Federal Reserve Bank of Boston

A new article series, “In Conversation,” highlights members of the Boston Fed’s advisory groups. Rebecca Hatfield is the CEO and President of the Maine nonprofit Avesta Housing. Rebecca outlines her many roles - including being a mother - and discusses how she transitioned from corporate finance to the non-profit sector. “I made the change because I’ve always had a mix of being analytical and strategic, but also very compassionate,” she said. “I’ve always had the desire to make a difference in the world by helping people.” Read the Boston Fed’s first “In Conversation” piece: https://bit.ly/4bypagQ

The Boston Fed wishes you a safe and happy Independence Day.

For decades after World War II, the number of American women working was on the rise. Then, in the mid-1990s, it flatlined. Now, 30 years later, the U.S. has gone from having one of the highest rates of women working among industrialized nations to one of the lowest. What happened? There are a lot of answers to that question. We look at two of them in the latest episode of Six Hundred Atlantic. One is the rise of “performance pay” and the 70- to 80-hour work weeks those jobs can demand – and that women caring for children can’t give. The other is a relative lack of support in the U.S. for “family policies” – things like government-funded parental leave or child care. Hear from women dealing with these issues: https://bit.ly/3XITzpC

Can wage growth remain strong without putting additional pressures on prices? According to Boston Fed economists, the answer is yes, thanks to productivity improvements made during the COVID-19 pandemic. Read the new Current Policy Perspectives for more on why wage growth could remain strong without causing inflationary pressures: https://bit.ly/3RKSgCz

ICYMI: “Complex issues cannot be solved by one sector, one organization, or one person,” Boston Fed President Susan M. Collins said. “Successful collaboration requires attention to process. It requires new voices at the table…” Collins visited Lawrence, Mass. in June to learn more about the former mill city’s economic progress. She met with business and community leaders focused on building a local economy that gives all residents more opportunity to prosper. Read the full recap: https://bit.ly/3XvgkNL

Boston Fed President and CEO Susan M. Collins and First Vice President Karen Pennell joined other leaders from across the Federal Reserve System on a visit to Chelsea, Mass. They learned about local economic conditions and the lasting impacts of the Bank’s Working Cities Challenge. Chelsea received a three-year grant in 2014 through the challenge, which focuses on promoting economic development in smaller, post-industrial cities. Read the full recap: https://bit.ly/45IGpuG

What impact does the gap between shelter prices and market rent have on inflation? Boston Fed Economist Chris Cotton studies this in the latest Current Policy Perspectives report: https://bit.ly/3KX74ui

The Federal Reserve’s FedNow Service received the top award in “Payments and Market Infrastructure Development in 2023” from industry publication Central Banking. FedNow was awarded “for the scale of its ambition and the innovative nature of the product.” Learn more: https://bit.ly/4cDsVTm

The latest season of the Six Hundred Atlantic podcast has dropped, and it’s looking at one of the two essential jobs Congress has given the Fed: pursuing “full employment.” It’s one half of the Fed’s so-called “dual mandate,” but it’s harder to define and less talked about than the “stable prices” mandate. But full employment is just as important to the Fed. And a big part of pursuing it is studying groups facing barriers to full employment. The Boston Fed did that during its 67th Economic Conference, and we’re looking at two of them during this podcast: married women with children and people with criminal histories. We’ll also discuss a third group – gig workers – who are overlooked in official employment stats. Check out the overview episode: https://bit.ly/4eDA1ZK

Boston Fed President Susan M. Collins recently visited Lawrence, Mass., to learn about the city’s economic challenges and progress. Here are some key takeaways from the visit: Collins gave the keynote during the 10th anniversary celebration of a local economic development group, The Lawrence Partnership. She said a lesson from the Working Cities Challenge – one of the Boston Fed’s signature community development initiatives – is that collaboration between people across different sectors is essential to solve tough problems. “Complex issues cannot be solved by one sector, one organization, or one person,” she said. “Successful collaboration requires attention to process. It requires new voices at the table to expand (insight).” Collins also sat down with several Lawrence employers, who told her high living and housing costs are a major concern. They spoke about struggles with turnover and paying competitive wages in a high-inflation environment where employees count every dollar. Alberto Nunez of the property management firm Syramad Properties, Inc., talked to Collins about the proverbial “light at the end of the tunnel.” “That tunnel, for the cost of living and rent, is dark for me,” he said. “I don’t know where we’re going.” Collins was asked about the rationale behind the Fed’s goal of 2% inflation, which is part of the Fed’s mandate to pursue “stable prices.” She said reaching 2% inflation will free businesses to refocus their energies. Collins said that’s because 2% inflation is the level at which price increases and their cascading effects are no longer the key concern for employers. “That’s what I’m looking for, an environment where people are thinking about how to be more productive, how to train, how to develop, how to open doors,” she said. “They’re not thinking about inflation.” Read the full recap of Collins’ visit to Lawrence: https://bit.ly/3XvgkNL