The Bank has released an updated "Monetary Policy Report: Using Rules for Benchmarking," which highlights ongoing work to benchmark the stance of monetary policy using a range of robust policy rules. Read the report.
Activity in the region's nonmanufacturing sectors continued to expand in March, according to firms responding to this month's Nonmanufacturing Business Outlook Survey. The diffusion index for current activity at the firm level decreased but remained high, at 44.2, in March. Read the report.
Manufacturing activity in the region increased at a modest pace in March, according to firms responding to the latest Manufacturing Business Outlook Survey. The diffusion index of current activity, at 5.0, was virtually unchanged from its reading of 5.2 in February. In the special questions, manufacturers were asked about their capital expenditure projections for 2015. Read the report. Listen to the audio conference.
The Federal Open Market Committee (FOMC) judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. Read the statement . Read the Summary of Economic Projections . Watch the press conference .
The board of directors of the Philadelphia Fed has announced that Patrick T. Harker, 56, currently president of the University of Delaware and a member of the Philadelphia Fed's board of directors, has been named the Bank's 11th president and CEO, effective July 1, 2015. Harker, who has served as a nonbanking Class B director of the Philadelphia Fed for the past three years, will succeed Charles I. Plosser, who retired effective March 1, 2015. Read the press release.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware. Learn more about us.
A monthly survey of manufacturers in the Third Federal Reserve District.
A monthly survey of nonmanufacturers in the Third Federal Reserve District.
Combine four state-level indicators to summarize current economic conditions in a single statistic.
Predict the six-month growth rate of the state's coincident index.
Designed to track real macroeconomic activity at high frequency. Last updated on March 30, 2015.