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First Quarter 2023

In this issue: public transit after the pandemic, the Treasury bond market, financial literacy, and more.

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Cover Story

Image of houses in a neighborhood.

The modern mortgage is the result of a complicated history. Local, state, and national actors all competing for profits have existed alongside an increasingly active federal government seeking to make the benefits of homeownership accessible to more Americans.

Thomas I. Barkin

Unemployment has dropped and is now basically at pre-pandemic levels. Yet labor force participation has been slow to return.

Image of transit bus waiting at stop.

The COVID-19 pandemic dramatically reduced transit ridership across the country. Operators across the Fifth District are still figuring out how to adapt.

Image of $100,000 treasury bill.

The Treasury bond market suffered a liquidity crisis at the start of the COVID-19 pandemic. What reforms are needed to make sure it doesn't happen again?


Image of Annamaria Lusardi.

Annamaria Lusardi on financial literacy, seniors versus scammers, and learning from the mistakes of NFL players.

Image of Alan Greenspan.

Market commentors noticed a pattern during Alan Greenspan's tenure as Fed chair from 1987 to 2006. The Fed, it appeared to some, had developed a policy of bailing out stock investors by injecting liquidity into the economy amid large stock market declines. This perceived tendency came to be called the "Greenspan put."

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