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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Featured

Podcast

Why Economists Care about Climate Change

Nov. 18, 2020

Toan Phan talks about his research on the effects of climate change on economic growth, the work of other researchers who have studied climate change economics, and the conference he is organizing on this important, multi-faceted topic. Phan is a senior economist in the Research Department of the Richmond Fed.

Blog Post

Is a Wave of Evictions Coming?

Regional Matters

November 20, 2020

By Peter M. Dolkart and Stephanie Norris

The COVID-19 pandemic has depressed housing security and increased eviction risk for renters in the Fifth District. Although helpful for tenants, some federal pandemic-response provisions are ending in December.

Publications

Two-sided Market, R&D, and Payments System Evolution

Journal of Monetary Economics

Vol. 115, November 2020

Bin Grace Li, James McAndrews and Zhu Wang

Bubbly Recessions

American Economic Journal: Macroeconomics

Vol. 12, October 2020

Siddhartha Biswas, Andrew Hanson and Toan Phan

Estimating the Effects of Demographics on Interest Rates: A Robust Bayesian Perspective

Working Paper Series

October 2020, No. 20-14

Paul Ho

Data & Analysis

Fifth District Surveys of Manufacturing and Service Sector Activity

November 24, 2020

Reports from manufacturers and service sector firms were generally positive in November.

Month,Manufacturing Composite,Service Sector Revenues
2010-11-01,8.666666985,.3333333433
2010-12-01,16,7.333333492
2011-01-01,16.33333397,11
2011-02-01,16.33333397,12.33333302
2011-03-01,13.66666698,9.333333015
2011-04-01,10.66666698,11
2011-05-01,6,10
2011-06-01,2.666666746,8
2011-07-01,3.333333254,7
2011-08-01,4,6.666666508
2011-09-01,2,6.666666508
2011-10-01,-.3333333433,2
2011-11-01,-1.666666627,2.666666746
2011-12-01,-3,8
2012-01-01,-.3333333433,11.66666698
2012-02-01,3,11.66666698
2012-03-01,6,13
2012-04-01,7,12.66666698
2012-05-01,7,11.33333302
2012-06-01,5.333333492,7
2012-07-01,-.3333333433,3.333333254
2012-08-01,-4.666666508,1.333333373
2012-09-01,-2.666666746,.6666666865
2012-10-01,-.6666666865,2.333333254
2012-11-01,1.666666627,5
2012-12-01,.3333333433,4
2013-01-01,-4,8.333333015
2013-02-01,-3.666666746,9
2013-03-01,-3,8.333333015
2013-04-01,-.6666666865,1.666666627
2013-05-01,-2,1.666666627
2013-06-01,-1,4.333333492
2013-07-01,1,6.666666508
2013-08-01,4.333333492,6.333333492
2013-09-01,2.666666746,4.666666508
2013-10-01,3.666666746,3.333333254
2013-11-01,4.333333492,1.333333373
2013-12-01,8.333333015,3.333333254
2014-01-01,9.666666985,3.666666746
2014-02-01,5.333333492,4.666666508
2014-03-01,0,3.666666746
2014-04-01,0,6.666666508
2014-05-01,3.333333254,8.666666985
2014-06-01,6.333333492,9.666666985
2014-07-01,6,11
2014-08-01,7.333333492,13.33333302
2014-09-01,11,16.66666603
2014-10-01,16.33333397,19.66666603
2014-11-01,14,22.33333397
2014-12-01,10.33333302,20
2015-01-01,4.333333492,16.66666603
2015-02-01,2.333333254,15.33333302
2015-03-01,-.6666666865,16
2015-04-01,-4.333333492,14.66666698
2015-05-01,-2.666666746,11
2015-06-01,1.666666627,12.66666698
2015-07-01,7,17.66666603
2015-08-01,7,25
2015-09-01,3.333333254,21.33333397
2015-10-01,2,17.66666603
2015-11-01,1,9
2015-12-01,3,10
2016-01-01,2.666666746,9.666666985
2016-02-01,-.3333333433,8
2016-03-01,3.333333254,7.666666508
2016-04-01,5,6.666666508
2016-05-01,8.666666985,8.666666985
2016-06-01,1,5.333333492
2016-07-01,.6666666865,2
2016-08-01,-1.666666627,0
2016-09-01,-1.666666627,3
2016-10-01,-3.333333254,5.666666508
2016-11-01,-.3333333433,9
2016-12-01,4.666666508,8.666666985
2017-01-01,8.333333015,13.33333302
2017-02-01,12.33333302,15.33333302
2017-03-01,15.66666698,15.33333302
2017-04-01,17.66666603,14.66666698
2017-05-01,13.66666698,18.33333397
2017-06-01,11.66666698,21.66666603
2017-07-01,9.666666985,19.33333397
2017-08-01,12.66666698,17.66666603
2017-09-01,15,18
2017-10-01,16,22.66666603
2017-11-01,20.66666603,26.33333397
2017-12-01,21.66666603,27.66666603
2018-01-01,22,26
2018-02-01,20.66666603,22.66666603
2018-03-01,17.66666603,20.66666603
2018-04-01,12.66666698,15.33333302
2018-05-01,10.66666698,13
2018-06-01,13.33333302,13.33333302
2018-07-01,20,20
2018-08-01,21.66666603,24.66666603
2018-09-01,23.66666603,24.33333397
2018-10-01,22.33333397,17.33333397
2018-11-01,18.66666603,10
2018-12-01,9.333333015,7
2019-01-01,3,8.666666985
2019-02-01,4,11
2019-03-01,7.333333492,9
2019-04-01,10,13.33333302
2019-05-01,7,8.666666985
2019-06-01,4.333333492,13.33333302
2019-07-01,-1,10
2019-08-01,-3.666666746,11.33333302
2019-09-01,-6.666666508,8.666666985
2019-10-01,-1.333333373,12.66666698
2019-11-01,0,14.66666698
2019-12-01,2.333333254,18
2020-01-01,4,14
2020-02-01,2,15.33333302
2020-03-01,2.666666746,8.666666985
2020-04-01,-19.33333397,-24
2020-05-01,-27,-45.66666794
2020-06-01,-27.33333397,-54.33333206
2020-07-01,-6,-30.33333397
2020-08-01,9.333333015,-13
2020-09-01,16.33333397,-2
2020-10-01,22.66666603,9
2020-11-01,21.66666603,12.66666698