Viewpoints

A non-market price---implied rents for owner-occupied housing--- acts as an anchor for reported consumer price inflation. Does that mean policymakers will be right in that the uptick in consumer price inflation emanating from monetary [...]

The Fed has an inflation problem, but it's not the failure to meet an arbitrary target. The problem is that there is a significant separation between reported and market inflation. The uncoupling is not new and is a statistical issue. [...]

The aphorism "a rising tide lifts all boats" – commonly attributed to John F Kennedy - is often associated with the idea that an improving economy will benefit all participants. Policymakers ought to accordingly maintain a broad focus [...]

Actual economic outcomes and not forecasted ones are the new policy of the Federal Reserve. Yet, this strategy's flaw is that it is limited to economic outcomes and overlooks or ignores financial ones. It is not a coincidence that the [...]

The Federal Reserve's new policy approach is that policymakers want to see "actual progress, not forecast progress" before deciding to change its policy stance. Substantial actual progress is occurring in the economy, some faster than [...]

The Federal Reserve Bank of Philadelphia's state coincident indexes in January show a wide range of variation in the extent of recovery. In the three months ending in January 48 states showed gains (the exceptions were Maine and New [...]

Incoming economic data in recent weeks have been encouraging. Forward looking indicators such as March's flash purchasing managers' surveys elicited across-the-board improvements in both manufacturing and services. Every major country [...]

State labor markets were, in general, little-changed in February. Only 14 states reported statistically significant changes in payrolls—11 up, 3 down. The two eye-popping moves were the increases in California--141,000 (.9 [...]