Andy Bauer and Amy Liu discuss the direct and spillover economic effects of the recent reductions in federal employment and spending on the District of Columbia, Maryland, and Virginia. Bauer is a regional executive at the Federal Reserve Bank of Richmond and Liu is a non-resident senior fellow at the Brookings Institution and co-author of the DMV Monitor.

Zhu Wang and Russell Wong discuss the shutdown in the production of pennies in the U.S. and their research on how the penny's demise is expected to impose costs on consumers. Wang is vice president for research in financial and payments systems and Wong is a senior economist, both at the Federal Reserve Bank of Richmond.

Anna Kovner, director of research at the Federal Reserve Bank of Richmond, reviews the significant, rapid changes in trade policy, immigration policy, and the size of the federal workforce in 2025. She also discusses how the Richmond Fed has assessed the economic impact of these changes through its research and outreach programs.