’s survey results on mask-wearing article.

“Masks or cloth face coverings have the potential to help reduce the spread of COVID-19 without greatly disrupting economic activity if they are widely used. To assess the state of mask wearing, we surveyed US consumers about their recent and prospective mask-wearing behavior. We find that most respondents are wearing masks in public but that some respondents are less likely to follow social-distancing guidelines while doing so, indicating a potential tradeoff between two of the recommended methods that jointly reduce coronavirus transmission. While most respondents indicated that they were extremely likely to wear a mask if required by public authorities, the reported likelihood is strongly dependent on age and perceived mask efficacy.”

Cleveland Fed: Face Masks Survey
Source: Federal Reserve Bank of Cleveland

The survey found that most respondents were very likely to wear a mask, if required to do so by public authorities. However, researchers discovered that mask wearing realities were strongly age-dependent. Older respondents were far more likely to actually wear face coverings than the younger respondents.

All populations need to adopt wearing face masks to support the economic recovery. Public awareness campaigns on mask-wearing effectiveness is crucial. Additional research on mask efficacy is also very important.

BLS: Consumer Price Index (CPI) Rises 0.6% in June

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Forex Attack Team
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Consumer Price Index June 2020

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in
June on a seasonally adjusted basis after falling 0.1 percent in May, the U.S.
Bureau of Labor Statistics reported today. Over the last 12 months, the all items
index increased 0.6 percent before seasonal adjustment.

Consumer Price Index June 2020

The CPI for All Urban Consumers (CPI-U) increased 0.6 percent over the last 12 months to an index level of 257.797 (1982-84=100). For the month, the index rose
0.5 percent prior to seasonal adjustment.

The CPI for Urban Wage Earners and Clerical Workers (CPI-W) increased
0.5 percent over the last 12 months to an index level of 251.054 (1982-84=100). For the
month, the index rose 0.6 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.4 percent over the last 12 months. For the month, the index increased 0.6 percent on a not
seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are
subject to revision.

 

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