12/04/2020
In this working paper, Senior Economist Lisa Barrow explores the various challenges that students and families face in enrolling in Chicago’s high-performance high schools: https://bit.ly/2VRu0Sh
Federal Reserve Bank of Chicago
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OFFICIAL SITE: The Seventh Federal Reserve District (Chicago Fed) serves parts of Illinois, Indiana, Michigan and Wisconsin and all of Iowa.
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On May 18, 1914, the Chicago Fed was organized as Seventh District of the Federal Reserve System. On May 18, 1914, the Seventh District of the Federal Reserve System, the Chicago Fed, was organized. The Seventh District has a large national share of many important economic sectors. The Chicago Fed has a head office in Chicago, branch office in Detroit and a regional office for regulation staff in Des Moines.
On May 18, 1914, the Chicago Fed was organized as Seventh District of the Federal Reserve System. On May 18, 1914, the Seventh District of the Federal Reserve System, the Chicago Fed, was organized. The Seventh District has a large national share of many important economic sectors. The Chicago Fed has a head office in Chicago, branch office in Detroit and a regional office for regulation staff in Des Moines.
Mission: The fundamental mission of the Federal Reserve System is to foster the stability, integrity and efficiency of the nation's monetary, financial and payment systems in order to promote optimal macroeconomic performance. To this end, the Federal Reserve Bank of Chicago participates in the formulation and implementation of national monetary policy; supervises and regulates state member banks, bank holding companies and foreign bank branches; and provides financial services to depository institutions and the U.S. government.
Operating as usual
12/03/2020
Watch a livestream of a fireside chat with President Charles Evans at the Michigan Bankers Association’s Bank Management and Directors Conference at 8 a.m. CT/9 a.m. ET tomorrow: https://bit.ly/3ogHT8G
12/03/2020
The paper mill in Wisconsin Rapids closed earlier this year after 116 years of continuous operation, prompting the question: Can Wisconsin Rapids reinvent itself once again? Read the discussion here: https://bit.ly/39zqsvO
12/02/2020
How does climate change risk affect global financial markets? Chicago Fed’s Nahiomy Alvarez, Alessandro Cocco, and Ketan B. Patel establish a new framework for assessing this emerging risk: https://bit.ly/3g1e6ha
12/01/2020
Today at 2:00 pm CT, we are live streaming our discussion on rebuilding Milwaukee’s economy to ensure all residents share in a strong future for the city. Tune in here: https://bit.ly/2Vkyr7E
11/30/2020
Interested in learning how shifts in consumer demand may change Midwest agriculture? Register for tomorrow’s conference featuring Jayson Lusk, department head and distinguished professor in Purdue University’s Department of Agricultural Economics: https://bit.ly/2M7KLmY
11/27/2020
High school seniors and college students interested in careers in #IT or #informationsecurity, today is the last day to register for our virtual Future Leaders Conference on Dec 3-4! More info on next week’s event here: https://bit.ly/35GC4tA
11/26/2020
Sending warm wishes to all of our employees and their families on this Thanksgiving Day—thank you for all that you do to make the Chicago Fed a great place to work!
11/25/2020
Learn how the dynamics between contact tracing and testing availability affect the Covid-19 pandemic’s toll on the economy in a new working paper by Chicago Fed senior economist Leonardo Melosi. The research also looks at optimal lockdown scenarios when there are coordination failures. https://bit.ly/3q1fTaQ
11/24/2020
President Evans Live Event With The Iowa Bankers Association - Federal Reserve Bank of Chicago
ICYMI: Watch a replay of President Charles Evans’ discussion yesterday with the Iowa Bankers Association as part of its Leaders Speakers Series: https://bit.ly/3kMsmet
11/20/2020
On Monday, the Iowa Bankers Association will host Chicago Fed President Charles Evans for a discussion as part of its Leaders Speakers Series 2020.
Tune in at 2 pm CT for this live virtual event: https://bit.ly/3kMsmet
The discussion will be moderated by Abe Tubbs, CEO of Ohnward Bank & Trust and former member of the Board of Directors of the Federal Reserve Bank of Chicago.
11/18/2020
"Looking Down the Road with ALEX: Forecasting U.S. GDP" examines the recovery from the recession that began with the onset of the Covid-19 pandemic using a new model called ALEX. The model uses 107 monthly and quarterly indicators of economic activity to forecast the near-term path of U.S. #GDP.
Read the Chicago Fed Letter on ALEX and the recovery here: https://bit.ly/3nH3dUB
11/16/2020
Join us on Wednesday (Nov 18) from 2:00 – 3:00 pm CT for the next #ProjectHometown virtual event, Can Wisconsin Rapids Reinvent Itself Once Again?
To register visit: https://bit.ly/2IG2mo9.
The pandemic precipitated a sudden and dramatic decline in the demand for paper produced at the Wisconsin Rapids paper mill, accelerating long-term global trends and ushering in transformational change. On July 31, 2020, the paper mill was indefinitely shut down, laying off over 900 workers. Paper had been continuously produced at the mill since 1904 and the shutdown has created an economic, social, and cultural tsunami.
Join panelists from Marshfield Clinic, UW-Stevens Point, Incourage and the Federal Reserve Bank of Chicago for a historical look at what built central Wisconsin’s paper mills, their economic, social and philanthropic contributions to the community, and discuss what lessons may apply from other industries that have made transformational change from conditions of necessity.
11/13/2020
Register for our virtual Future Leaders Conference on Dec 3-4! https://bit.ly/35GC4tA
Are you an 18-24 year-old student or professional interested in a career in #informationtechnology or #informationsecurity #futureofwork? Don’t miss your chance to connect with our industry leaders, network with professionals, build your personal brand, learn about our #internship program and get an inside look into the diversity of careers in #IT.
11/12/2020
AgLetter Q3
The Ag Letter for the third quarter is now available. Listen to Senior Business Economist David Oppedahl discuss what’s in it, including the largest increase in six years in farmland values, the challenge of Covid-19 for livestock producers, and what credit conditions look like for farmers.
To read the full report, click here: https://bit.ly/2G5H6Rh
11/12/2020
#NEW DATA: The Chicago Fed Survey of Business Conditions Activity Index decreased to -20 in October from +8 in September, suggesting that economic growth was below trend. #CFSBC https://bit.ly/2JXrhQ0
11/12/2020
NEW DATA: National #Financial Conditions Index was down slightly to –0.48 in the week ending Nov 6. #NFCI points to little change in financial conditions. https://bit.ly/2pLy1HZ
11/11/2020
Last year, members from our Veterans Support Group assembled to celebrate and acknowledge our colleagues, friends and family who served in the armed forces. While we might not be able to gather together today, the message remains the same – #thankyou for your service and sacrifice.
#veterans #veteransday
11/10/2020
The Alliance for Regional Development, in partnership with the Federal Reserve Bank of Chicago, will host the 7th Annual Summit on Regional Competitiveness, A New Decade: Disruption, Driving Innovation, and Embracing Economic Change, November 16th-20th.
This virtual event is free and open to the public. Please register at https://bit.ly/36rnUfY.
The week-long event will include a series of panels and keynote speeches from more than 35 high-profile international, regional, and local thought leaders. Speakers include Charles Evans, president of the Chicago Fed, Chicago Mayor Lori Lightfoot, Beth Ford, CEO of Land O'Lakes, Milwaukee Mayor Tom Barrett, and Karen Freeman-Wilson, CEO of The Chicago Urban League.
11/09/2020
Join us this Thursday (11/12 at 1 pm ET/12 pm CT) for a Detroit community forum focusing on how Detroit recovers from the Covid-19 crisis with Michigan leaders in government, health, community, and business.
Register here: https://bit.ly/3jO5CdK
Leading the discussion will be Charles Evans, president of the Federal Reserve Bank of Chicago, joined by leaders of The Skillman Foundation, DTE Energy Co., Michigan.gov and Henry Ford Health System. The discussion is part of the Chicago Fed’s #ProjectHometown initiative.
11/05/2020
The family-run Tommy's Mexican Restaurant, an iconic San Francisco spot open since 1965, has customers so loyal that they’ve eaten at the restaurant since they sat in high-chairs. But when the pandemic hit, community support wasn’t going to be enough to keep the doors open.
Navigating the @U.S. Small Business Administration Paycheck Protection Program with the bank they had been working with wasn’t helping. It took a phone call to East West Bank, a community lender, for Elmy Bermejo of Tommy’s to secure a loan allowing the restaurant to continue serving its iconic margaritas and Yucatecan food while keeping a dozen employees on its payroll and paying utility bills. The loan has helped Bermejo maintain hope.
Learn about the role community lenders are playing in keeping your favorite small businesses open in this Fed Communities series (and subscribe to see the stories coming next). https://bit.ly/2G8F5d6
11/02/2020
How can Detroit meet the public health challenge of the Covid-19 pandemic, rebuild the economy, and ensure all residents share in a strong future for the city?
"Detroit Community Forum: Building a Strong and More Equitable Future" brings together an expert panel of government, community, health, and business leaders to discuss visions for how Detroit recovers from the Covid-19 crisis. Join us November 12 at 1:00 pm ET/12:00 pm CT for this #ProjectHometown virtual event.
To register visit: https://bit.ly/3jO5CdK
The event will be hosted by the Federal Reserve Bank of Chicago with President Charles Evans serving as moderator. Joining him on the panel will be Tonya Allen, President and CEO of The Skillman Foundation, Gerard Anderson, Executive Chairman of DTE Energy, Garlin Gilchrist, Lieutenant Governor of Michigan, and Wright Lassiter, III, President and CEO of Henry Ford Health System.
10/30/2020
FRBC Intern Program
#ApplyNow: https://bit.ly/2yxzp5q
There are only a few more days to submit your application to our 2021 internship program. Don’t miss out on your chance to join us this summer to work with industry leaders, contribute to meaningful projects and grow your network. #nowhiring
10/29/2020
Watch a replay of “Exploring Career Pathways in Economics and Related Fields,” a recent event to provide Black college students with an opportunity to learn more about career pathways in economics and related fields cohosted by the Federal Reserve Bank of Chicago and the Sadie Collective.
The two-day virtual event included panels on career pathways for economists and the research assistant experience; speakers included University of Michigan Provost Susan Collins, Damon Jones, associate professor at The University of Chicago, Anna Gifty Opoku-Agyeman, chief executive officer and co-founder of The Sadie Collective, and Charles Evans, president of the Chicago Fed.
Watch panels and keynote talks here: https://bit.ly/3mx0UCI
10/27/2020
Did you know the Federal Reserve Bank of Chicago's #ProjectHometown is examining how our hometowns can recover from the pandemic, overcome longstanding inequities, grow stronger, and provide all people with the opportunity to thrive?
Learn more about Project Hometown and watch recent virtual events including Workforce Challenges During Chicago’s Recovery as well as Rebuilding for Resilience: How Will Iowa Thrive After the Pandemic? here: https://bit.ly/3dJAid2
10/26/2020
We are hosting a virtual Future Leaders Conference Nov 5-6 for 18-24 year-olds interested in careers in #informationtechnology and #informationsecurity.
Register today for your chance to connect with our industry leaders, network with professionals, build your personal brand, learn about our #internship program and get an inside look into the diversity of careers in #IT. https://bit.ly/35GC4tA
10/23/2020
Join the Federal Reserve Bank of Chicago and FIA on Oct 29 at 10:30 am CT for Diversity in Financial Markets. We're teaming up with expert panelists to explore past and present experiences, as well as the outlook for diversity in financial markets. Panelists will explore why diversity is important, how to achieve it, and what metrics could be used to determine progress.
Speakers include Christopher Brummer, Professor, Georgetown Law; De'Ana Dow, Partner, Capitol Counsel; Douglas Harris, Managing Director, Promontory; and Petal Walker, Special Counsel, WilmerHale.
Learn more and register here: https://bit.ly/2HsEkMN
10/21/2020
Meet Malcolm Thomas, part of our Community Development and Policy Studies Team and an alum of Howard University. Malcolm shares that his time spent at a #HBCU is what set him up for success at our organization.
Are you a current student or upcoming #HBCUgrad? Check out our #internship program to kick off your career with us. #ApplyNow: https://bit.ly/2yxzp5q
#Intern #InternRecruiting
10/20/2020
The Fed’s COVID-19 #CDFISurvey gathered responses from 229 Community Development Financial Institutions – what did they share? Read our new report to find out. https://bit.ly/35h9PkL
10/19/2020
If you missed today’s #ProjectHometown event – The Future of Innovation in an Inclusive Chicago, watch a replay anytime at https://bit.ly/3noqFXc.
The event included policy experts from @greenwoodprochi, @TreasurerMichaelFrerichs, and @chicagotrading in a discussion on how Chicago’s history of innovation can continue, and include all residents.
10/18/2020
Don't miss the next #ProjectHometown virtual event for a discussion on how Chicago’s history of innovation can continue, and how it can include all residents of the city. Join us on Monday @ 12:00 pm CT. Register and learn more about the expert panel here: https://bit.ly/3noqFXc
10/15/2020
What does celebrating #HispanicHeritageMonth look like to you? Executive board members from the Chicago Fed's Latinx affinity group and their families share what they reflect on – from connecting with their community to recognizing accomplishments – during this month of celebration. #HHM
10/14/2020
The Federal Reserve is hosting a Q&A webinar for small and medium-sized businesses and nonprofit organizations interested in learning about the Main Street Lending Program on Wednesday, October 21 at 1 p.m. CT. Attendees will have the opportunity to have questions addressed by Federal Reserve senior officials.
Register for webinar here: https://bit.ly/3dqSBoB
Find more information on the Main Street Lending Program here: www.bostonfed.org/mslp
The MSLP is designed to help credit flow to small- and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition prior to the pandemic. Once issued by eligible lenders, the Federal Reserve purchases 95% of the loan, while the lender retains 5%. The borrower pays no interest until year two and no principal until year three.
10/13/2020
Did you know economists at the Federal Reserve Bank of Chicago are researching the varied impacts of Covid-19 on the US economy? Read about the pandemic and Asian American employment, the "perfect storm" higher education faces, measuring the recovery in economic activity during the pandemic, and other Covid-19 research here: https://bit.ly/3chd1PJ
10/09/2020
Just in time to celebrate #NationalComingOutDay, we are excited to announce a new partnership with Out & Equal Workplace Advocates in our ongoing journey to create a positive, supportive workplace culture that values diversity of all kinds.
This week, we joined thousands of professionals at the 2020 Workplace Summit to learn, share and connect about #LGBTQ inclusion, racial justice, mental health, belonging in the workplace and so much more. Denise Moore, Vice President of our LGBTQ affinity group, shares what this continued learning brings to our organization. #OESummit
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Videos
Project Hometown Progress Report
Project Hometown Progress Report 2
Project Hometown Progress Report
AgLetter Q3
FRBC Intern Program
FRBC Internship Program
Visions for Chicago's Future: Community Forum
Learn about next steps being taken or considered as Chicago moves forward in its #COVIDRecovery.
Why Do We Call $1000 a Grand?
One of our most valuable items of currency is the $1000 U.S. Treasury note. In this Fed Ambassador Faves video, our ambassador explains its nickname, the Grand Watermelon.
What's Your Museum Fave?
If you have ever visited the Money Museum, you know you can't get to any of the other exhibits without walking over the money pit! Learn more about it in this Fed Ambassador Faves video.
While We're Away...
While we are away from the Money Museum, we'd like to share a few videos this week, our Fed Ambassador Faves, where some of our museum guides and speakers talk about their favorite exhibits. Let's start off with the money cube!
Does the Unemployment Rate Capture the Employment Picture?
"Given the unique nature of the current employment crisis, which is driven by stay-at-home orders, it's difficult for the traditional unemployment rate to capture everyone who has been truly affected." Jason Faberman discusses how the U-Cov rate more fully captures labor market underutilization. Learn more about a new measure of unemployment in the Chicago Fed Insights blog. https://www.chicagofed.org/publications/blogs/chicago-fed-insights/2020/unemployment-rate-good-measure-of-out-of-work
Ag News from David Oppedahl
Just Released: "Based on calculations using USDA data, the District states’ corn yield fell to 183 bushels per acre in 2019—down 5.8% from 2018. Furthermore, the District states’ soybean yield dropped 8.9% from 2018 to 52.5 bushels per acre in 2019." Oppedahl explains how crops affected agriculture land values and finance in 2019Q4 in the AgLetter. https://bit.ly/2G5H6Rh
Oppedahl Talks Ag in AgLetter in Perspective
"Challenging weather conditions during planting, a touch of drought in the summer, excess precipitation during harvest and early frost all hampered District crop production in 2019." Senior business economist David Oppedahl shares the good news, and the not so good, in today's AgLetter update.
What Do We Learn from the BBKI?
Earlier this week, we released a new economic trends forecasting index, called the Brave-Butters-Kelley Index. How well is the BBKI doing to forecast economic trends? Scott Brave discusses what they learned from the August and September data.
As we wrap up our week of our Fed Ambassadors telling stories about their favorite Money Museum exhibit, here’s our last colleague sharing what is his, and perhaps my, favorite item in the exhibit. Check out this video, then check us out next Saturday and Sunday, October 19-20, by visiting us during Open House Chicago 2019.
Are You the Next Jay Powell or Janet Yellen? Find Out during Open House Chicago
Are you an aspiring central banker who has never had the chance to try our Fed Chair interactive quiz at the Money Museum? Don't lose heart! We'll be open on Saturday, October 19, and Sunday, October 20, for Open House Chicago! Stop in to see if you'll be the new chair of the Federal Reserve.
Can you believe that we shred more than $20 million dollars a day in unfit currency? Watch this Fed Ambassador Faves video to learn more about why we have to shred so many bills a day. Don’t forget to stop in at the Chicago Fed during Open House Chicago 2019 to get your own free souvenir packet of fed shreds, about $364 in shredded currency.
Have you seen the money pit at the Money Museum? It’s one of our Fed Ambassador Faves, and a favorite with visitors too. When you visit during Open House Chicago 2019, don’t forget your money pit selfie!
Are you planning to join us on October 19 or 20 during Open House Chicago 2019? It’s the one time a year that the Money Museum is open on the weekend. Not only will you have a chance to look behind the scenes at some of our historic architecture, including work by Chicago architectural firm Holabird & Root. In the mean time, watch videos this week from our Fed Ambassadors sharing their favorite exhibits. Then, join us in a few weeks and decide which are your favorites!
Join the Chicago Fed as a Research Assistant!
Recent college grad looking to start your research career? If you have a degree in economics, math, finance or statistics, learn what Charlie Evans has to say about the important role that a Chicago Fed RA plays. Send us your info: https://frb.taleo.net/careersection/2/jobdetail.ftl?job=260895&lang=en
How Does Your Wage Measure Up?
It's Fed Friday! Have you ever wondered how the cost of living and minimum wage compares from your state to others? Try some calculators and see How Much Is Your Paycheck Really Worth? in this interactive from the St. Louis Fed. https://bit.ly/2LeqAmy
Meet Ali and Ini
Ali and Ini are two of our Research Assistants. Learn about their day to day collaboration with our economists. Want to get your economics career started? Interested in becoming part of the FOMC process? Meet our RAs, then complete the form. https://bit.ly/2K8M7LG
Some Agriculture Markets May Never Recover
Agriculture is an important industry in the Midwest. The current tariff and trade issues along with heavy rain and flooding earlier this year has led to serious credit problems. David Oppedahl, our ag expert, discovered that major or severe credit repayment problems are at their highest level in the Midwest since 1999. Watch the video then read the latest report. https://www.chicagofed.org/publications/agletter/index
How Is the Auto Emissions Scandal Affecting Children's Health Today?
Do you remember Dieselgate and the vehicle emissions scandal that began in 2014? While the outcome may have led to changes in emissions testing, that did not make all of the effects go away. In this video, Chicago Fed economist Diane Alexander discusses some recent research co-authored with Northwestern University Institute for Policy Research assistant professor of human development and social policy Hannes Schwandt. Using auto data, they have discovered that children not yet born at the time of the scandal are suffering long-term health effects including low birth weight and a greater number of emergency visits for asthma.
Employment at Small Businesses in 2018
Employment rose by 37% during 2018 at small businesses in the Seventh District. Learn about their profits and their access to credit over the last year.
Saluting Detroit LEOs for National Police Week
Thanks to all of our LEOs in Chicago and Detroit who do such an excellent job protecting our building and staff. We close out National Police Week with our K9 officers Vice and Gajo and their people.
Credit, Corn and Hogs: What's Happening in Agriculture?
If you are a farmer, or have family in agriculture, you may be hearing them talking about how the weather and credit conditions are affecting them. Senior business economist and agriculture expert David Oppedahl discusses credit, land values, weather, commodities and trade in our latest AgLetter in Perspective.
Start Your Career at the Federal Reserve!
Have a degree in economics or math? Join Federal Reserve Bank Careers as a Research Assistant and make a difference. Our RAs work closely with our economists to develop research and data analysis that may be included in FOMC briefings for our presidents. Learn more about what it means to be an RA at the Chicago Fed: https://bit.ly/2K8M7LG
What Is the Fed Challenge?
Did you know...that the Chicago Fed is one of the Reserve Banks that sponsors this annual high school economic and monetary policy challenge? What this week for the Midwest winners.
Meet Gajo and Vice!
Happy #NationalK9VeteransDay (plus 1)! Check out our Detroit #K9 officers, Gajo and Vice. Who hails from Poland? Who likes classical music? Keep an eye out for them the next time you visit our Detroit Branch.
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