Press Releases

2014
56
Board of Governors building

Dec. 17, 2014

Federal Open Market Committee Action

The Federal Open Market Committee reaffirmed its view that the current 0 to 0.25 percent target range for the federal funds rate remains appropriate.

Handshake

Dec. 9, 2014

Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces the promotion of Hattie Barley to vice president.

Beige book cover

Dec. 3, 2014

Beige Book Shows Moderately Stronger Fifth District Economy

The Fifth District economy strengthened moderately since the previous report. Manufacturing activity increased at a slightly slower pace, as shipments and new orders grew modestly.

Dec. 3, 2014

Understanding Market Failure in the 2007-08 Crisis

Did market failures cause the 2007–08 financial crisis? The answer is important because financial regulation that does not address a specific market failure risks causing new inefficiencies and unintended consequences in the financial system and the broader economy.

EF Q2 2014 cover

Nov. 26, 2014

Richmond Fed Magazine Econ Focus Reports on the Economic Effects of Population Growth

For centuries, thinkers have predicted economic and resource collapse from overpopulation. The prophecies of doom have failed to come true, however. As developing countries have become more prosperous, their fertility rates have tended to decline. Economists now say that large populations can boost the growth of an economy. The cover story in the latest issue of Econ Focus looks at these and other economic issues involved in population growth.

Trophy

Nov. 21, 2014

UNC Wins District College Fed Challenge

Students from the University of North Carolina won the district title in the Federal Reserve Bank of Richmond’s College Fed Challenge competition.

Board of Governors building

Nov. 19, 2014

Minutes of the Federal Open Market Committee, October 28-29, 2014

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 28-29, 2014.

Handshake

Nov. 13, 2014

Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces the promotion of Kimberly Fuller to assistant vice president.

Nov. 3, 2014

Fifth Federal Reserve District Directors Elected

The Fifth Federal Reserve District member banks elected directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2015.

Board of Governors building

Oct. 29, 2014

FOMC Action

The Federal Open Market Committee decided to conclude its asset purchase program this month and maintain the current target range for the federal funds rate.

Handshake

Oct. 21, 2014

Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces the following officer appointments in its Information Technology department:

Beige book cover

Oct. 15, 2014

Beige Book Shows Modest Improvement in District Economic Conditions

The October Beige Book summarizes economic conditions in the Fifth District and across the country.

Board of Governors building

Oct. 8, 2014

Minutes of the Federal Open Market Committee, September 16-17, 2014

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 16-17, 2014. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes.

Handshake

Oct. 2, 2014

Richmond Fed Announces Officer Promotions

The Federal Reserve Bank of Richmond announces the following officer appointments, effective October 1:

Economic Brief

Oct. 2, 2014

Investing over the Life Cycle: One Size Doesn't Fit All

The Federal Reserve Bank of Richmond's October Economic Brief questions the conventional wisdom that young people should invest more heavily in risky assets.

Photo of President Jeffrey M. Lacker

Sept. 19, 2014

Richmond Fed President Jeffrey M. Lacker Comments on Policy Normalization Principles and Plans

Richmond Fed President Jeffrey M. Lacker commented on FOMC actions regarding on policy normalization principles and plans.

Board of Governors building

Sept. 17, 2014

FOMC Action

The Federal Open Market Committee voted today to make a further measured reduction in the pace of its asset purchases and maintain the current target range for the federal funds rate. Also, the FOMC released key elements of the approach it intends to implement when it becomes appropriate to begin normalizing the stance of monetary policy.

Handshake

Sept. 8, 2014

Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces the following officer appointments, which were effective Sept. 1:

Beige book cover

Sept. 3, 2014

Beige Book

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

Handshake

Aug. 25, 2014

Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces the following officer appointments:

Board of Governors building

Aug. 20, 2014

Minutes of the Federal Open Market Committee, July 29-30, 2014

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 29-30, 2014.

Handshake

Aug. 1, 2014

Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces an officer appointment.

Board of Governors building

July 30, 2014

FOMC Action

The Federal Open Market Committee voted today to make a further measured reduction in the pace of its asset purchases and maintain the current target range for the federal funds rate.

EF Q1 2014 Cover

July 21, 2014

Richmond Fed Magazine Econ Focus Reports on the Economics of Securing Digital Payments

The convenience of debit and credit cards has come with the risk of cyberattacks and fraud. Hacking of payment systems has led not only to direct costs for financial institutions and retail businesses, but also to damage to company reputations and stock prices. Yet making systems more secure isn't free, either -- and the companies that would bear the cost of upgrading aren't necessarily the ones that would benefit. The cover story in the latest issue of Econ Focus looks at these and other economic problems involved in payment security.

Economic Quarterly

July 17, 2014

Richmond Fed's Economic Quarterly Explores GDP Growth During and After the Great Recession

In the latest issue of Economic Quarterly, Richmond Fed senior advisor Pierre-Daniel Sarte and research associates Jonathon Lecznar and Robert Sharp examine the extent to which U.S. per capita gross domestic product (GDP) growth has been uncharacteristically slow in the recovery from the 2007-09 recession and investigate whether this tepid growth might be a short- or longer-term phenomenon. They first examine several conventional univariate time series representations of per capita GDP and use these to assess the most recent recession and recovery in relation to its previous behavior over the U.S. post-war period. They then present a decomposition of per capita GDP into three components---each of which tends to fluctuate at different frequencies from the others---and find that the substantial decline in the labor force participation rate during and after the Great Recession played a key role in the unusually large fall and slow recovery of per capita GDP. Since the labor force participation rate moves slowly over time, one might expect per capita GDP to continue to recover at a considerably slower pace than what has been observed after other post-war recessions.

Beige book cover

July 16, 2014

Beige Book - The Fifth District economy grew modestly in recent weeks.

The Fifth District economy grew modestly in recent weeks. Regional economic reports are in the new Beige Book.

Board of Governors building

July 9, 2014

Minutes of the Federal Open Market Committee, June 17-18, 2014

The Federal Reserve Board and the Federal Open Market Committee released the attached minutes of the Committee meeting held on June 17-18, 2014.

House

July 2, 2014

Richmond Fed Survey of Virginia Realtors Shows a Softening of the Housing Market

Virginia’s housing market softened during the first quarter of 2014, according to the Federal Reserve Bank of Richmond’s recent survey of more than 1,400 members of the Virginia Association of Realtors.

Handshake

June 30, 2014

Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces the following officer appointment:

Board of Governors building

June 18, 2014

Federal Open Market Committee Action

The FOMC voted today to make a further measured reduction in the pace of its asset purchases and maintain the current target range for the federal funds rate.

Handshake

June 17, 2014

Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces the following officer appointments:

Beige book cover

June 4, 2014

Beige Book

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

Cover of Annual report 2013

May 21, 2014

Richmond Fed's Annual Report Asks, "Should the Fed Have a Financial Stability Mandate?"

The Federal Reserve Bank of Richmond today released its 2013 Annual Report, which features the essay, “Should the Fed Have a Financial Stability Mandate? Lessons from the Fed’s first 100 Years.”

Board of Governors building

May 21, 2014

Minutes of the Federal Open Market Committee, April 29-30, 2014

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 29-30, 2014.

Economic Quarterly

May 8, 2014

Richmond Fed's Economic Quarterly Discusses the Monetarist-Keynesian Debate and the Phillips Curve, Focusing on Lessons from the Great Inflation

Since the early 1950s, debate between economists mainly at the Cowles Commission and economists mainly at the University of Chicago, led by Milton Friedman, has developed along two parallel but integrally interconnected tracks. The Cowles Commission track involves development of a model of the economy organized around a system of stochastic difference equations with research efforts directed toward providing microeconomic foundations for the individual equations. The Friedman macroeconomic-oriented track involves using changes over time in the systematic character of monetary policy and departures from a given policy as surrogates for controlled experiments in an attempt to distinguish between alternative models. In the latest issue of Economic Quarterly, Richmond Fed senior economist Robert L. Hetzel discusses how the Monetarist-Keynesian debate of the 1960s and 1970s illustrates this ongoing dialectic within macroeconomics.

Board of Governors building

April 30, 2014

FOMC Action

The Federal Open Market Committee voted Wednesday to make a further measured reduction in the pace of its asset purchases  and maintain the current target range for the federal funds rate.

Handshake

April 29, 2014

Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond appointed Rebecca Goldberg as a vice president and Gail Ball as an assistant vice president.

EF Q4 2013 cover

April 21, 2014

Richmond Fed Magazine Econ Focus Reports on Captives in the Insurance Industry

Insurance in the United States is big business: Insurance premiums (not counting health insurance) totaled $1.1 trillion in 2012. To protect themselves against large claims, many insurance companies have long bought insurance from other insurers to share their risks. In a new wrinkle, some life insurers have started setting up "captive" insurance companies to, in effect, buy insurance from themselves — a practice that critics say makes these companies look healthier than they really are. The cover story in the latest issue of Econ Focus looks at these and other questions about the business of insurance.

Beige book cover

April 16, 2014

Beige Book

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

Handshake

April 14, 2014

Fifth Federal Reserve District Office Director Appointed

The Board of Governors of the Federal Reserve System has appointed Laura Y. Clark to serve on the Charlotte office board for the remaining portion of a three-year term that ends Dec. 31, 2015.

Board of Governors building

April 9, 2014

Minutes of the Federal Open Market Committee, March 18-19, 2014

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 18-19, 2014 and of the conference call held on March 4, 2014.

Board of Governors building

March 19, 2014

FOMC Action

The Federal Open Market Committee voted Wednesday to further reduce its monthly purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

Photo of Becky Bareford

March 17, 2014

Richmond Fed Promotes Becky Bareford to Senior Vice President

The Federal Reserve Bank of Richmond has promoted Becky Bareford to senior vice president with responsibility for the organization’s human resources function.

Board of Governors building

March 14, 2014

Federal Reserve System Publishes Annual Financial Statements

The Federal Reserve System on Friday released the 2013 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, the consolidated variable interest entities (VIEs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.

Handshake

March 14, 2014

Richmond Fed Announces Officer Promotions

The Federal Reserve Bank of Richmond has appointed Jeremy Caldwell and Christy Cleare as vice presidents.

Beige book cover

March 5, 2014

Beige Book

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

Board of Governors building

Feb. 25, 2014

Transcripts of the Federal Open Market Committee 2008 Meetings

The Federal Reserve Board and the Federal Open Market Committee released the transcripts of the Committee meetings held January through December 2008.

Board of Governors building

Feb. 19, 2014

Minutes of the Federal Open Market Committee, January 28-29, 2014

The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on January 28-29, 2014.

Photo of Chair Janet Yellen

Feb. 3, 2014

Fed Chair Janet Yellen Takes Office

Janet Yellen succeeds Ben Bernanke to become the first female chair of the Federal Reserve.

Handshake

Feb. 3, 2014

Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond appointed Sandra L. Tormoen as community affairs officer and Jeffrey R. Gerlach as an assistant vice president.

Board of Governors building

Jan. 29, 2014

Federal Open Market Committee Action

The FOMC voted Wednesday to further reduce its monthly purchases of Treasury and agency mortgage-backed securities and to keep the federal funds rate low.

Board of Governors building

Jan. 8, 2014

Minutes of the Federal Open Market Committee, December 17-18, 2013

The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on December 17-18, 2013.

Handshake

Jan. 8, 2014

Richmond Fed Directors Reappoint Federal Advisory Council Member

Directors of the Federal Reserve Bank of Richmond have reappointed Kelly S. King, chairman and chief executive officer of BB&T Corp., Winston-Salem, N.C., to serve a one-year term as the Fifth District representative on the Federal Advisory Council. The term began Jan. 1, 2014.

Handshake

Jan. 7, 2014

Fifth Federal Reserve District Office Directors Appointed

The Board of Governors of the Federal Reserve System has reappointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2014.

Hands Shaking

Jan. 7, 2014

Fifth Federal Reserve District Office Chairs, Directors Appointed

The boards of directors of the Federal Reserve Bank of Richmond’s Baltimore and Charlotte offices have elected chairs to serve one-year terms beginning Jan. 1, 2014.

Handshake

Jan. 6, 2014

William B. Grant Recognized for Richmond Fed Board Service

Baltimore director completed two terms on board.

2013
1
Beige book cover

Jan. 15, 2013

Beige Book

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

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Richmond

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(804) 697-8196
(804) 698-0927 (mobile)