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.

Huberto Ennis provides an updated view of the Federal Reserve's management of its balance sheet and the flow of reserves between banks, which were the focus of a recent conference held at the Federal Reserve Bank of Richmond. Ennis is group vice president for micro, macro and financial economics at the Richmond Fed.