Speech: Forward Guidance

President Plosser discusses how the Federal Reserve has implemented forward guidance — that is, how it communicates future monetary policy actions to the public. He reviews the rationale for using forward guidance and how it is intended to affect the economy. He also looks at how the Fed might make this unconventional tool more effective. Read the speech.

Chamber Members Optimistic About Business Activity in 2013

Greater Philadelphia Chamber of Commerce members are optimistic about business activity in the year ahead, according to a survey conducted by the Bank’s Research Department. Regional Economic Advisor Luke Tilley presented the results at the Chamber’s Economic Outlook Breakfast. Read the press release.

High Demand for Foreclosure Counseling in Philadelphia Strains Limited Resources

Foreclosure counseling services are in high demand in Philadelphia, and this demand strains the limited resources of nonprofit homeownership counseling agencies, according to a study released in the most recent issue of Cascade Focus. Read the study.

December’s Leading Indexes Suggest Expansion in 38 State Economies into the Second Quarter

The Bank has released December’s leading indexes, which are six-month forecasts of the state coincident indexes. The coincident indexes measure current economic activity in each of the 50 states. This month’s leading indexes suggest expansion in 38 state economies into the second quarter of 2013. Read the report.

FOMC Maintains Target Range for Federal Funds Rate

The Federal Open Market Committee voted to maintain its target range for the federal funds rate at 0 to 1/4 percent. It also announced that it expects this range will remain appropriate at least as long as unemployment is above 6.5 percent, projections for inflation up to two years out are no more than a half percentage point above the Committee’s longer-run goal of 2 percent, and longer-term inflation expectations continue to be anchored.
Read the statement.

Resilience and Rebuilding for Low-Income Communities Conference

The Federal Reserve System will host its eighth biennial community development research conference on April 11–12, 2013, in Washington, D.C. This event will feature multidisciplinary, action-oriented research to inform strategies and policies that forge vibrant and resilient communities. Learn more.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware. Learn more about us.