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  • President’s Speech:

    President Mester discusses “The Outlook for the Economy and Monetary Policy in 2020” in Washington.

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  • Fraud and Scams Involving the Federal Reserve Name

    Fraud Awareness

    Fraud Awareness: Be Alert for Scams Claiming to Be Involved With the Federal Reserve. Read more

  • President’s Speech:

    President Mester discusses “Modernizing Our Payments System” in Sarasota, Florida.

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  • MCPI 2015-2

    January 2020 Median CPI Release

    The median Consumer Price Index rose 0.3% (3.7% annualized rate) in January. The 16% trimmed-mean Consumer Price Index rose 0.2% (2.9% annualized rate) during the month. Current Median CPI

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  • Do Affirmative Action Bans Cause Students to Move Across State Lines to Attend College?

    Peter L. Hinrichs

    This Economic Commentary studies whether statewide bans on affirmative action in admission to public universities cause students to move to a new state to attend college. Regression results using data from the decennial census and the American Community Survey provide little evidence that affirmative action bans result in migration across state lines to attend college. In addition to being of direct interest, these results provide a check on earlier research that treats different states roughly as separate higher education markets. Read More

  • Is the Middle Class Worse Off Than It Used to Be?

    Emily Dohrman Bruce Fallick

    We analyze how median real incomes in the United States have changed since 1980 under a definition of the middle class that adjusts for changes in demographics. We find that failing to adjust for demographic shifts in the population relating to age, race, and education can indicate a more positive outlook than is truly the case. We also find that the real median incomes of today’s middle class are somewhat higher than they used to be, particularly for households headed by two adults. We find, as in prior research, that prices for housing, healthcare, and education have risen more than middle-class incomes, while prices for transportation, food, and recreation have risen less than middle-class incomes. Read More

  • For Too Many Minority Workers, Earnings Still Don’t Add Up

    Emily Garr Pacetti

    Gaps in earnings—the annual wage of workers aged 16 and older—matter. While there are some reasons for optimism, there is also a need for ongoing vigilance about how this economy is playing out in real time for minority workers and their families. Read More


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