In the News
Highlights of local and national media coverage of the Boston Fed and its leadership team
The Boston Fed and its leadership team help shape regional and national economic policy. This is a continuously updated page that documents media mentions of the Bank and its leadership.
WBUR | April 13, 2021
"President of the Boston Fed ‘feeling very optimistic’ about the economy"
"Boston Fed President and CEO Eric Rosengren remains concerned about racial and gender disparities in the recovery — and in the economy at large. He joined WBUR Morning Edition host Bob Oakes to discuss his optimism and his concerns."
Bloomberg | April 12, 2021
"Fed’s Rosengren sees risks on both sides of inflation outlook"
"Federal Reserve Bank of Boston President Eric Rosengren said policy makers should be “pretty humble” about their level of confidence on inflation and said there are risks to both overshooting or undershooting the 2% target."
American Banker | April 12, 2021
"Fed official backs using capital buffer to reduce impact of future crises"
"Boston Fed President Eric Rosengren proposed Monday that going forward, regulators should reconsider actually turning the buffer on while the economy is strong."
PYMNTS | April 5, 2021
"Boston Fed’s Cunha On Building A Payments Network For The 'Next 100 Years'"
“The Boston Fed could well become the epicenter of the U.S. policy and debate over whether and how a government-issued digital currency happens, and one of the Boston Fed’s most resonant voices is Jim Cunha’s, SVP of secure payments and FinTech.”
Wall Street Journal | March 31, 2021
“Boston Fed staffers offer road map in digital-dollar research effort”
“Some time in the third quarter, the Federal Reserve Bank of Boston, working with researchers at the Massachusetts Institute of Technology, will reveal the first stage of a project that could years down the road yield a Fed digital dollar, James Cunha, the Boston Fed’s senior vice president of Secure Payments and FinTech Research, said in an interview last week.”
PYMNTS | March 31, 2021
“The Fed drives ahead with payment rail exploration”
“The Federal Reserve is paving the way for new payment infrastructure to drive progress in the U.S. landscape, both through an expansion of the FedNow pilot, as well as the exploration of a possible Fedcoin digital currency.”
Bangor Daily News | March 9, 2021
“Teams around Maine just got $25k each to figure out how to tackle a pressing local challenge”
“We were thrilled to see such widespread interest across Maine,” said Boston Fed Senior Community development Analyst Peter Nalli. “These eight recipients also represent a pretty diverse group of Mainers, from urban and rural areas, and are focused on a wide array of topics.”
Sun Journal | March 5, 2021
“Lewiston-Auburn make it to round one in contest for Federal Reserve’s ‘Working Communities Challenge’ grant”
“The eight chosen teams come from across Maine, focusing on childcare, job training, youth, the outdoors, and addressing poverty. Each team receives a $25,000 planning grant to support work over the next six months.”
NPR | March 4, 2021
“Of Puppies and Profits: The Beigie Awards”
Boston Fed economist, Mary Burke, joined NPR’s daily economics podcast the Indicator from Planet Money to discuss findings in the Boston Fed’s Beige Book report from March 3, 2021.
Read the story
Boston Globe | February 22, 2021
"To help low-income students, build more affordable housing in high-performing school districts, report says"
"Creating more affordable housing in affluent communities would also remedy gaps in achievement between white students and those who are Black or Latino — and who are more likely to be living in poverty — according to the report, from the New England Public Policy Center at the Federal Reserve Bank of Boston."
Central Banking | February 22, 2021
“Kenneth Montgomery on the Fed’s progress with instant payments"
Boston Fed First Vice President and Chief Operating Officer discussed the FedNow Service Program
Reuters | February 19, 2021
“Fed's Rosengren says large fiscal package appropriate, hopes for full employment within two years”
“Rosengren said he is hopeful the recovery will be strong enough for the labor market to return to full employment within two years, though he said the pace will depend on what happens with new variants of the virus and the distribution of vaccines.”
Boston Globe | February 19, 2021
“Boston Fed president urges focus on more inclusive economy”
“'The pandemic has highlighted the critical importance of finding ways to improve workforce development, increase workplace flexibility, and revitalize areas where many low-income workers reside,' Rosengren said in a virtual speech prepared for the Yale Economic Development Symposium on Friday.”
CommonWealth Magazine | January 30, 2021
"Lawrence no longer a 'city of the damned'"
"In their report, the Fed found a few expected ingredients—higher levels of education among residents, hospitals and universities as “anchor institutions,” transportation hubs such as shipping ports or train stations—and one crucial element that turned out to be most important of all: civic leadership and collaboration."
WBUR | January 15, 2021
“Boston Fed. Reserve President Says Economic Recovery Is On The Horizon”
Boston Fed President and CEO Eric Rosengren joined WBUR’s Morning Edition host Bob Oakes to talk about the economic outlook.
Financial Times | January 14, 2021
“Powell moves to stamp out market fear of exit from loose policy”
“Right now the economy is stalled. I don’t know how long that’s going to persist, but we’re still quite far away from where we need to be to get into full employment,” Eric Rosengren, the president of the Boston Fed, told the Financial Times this week. “As long as that’s true, we need to continue to do an asset purchase program that will continue to provide accommodation,” he said.
Boston Globe | January 12, 2021
“Boston Fed president sees ‘robust recovery’ in second half of 2021”
“After 10 months of pandemic-induced hardship for many, the start of COVID-19 vaccinations and a new round of government relief spending have set the stage for a strong rebound in economic growth and employment in the latter half of the year, according to Eric Rosengren, president of the Federal Reserve Bank of Boston.”
NPR | January 6, 2021
“The Indicator: Fear and Loaning”
Boston Fed Research Vice President and Economist, Joe Peek, joined NPR’s Adrian Ma on the Planet Money, The Indicator podcast to discuss the commercial real estate market, the current state of lending, and the Bank’s Senior Loan Officer Opinion Survey.
Boston Globe | January 5, 2021
“Report calls for boosting access to take-home medical treatment for opioid addictions”
Tuesday, Boston Fed Senior Economist and Policy Advisor Mary Burke and Senior Policy Analyst Riley Sullivan released a report that found that, among patients who had an initial nonfatal overdose, those who had received medication-assisted treatment in the preceding three months were less likely to experience a second overdose. The researchers also found “significant disparities” in access to such treatment across Rhode Island.
CT Mirror | December 31, 2020
“CT’s extreme inequality poses major obstacle to sustainable ‘inclusive’ growth”
“Connecticut Senator John Fonfara favors a new methodology for awarding municipal aid developed by researchers with the Federal Reserve Bank of Boston and the New England Public Policy Center that attempts to quantify baseline levels of essential services all cities and towns need, and then measure the cost of closing the ‘disparity gap’ in poor communities.”
WBUR | December 2, 2020
"Once Bustling, Boston's Commercial Real Estate Now Fuels Fears of a Slow Economic Recovery"
Boston Fed Economist and Research Vice President, Joe Peek, spoke with WBUR's Adrian Ma about Boston's commercial real estate market and how it may affect economic recovery down the road. "I think we haven't seen the worst of the bankruptcies and business failures yet," Peek said.
CommonWealth Magazine | November 28, 2020
Op-Ed: "State leaders must invest in child care"
"If Massachusetts invests in early education and care, then capacity will rebound and be ready to serve all children, and the Commonwealth’s economy can be rebuilt more equitably and efficiently. The system would be more resilient to future economic shocks, and a parent’s decision to work – and their children’s development – won’t be subject to whether and how much those parents can afford to pay."
The Times Argus | November 19, 2020
“Barre gets $300k to help lift women out of poverty”
Boston Fed President and CEO Eric Rosengren said doing the work to strengthen local economies during a pandemic can be difficult, but it’s also the most important time to do so. “Low- and moderate-income individuals in our communities have clearly been disproportionately affected by what’s happened and we need to find creative ways to get to a better outcome,” he said.
NBC5 | November 19, 2020
“Four Vermont towns win 2020 challenge grants”
Boston Fed President and CEO Eric Rosengren joined Vermont Governor Phil Scott for a virtual announcement of the 2020 Working Communities Challenge Vermont grant recipients. "This is a time when there's not a lot of good news and this is an opportunity to actually celebrate success.”
Wall Street Journal | November 10, 2020
“Political Battle Looms Over Fed’s Emergency Loan Programs”
“Eric Rosengren, the president of the Boston Fed, which is administering the Main Street Lending Program that targets small and midsize businesses, said Tuesday it was important to reach a decision on any extension soon so that lenders arranging those loans could plan accordingly.”
New Hampshire Business Review | November 9, 2020
“How New Hampshire arrived at a childcare crisis”
“Today, the pandemic has made broadly evident what was already clear to America’s parents, employers, and care providers: the nation’s early childhood care system is fragile,” said Beth Mattingly, an assistant vice president in the Boston Fed’s Regional and Community Outreach department in a recent publication.
Maine Public | October 22, 2020
“Boston Fed, State Initiative Seeks to Boost Maine Communities”
The Federal Reserve Bank of Boston and Maine Governor Janet Mills launched the Working Communities initiative to help several Maine communities create long-term strategies to boost their economies.
Bangor Daily News | October 21, 2020
"Janet Mills announces $2.7 million in grants for small Maine communities"
Maine Governor Janet Mills announced on Wednesday the launch of the Working Communities Challenge, a collaboration between the Boston Fed and the state of Maine that aims to support local teams working to improve economic outcomes for all Mainers.
NPR | October 13, 2020
“What role can the Fed play in building a more inclusive economy?”
In a panel discussion moderated by NPR “Marketplace” host Kai Ryssdal, presidents of the Federal Reserve Banks of Atlanta, Minneapolis and Boston acknowledged that they have a role to play in dismantling structural racism in the U.S. economy.
WBUR | October 9, 2020
“Boston Fed Bank President Fears Winter Months Could Hinder Economy’s Pandemic Recovery”
WBUR’s Morning Edition spoke with Boston Fed President and CEO, Eric Rosengren, about the state of the economy and the future of economic recovery.
Fox Business | October 8, 2020
“Fed’s Rosengren: Additional stimulus needed for robust recovery”
Boston Fed President and CEO Eric Rosengren spoke with Fox Business’ Edward Lawrence about economic recovery, the need for additional stimulus and forecasted the U.S. won’t return to record-low unemployment for at least three years.
Forbes | October 7, 2020
“The Federal Reserve Has A Role To Play In Reducing Racism In The American Economy”
“Just in the first part of the Racism and the Economy series, Federal Reserve Presidents Raphael Bostic, Neel Kashkari, and Eric Rosengren and their guests confronted the history and present state of racism and the American economy, the role of the Federal Reserve in these issues, and also explored public and private sector solutions that can benefit everyone.”
Bloomberg | October 7, 2020
“Fed Officials Vow to Alter Long-Held Practices to Beat Inequity”
“We have to think about this much more holistically. You can’t just solve, for example, the wealth gap, without addressing all these other gaps,” said Boston Fed President and CEO Eric Rosengren. “So thinking about collective action in a much more comprehensive way, as Fed policy makers, but also as the recommendations that we’re giving to other policy makers, who have other tools than we have, is really important.”
Reuters | September 24, 2020
“Fed’s policymakers diverge on outlook for inflation, economy”
“Eric Rosengren, president and CEO of the Boston Fed, said the U.S. economy is far from the Fed’s goals of maximum employment or 2% inflation, and interest rates will stay low for several years.”
Yahoo! Finance | September 24, 2020
“Boston Fed’s Rosengren: Further QE could help economy, but not as much as fiscal policy”
Boston Fed President and CEO Eric Rosengren spoke with Yahoo Finance’s Brian Cheung about the latest jobless claims numbers and the U.S. economy Thursday, Sept. 24.
Boston Globe | September 23, 2020
“Boston Fed’s Rosengren, less optimistic on economy than his colleagues, warns of ‘second shoe dropping”
“In an interview, Boston Fed President and CEO Eric Rosengren conceded he is more pessimistic than many of his Fed colleagues, saying his primary concern is the likelihood that a second wave of COVID-19 infections will trigger new travel restrictions and a retreat in business and consumer confidence.”
Connecticut Mirror | September 17, 2020
“School funding falls far short of leveling the playing field for CT students”
According to New England Public Policy Center economists Bo Zhao and Nicholas Chiumenti, Connecticut is facing large disparities in school funding across districts. They write, “Statewide, 51.5% of public school students were enrolled in districts where spending was inadequate for achieving target performance.”
Washington Post | September 9, 2020
“Congress Must Clarify whether loan program can expand, Fed leader says”
“Eric Rosengren, president of the Federal Reserve Bank of Boston, is calling on Congress to clarify whether the Main Street lending program can make riskier loans, which could help push more money out the door to companies fighting for survival.”
Banker and Tradesmen | September 4, 2020
“Main Street Lending Now Fully Operational for Nonprofits”
“Nonprofit entities – including most hospitals, educational institutions, and social service organizations – play critical roles in our society and our economy, while employing a significant share of the country’s workforce,” Boston Fed President and CEO Eric Rosengren said in a statement encouraging lenders to submit qualifying loans approved for nonprofit organizations.
Forbes | August 30, 2020
“Fed Partners With MIT Based Digital Currency Initiative to Explore Central Bank Digital Currency”
The Boston Fed is partnering with MIT Digital Currency Initiative to build and test a Central Bank Digital Currency to complement, not replace, cash.
The Atlantic | August 23, 2020
“The Pandemic Recession is Approaching a Dire Turning Point”
“By and large, the CARES Act, between the economic-impact payments and the unemployment, in particular at the family level, did a lot of heavy lifting toward keeping material hardship and poverty at bay,” Beth Mattingly, an assistant vice president in regional and community outreach at the Federal Reserve Bank of Boston, said.
WBUR Radio Boston | August 18, 2020
“Boston Federal Reserve President Isn’t Optimistic About a Fast Economic Recovery”
Boston Fed President and CEO Eric Rosengren talked to WBUR’s Jamie Bologna and Tiziana Dearing about how we can prioritize both public and economic health in a pandemic, and what it will take to get the economy back on its feet.
Marketplace | August 18, 2020
“Boston Fed president: We need fiscal policy until pandemic is under control”
Boston Fed President and CEO Eric Rosengren spoke with David Brancaccio on Marketplace’s Morning Report about the Main Street Lending program and the importance of fiscal policy for economic recovery.
Bloomberg | August 13, 2020
“Brainard Says Fed is Conducting E-Money Tests for Research”
James Cunha, senior vice president of Payment Strategies at the Boston Fed overseeing the project, said the first stage will be technologists from the reserve bank and MIT working together to build “an engine and the software that can meet the needs” of a digital currency for a country the size of the U.S. There are multiple challenges, Cunha explained, from the sheer volume of transactions to security and privacy.
American Banker | August 12, 2020
“Demand for Fed’s Main Street loan program is growing, Rosengren says”
“Much of the increase in loans has occurred recently, and I expect we will continue to see more activity as more firms are impacted by the pandemic,” Boston Fed President and CEO Eric Rosengren said in remarks to the South Shore Chamber of Commerce in Massachusetts.
Associated Press | August 12, 2020
“Boston Fed chief: States’ rush to reopen slowed US recovery”
“Despite the sizable interventions by monetary and fiscal policymakers ... the recovery may be losing steam, as activities in many states are once again restricted (officially or voluntarily) to slow the virus’s spread,” Boston Fed President and CEO Eric Rosengren said.
Wall Street Journal | July 28, 2020
“Fed’s outlook turns gloomier as coronavirus spreads”
“The economy will face ‘severe economic consequences’ if the public health response doesn't improve, Boston Fed President & CEO Eric Rosengren said. The Fed's policy response is ‘not going to be able to offset all the losses if we continue to make serious public health mistakes.’"
Hartford Business Journal | July 10, 2020
"Boston Fed forecast shows CT tax revenue dropping up to 20% this year"
According to New England Public Policy Center senior economist Bo Zhao's recent study, which forecasts 2021 tax revenues for each New England state in the time of COVID-19, Connecticut's tax revenue could drop by as much as 20% in the next fiscal year.
Boston Globe | July 17, 2020
“Mass. Unemployment rate led the nation in June”
“The other factor working against the state in the past few months was the makeup of its economy: Massachusetts is more reliant on industries that were directly affected by the shutdown and saw big job losses ― health care, education, and travel-related business such as restaurants and hotels — than the country as a whole, according to Bo Zhao, a senior economist at the Federal Reserve Bank of Boston’s New England Public Policy Center.”
Wall Street Journal | July 8, 2020
“Fed’s $600 Billion Lending Program Will See More Interest if Economy Slumps, Official Says”
“The likelihood that we continue to have serious problems with the infections means that businesses are likely to be disrupted for a longer period of time, so there’s an insurance element against the pandemic, as well as meeting an immediate need of some borrowers,” said Boston Fed President and CEO Eric Rosengren.
Eric Rosengren, Boston Fed President and CEO, says the U.S. economy could recover more slowly than expected from the economic crisis caused by the coronavirus, and small and mid-sized businesses may have higher-than-expected demand for Main Street loans going forward.
Financial Times | July 8, 2020
“Rosengren sees more US businesses needing Fed rescue”
“If my expectations are right, there are going to be more firms that start worrying about whether they have sufficient financing… so my expectation is that we will ramp up over time, and we will see more banks and more borrowers,” said Boston Fed President and CEO Eric Rosengren.
Portland Press Herald | July 6, 2020
“Maine leads New England for economically vulnerable college towns”
New England Public Policy Center senior policy analyst Riley Sullivan issued a report that found Maine leads the region in terms of the number of municipalities that are heavily dependent on colleges and universities for their local economies, and may be at risk of economic harm due to pandemic-related disruptions to higher education.
Inc. Magazine | June 23, 2020
"When Credit Runs Dry, This Fed President Has a Plan"
Boston Fed President and CEO Eric Rosengren says the Main Street Lending Program is built to shore up credit when conditions tighten.
Yahoo Finance | June 22, 2020
"Boston Fed's Rosengren: Second half of 2020 will be 'more difficult' than anticipated"
Boston Fed President and CEO Eric Rosengren said that failure to properly contain the COVID-19 outbreak means the second half of 2020 may be "more difficult than many people are anticipating."
Reuters | June 19, 2020
"U.S. economy will likely need more support, Fed's Rosengren says"
Boston Fed President and CEO Eric Rosengren warns the continued spread of coronavirus could hamper the U.S. economic rebound, and more fiscal and monetary support will likely be needed.
CNBC | June 19, 2020
“Fed’s Rosengren reports ‘tremendous interest’ from businesses for loan program”
Boston Fed President and CEO Eric Rosengren reports seeing high demand for the Main Street Lending facility designed to help local businesses and lenders maintain vital business credit during these very challenging economic times.
Bloomberg | June 19, 2020
"Fed’s Rosengren Outlines Dark Forecast With Warning Over Virus"
“Unemployment remains very high, and because of the continued community spread of the disease and the acceleration of new cases in many states, I expect the economic rebound in the second half of the year to be less than was hoped for at the outset of the pandemic,” Boston Fed President and CEO Eric Rosengren said.
Providence Business News | June 19, 2020
"Boston Fed leader predicts double-digit unemployment through 2020"
Boston Fed President and CEO Eric Rosengren said he believes unemployment will remain in the double digits for the rest of the year, attributing high rates to “persistent economic headwinds from the pandemic over the second half of the year.”
State House News Service | June 13, 2020
'New England Has About 50,000 Uninsured Essential Workers, Study Finds'
"These workers are at increased risk both of infection and of high out-of-pocket medical expenses if they seek care," wrote researchers at the Federal Reserve Bank of Boston"
CommonWealth Magazine | May 30, 2020
Op-Ed: Major public funding needed for child care
"Even before the crisis, many parents were priced out of high-quality care or felt obliged to use subpar care. Today, continued inaction and under-investment have left us with an array of options that cannot be sustained in the new economic reality and still support working parents."
CT Mirror | May 26, 2020
"Federal Bank predicts a Connecticut surge of pandemic-induced missed rent and mortgage payments"
"Jeffrey Thompson, an economist and director of the New England Public Policy Center at the Federal Reserve Bank of Boston, said 11% percent of Connecticut homeowners and 36% of the state’s renters are vulnerable to missing at least one payment."
CBS News | May 24, 2020
"Boston Fed president predicts double digit employment through the end of the year"
"Unfortunately, I think it's likely to be double digit unemployment through the end of this year, and full employment, getting back down to the low levels of unemployment we saw at the end of February, probably takes either a vaccine or other medical innovations that make it much less risky to go out," said Boston Fed President & CEO Eric Rosengren on CBS "Face the Nation."
Fox Business | May 21, 2020
"Fed's Rosengren says US unemployment rate could remain in double digits at end of 2020"
In an interview with Fox Business New Correspondent Edward Lawrence, Boston Fed President Eric Rosengren said he expects unemployment to remain well above the pre-crisis level of 3.5 percent at the end of 2020 even as states begin to roll back stay-at-home guidelines adopted earlier this year to slow the spread of the virus.
Federal Reserve Bank of Boston President & CEO Eric Rosengren spoke with Erin Burnett, anchor of Erin Burnett OutFront, regarding the economic impact of the coronavirus and the Main Street Lending Program.
Washington Post | May 19, 2020
"Millions of people lost their jobs in hard-hit New England. Many fear their homes could be next."
“If we don’t see a dramatic resumption of employment, and we don’t see an extension of those unemployment insurance benefits, then the scenario quickly looks much closer to our worst-case scenario,” said New England Public Policy Center Director and economist Jeffrey P. Thompson.
New York Times | May 19, 2020
"Mnuchin and Powell warn of economic scarring, and offer divergent solutions"
"The Federal Reserve Bank of Boston president, Eric Rosengren, went a step further in a separate speech on Tuesday, saying that opening the economy was not a “panacea” and that lifting restrictions prematurely would carry risks, potentially leading to worse health outcomes and higher unemployment."
CNBC | May 19, 2020
"Boston Fed President Rosengren says reopening may be ‘premature’"
New England Public Policy Center Director Jeffrey Thompson talked to WBUR's Bob Oakes on Morning Edition about today's economic crisis, driven by the coronavirus pandemic, and how it looks very different from the one a decade ago.
Pymnts.com | May 5, 2020
"Fed launches FedNow community for instant payments, seeks participants"
"The FedNow Community will help influence FedNow Service design and our development roadmap by providing input on desired service features, technology and implementation plans," said Ken Montgomery, Boston Fed first vice President in a statement.
Providence Journal | April 29, 2020
"Economists expect double-digit unemployment, more than $1 billion in lost wages in months"
"RIPEC cited a recent estimate from the Federal Reserve Bank of Boston that Rhode Island will lose from $400 million to $464 million in the current year to COVID-19. And Moody’s estimates that the state will lose $504 million to $592 million through June 2021."
Boston Business Journal | April 23, 2020
"Missed mortgage, rent payments in N.E. could total $1.5B a month, says Boston Fed"
“The full extent of the economic damage, though, cannot be known with certainty at this point,” the report adds. “It will depend on the course the spread of the virus takes as well as the offsetting effects of the major economic stimulus efforts that have been undertaken and those that are under consideration.”
The Atlantic | April 10, 2020
"The pandemic will cleave America in two"
“I think that even a month of this could have devastating effects for many of our most vulnerable” people, said Beth Mattingly, an assistant vice president in regional and community outreach at the Federal Reserve Bank of Boston. “The longer it goes, the more concerned I am, and probably my concern grows exponentially, not linearly.”
WNPR Radio| April 7, 2020
"Boston Fed: Coronavirus recovery plan must boost undervalued service workers"
“This is a workforce who we tend not to think about. And this is a workforce who we depend on,” said Sara Chaganti, senior policy analyst at the Federal Reserve Bank of Boston.
Marketplace Radio | April 9, 2020
"Boston Fed president: “Social distancing is expensive”"
Boston Fed President & CEO Eric Rosengren spoke to Marketplace Radio's David Brancaccio about the current state of the economy, during the COVID-19 pandemic.
WGBH News | April 2, 2020
"Boston Federal Reserve president: 'Solve the public health problem to solve the economic problem'"
President Rosengren sat down with WGBH News anchor Jim Braude to discuss the impact of the corona virus pandemic on the regional and national economy.
Boston Globe | April 1, 2020
"Boston Fed chief warns economic hit from coronavirus could last longer than expected"
Boston Fed President and CEO Eric Rosengren said the economy won’t begin to rebound until there is widespread testing available to allow people to be comfortable returning to work.
Wall Street Journal | April 1, 2020
"Fed's Rosengren says nobody should be left behind in stimulus efforts"
Boston Fed President and CEO Eric Rosengren spoke with the Wall Street Journal’s Nick Timiraos and Michael Derby on April 1, and said the Federal Reserve has been working aggressively to limit financial damage from the coronavirus shock.
Bloomberg TV | April 1, 2020
"Fed’s Rosengren says Main Street Lending Program 2 weeks away"
Federal Reserve Bank of Boston President & CEO Eric Rosengren spoke with Bloomberg Economics Editor Michael McKee on April 1.
New York Times | Mar. 24, 2020
"One city's road to recovery offer lessons, and hope"
Lawrence, Mass., once an industrial power, set out to reverse a long decline with the Federal Reserve's help. Now it faces a new economic challenge.
CNBC | Mar. 19, 2020
"Boston Fed president: Markets should stabilize in a week or two"
Boston Fed President Eric Rosengren spoke to CNBC Chief Economics Correspondent Steve Liesman by phone on March 19.
Bloomberg News | Mar. 19, 2020
"Fed’s Eric Rosengren says U.S. economy ‘will come back strongly’"
"The U.S. Economy will come back strongly at some point," President Rosengren said in a phone interview with Bloomberg on Thursday, March 19.
WBUR News | Mar. 18, 2020
"Boston Federal Reserve president says slow response to virus set U.S. economy back"
Federal Reserve Bank of Boston President Eric Rosengren joined WBUR's Morning Edition to talk about the Fed's latest moves and give his take on both countrywide and local economic struggles.
Boston Globe | Mar. 17, 2020
"Boston Fed president: ‘If we need to do more, we will’"
"Rosengren said he’s most concerned about the blow we are about to take as consumer spending drops and layoffs climb. Big and targeted fiscal stimulus is needed quickly. “I would focus the programs primarily on smaller businesses and lower-income individuals who are likely to be most impacted by shutdowns,” President Rosengren said.
Reuters | Mar. 13, 2020
"Fed's Rosengren says 'disruptive' steps needed to 'dent' coronavirus"
“The tactics that can dent a pandemic are, to be sure, somewhat disruptive. And inconvenient. But they are the right thing to do. And the time is now,” Rosengren said in a joint statement with Dr. Paul Biddinger, the director of the Massachusetts General Hospital Center for Disaster Medicine.
Boston Globe | Mar. 13, 2020
“Boston Fed message on pandemic prevention is getting through”
“Many employers wrestled this week with the pressing question about whether people should work with home. Boston Fed chief Eric Rosengren and Dr. Paul Biddinger, head of disaster medicine at Mass. General Hospital, have an answer: If they can, they should do so.”
Wall Street Journal | Mar. 6, 2020
"Fed’s Rosengren: Fed needs to broaden assets it can buy"
“There would be little room for the Federal Reserve to lower rates through large purchases of long-term Treasury securities—like it did to make conditions more accommodative in and after the Great Recession —if a recession occurred in this rate environment,” Rosengren said in the text of a speech for delivery at the gathering of the Shadow Open Market Committee, a group that weighs in on central bank issues, in New York.
New York Times | Mar. 6, 2020
"Fed may need to buy other assets to replenish tool kit, official says"
“Such a situation would raise challenges policymakers did not face even during the Great Recession,” Rosengren said. And in such a case, “we should allow the central bank to purchase a broader range of securities or assets.”
American Banker.com and American Banker Podcast | Feb. 12, 2020
"Why the Fed is taking an incremental approach to faster payments"
“We want to take the time to get it right,” said Kenneth Montgomery, the first vice president of the Federal Reserve Bank of Boston who is overseeing FedNow. "As we continue to refine business requirements, hear from the industry about what they’re looking for, our objective will be to have subsequent releases after that initial release of FedNow.”
VTDigger | Feb. 7, 2020
"Communities use Federal Reserve planning grants to help new arrivals"
"Last fall, the Boston Fed released a request for proposals, or RFP, for Vermont planning grants. This month, it announced eight regions that have won the $15,000 grants. Those grantees will apply for larger, multi-year grants that will be awarded to three Vermont communities in the spring."
"People don’t know to call it synthetic fraud — they just think someone walked away from a debt they owed,” said Jim Cunha senior vice president of secure payments and fintech at the Federal Reserve Bank of Boston. “It’s significantly underreported because most small and medium banks don’t believe they’re victims of it.”
Hartford Business Journal | Jan. 13, 2020
"Rosengren: Amid CT’s challenges, take heart in low jobless rate, industry strengths"
"Economists aren’t very good at actually predicting downturns, and that’s true at the national level and it’s even more true at the state level,” President Rosengren said. ”My own personal view is that Connecticut probably is not as susceptible [to contraction] as being on that list might imply.”
Hartford Courant | Jan. 13, 2020
"Boston Fed President Eric Rosengren forecasts a stable economy in 2020 at Connecticut Business & Industry Association meeting"
“Private forecasters and [Federal Open Market Committee] participants anticipate a good outcome for the economy in 2020 and beyond, with low inflation and strong labor markets,” Eric Rosengren told business leaders gathered in Hartford. "However, as with any forecast, there are risk scenarios that are not captured in the most likely outcome for the economy.”
Yahoo Finance | Jan. 13, 2020
"Boston Fed's Rosengren: 'We don't need to do very much at all' on interest rates"
"Overall the outlook is good and it's basically a soft landing, which means we don't need to do very much at all on interest rates,” President Rosengren said sidelines of a Connecticut business conference on Monday morning.
Maine Public Radio | Jan. 7, 2020
"'The ramifications are huge' — survey shows economic effects of high child care costs in Maine"
“We’ve been hearing from families about challenges working — obstacles to work. And wanting to think about child care in a way that brought attention to it as a needed workforce support,” Beth Mattingly, assistant vice president of regional and community outreach, said.
WBUR Radio | Dec. 19, 2019
"Boston Federal Reserve president predicts economic growth will continue into 2020"
President Rosengren joined WBUR's Morning Edition to talk about the economy heading into the New Year and look back on a successful 2019.
MarketWatch | Dec. 17, 2019
"Fed’s Rosengren says he isn’t worried about a recession"
“My own view is that it is unlikely we will have an economic downturn in the coming year, given the generally positive financial conditions and the continued accommodative monetary and fiscal policies,” Rosengren said.
Wall Street Journal | Dec. 17, 2019
"Fed’s Rosengren: No need for rate change right now"
"Given the recent cuts in the federal-funds rate, and the fact that monetary actions take effect with some lag, I would say that this is a good time to patiently assess the economy,” President Rosengren said in the text of a speech presented at a gathering of the Forecasters Club of New York. “I do not see a need for additional policy easing unless there is a material change to the forecast.”
Associated Press | Dec. 6, 2019
"Jerome meets Jasmine: Fed chief observes economic struggles"
Federal Reserve Chairman Jerome Powell visited Silver Lane elementary school with Federal Reserve Bank of Boston President Eric Rosengren to hear from communities members about the Working Cities Challenge effort East Hartford CONNects.
Reuters | Dec. 6, 2019
"In East Hartford, a new effort to help workers left behind"
“We try to create a strong labor market,” Powell said on a recent visit here with Boston Fed President Eric Rosengren. “For many, many people, and many, many communities that’s enough....But for people who are at the margins, the low- to moderate-income community, that’s not enough,” Powell said. “They need a chance.”
"Companies are hiring, businesses are being started. But for people who are at the margins, in low- and moderate-income communities, it’s not enough. They need more. They need a chance. They need the social capital that you have come together to provide," Chairman Powell said.
Bloomberg Radio: Baystate Business | Nov. 18, 2019
"Baystate Business: Boston Fed President Rosengren"
President Rosengren spoke to Bloomberg Bay Business hosts Joe Shortsleeve and Tom Moroney about the Bank’s community development work, including the Working Cities Challenge.
Bloomberg TV | Nov. 18, 2019
"Fed’s Rosengren on economy, fiscal policy, negative rates"
President Rosengren sat down with Bloomberg TV correspondent Michael McKee to discuss his recent speech given in Oslo, Norway, and other topics including capital buffers, inflation, and the repo market.
Wall Street Journal | Nov. 11, 2019
"Boston Fed president warns central banks have limited tool kits"
"Boston Fed leader Eric Rosengren warned on Monday many top central banks have a limited tool kit to deal with the next downturn, and added efforts to roll back regulations on banks may be exacerbating risks to the financial sector."
The CT Mirror | Oct. 17, 2019
"Lowell comeback: From textiles to tech, and maybe textiles again"
"The (Working Cities Challenge) program, run by the city and the Coalition for a Better Acre with almost a dozen local partners, focuses on connecting people with resources they often are unaware of, such as job training, getting them to the programs, enhancing small businesses and getting neighborhood people involved in community decision-making, said Tamar Kotelchuck, who directs the program (for) the Boston Fed."
Reuters | Oct. 11, 2019
"Fed's Rosengren urges patience on rates, with eye on consumer"
"Rosengren, who has opposed the U.S. central bank’s two interest-rate cuts this year, said the main question was whether consumer spending can continue to offset the negative impact of the Trump administration’s trade wars and slowing global growth."
Wall Street Journal | Oct. 8, 2019
"Boston Fed president warns of co-working risks to property market"
“My concern is basically structural,” Mr. Rosengren said. “You’re getting longer-term leases and then you’re renting out the space short-term. So you have an asset-liability-mix problem.”
Financial Times | Oct. 7, 2019
"Fed official cites banks’ taste for reserves in repo glitch"
“My own personal view is that we should focus on supplying enough reserves that we’re not close to the edge,” Rosengren said. “How we do that, and what the transition is, my own personal preference would be to make sure that we have a truly ample reserve regime.”
Reuters | Oct. 7, 2019
"U.S. economists wrestle with how to help 'left behind' areas"
“You don’t just want to throw money evenly across the country and see what sticks,” Rosengren said, arguing that any effort should be “mostly ground up and more of a competition” so local communities can be in charge of their own best ideas.
Yahoo Finance | Oct. 7, 2019
"Boston Federal Reserve President Eric Rosengren on interest rates and jobs"
Boston Fed President and CEO Eric Rosengren sat down with Yahoo Finance reporter Brian Cheung after the 63rd Annual Boston Fed Economic Conference.
Boston Globe | Oct. 5, 2019
"Fed’s Rosengren remains a guarded optimist on the economy"
“An important area I will be looking at closely is whether the consumer continues to spend enough to offset the weakness generated by trade and geopolitical concerns,” Rosengren said.
CNBC | Oct. 4, 2019
"Boston Fed President Rosengren sees 1.7% GDP growth the second half of 2019"
Boston Fed President and CEO Eric Rosengren sat down with CNBC Chief Economic Correspondent Steve Liesman during the 63rd Annual Boston Fed Economic Conference.
Fox Business News | Sept. 20, 2019
"Boston Fed president: We're encouraging firms to take on more debt"
Boston Fed President Eric Rosengren sat down for a discussion with Fox Business News correspondent Edward Lawrence.
Wall Street Journal | Sept. 20, 2019
"Fed’s Rosengren says cutting rates now boosts risk of financial instability"
“Additional accommodation is not needed for an economy where labor markets are already tight—and risks further inflating the prices of riskier assets, and encouraging households and firms to take on what may be too much leverage,” Mr. Rosengren said in the text of a speech to be delivered Friday at an event at New York University.
CNBC | Sept. 20, 2019
"Fed’s Rosengren says the US has survived the trade war and doesn’t need rate cuts"
“One potential cost of increased accommodation is that very low rates can encourage households and firms to take excessive risks,” Rosengren said in prepared remarks. “This could show up in the form of increased household and firm leverage, with prices for risky assets reaching levels that may not be sustainable over time.
Reuters | Sept. 20, 2019
"Fed's Rosengren flags risks to economy in WeWork-style model"
"I am concerned that commercial real estate losses will be larger in the next downturn because of this growing feature of the real estate market, which could ultimately make runs and vacancies more likely due to this new leasing model," Rosengren said in a speech at a credit markets conference at New York University’s Stern School of Business.
Washington Post | Sept. 3, 2019
"U.S. economy is ‘relatively strong’ and doesn’t need lower interest rates, key Fed leader says"
“You don’t want to apply accommodation at a time when you don’t need it, in part because you won’t have it when you do need it and in part because there are side effects from pushing interest rates very low. It encourages people to take more risk,” Rosengren said.
Boston Globe | August 30, 2019
"Rhode Island has clawed back from the Great Recession. What happens when the next one comes?"
“Rhode Island is well into positive territory relative to the pre-recession peak, it has caught up with Maine, and it is clearly middle of the pack (in New England),”Jeffrey Thompson, director of the New England Public Policy Center said.
Bloomberg | August 19, 2019
"Fed’s Rosengren wants evidence of slowdown to justify rate cut"
“We’re likely to have a second half of the year that’s much closer to 2% growth,” Rosengren said Monday in an interview with Kathleen Hays on Bloomberg Television. “I’m not saying there are not circumstances in which I’d be willing to ease. I just want to see evidence we are going into something that is more a slowdown.’’
American Banker | Aug. 15, 2019
"Fed names leader for development of real-time payment system"
"Kenneth Montgomery, a longtime executive at the Federal Reserve, will lead the central bank’s development of its newly planned real-time payment system."
“Accessing opportunity sometimes requires that people move across communities,” Erin Graves, a senior policy analyst at the Boston Fed and a co-author of the study said. “So reducing those barriers is something that everybody in the region needs to be committed to.”
Reuters | Aug. 2, 2019
"Fed's Rosengren sees no clear, compelling case for further rate cuts"
"Boston Federal Reserve Bank President Eric Rosengren, one of two dissenting votes at the U.S. central bank on its decision earlier this week to cut borrowing costs, said on Friday he saw no “clear and compelling case” for further interest-rate cuts."
Wall Street Journal | Aug. 2, 2019
"Fed’s Rosengren doesn’t see ‘clear and compelling case’ for interest-rate cut"
Washington Post | July 24, 2019
"An interest rate cut is a done deal. Or is it?"
"In a lecture last week, Rosengren pushed back against this view by contending that the Fed is already subject to much public control. Congress sets the goals that should be pursued, he said, while the Fed decides — largely on technical grounds — how these goals ought to be reached."
Marketplace Radio | July 19, 2019
"The Boston Fed president says the economy is doing 'quite well'"
CNBC Closing Bell | July 19, 2019
"Boston Fed Pres. Rosengren: Economy has 'definitely slowed' this year"
Pres. Rosengren sat down with CNBC's Sarah Eisen to give his take on the current state of the economy.
Wall Street Journal | July 19, 2019
"Boston Fed’s Rosengren says recent economic developments have been positive"
American Banker | July 15, 2019
"Regulators need more tools to keep system safe: Boston Fed chief"
“We don't have all the macroprudential tools that we might need in the future,” Rosengren said. “Ideally, financial stability is worried about risks wherever they are in the financial system, not just at the largest banks. So the coverage in the United States is quite limited.”
Digital Transactions | July 11, 2019
"How IDs invented out of whole cloth have become a fast-growing scourge in payments"
"Two factors fueling the spread of synthetic identity fraud are the randomization of Social Security numbers and the increased exposure of consumer data to criminals due to data breaches, says Jim Cunha, senior vice president for the Federal Reserve Bank of Boston."
The Boston Globe | July 10, 2019
"An emergency loan program to help with unexpected expenses"
“We’re working with financial security advocates and other partners to strategize on ways to attack the savings problem,” [Boston Fed Senior Business Strategy Manager Brian] Clarke says, “including exploring ways to help employers take a more collaborative approach to worker finances, focusing on credit-building tools, and looking at how new FinTech solutions can help people save money and increase their financial security.”
Wall Street Journal | June 21, 2019
"Fed's Eric Rosengren says Japan’s banks face adverse economy"
“Japan, like the United States, might benefit from considering an expanded set of macroprudential tools to enhance the financial system’s resilience,” Rosengren said in remarks prepared for delivery at a conference in Eltville, Germany.
Payments Journal | June 13, 2019
"The Federal Reserve looks to further define fraud"
Ken Montgomery: "Our ultimate goal is to help mitigate and even prevent fraud. To do this, we must first better understand how fraud is perpetrated. And likewise, broader adoption of consistent fraud definitions and classifications will improve industry collaboration and fraud intelligence."
Commonwealth News | May 31, 2019
"Availability, not the economy, drives New England opioid overdoses"
"While higher rates of fatal overdoses are, on average, associated with certain indicators of economic malaise, that it was actually higher rates of prescribing that are most closely associated with higher rates of fatal overdoses," says Riley Sullivan, senior policy analyst in the New England Public Policy Center.
Bloomberg News | May 29, 2019
"Boston Fed enters the active vs. passive debate"
Kenechukwu Anadu, supervisory research and analysis unit risk manager at the Federal Reserve Bank of Boston, talked with Bloomberg's Scarlet Fu about the Boston Fed and Federal Reserve Board of Governors report on active vs. passive investing, and the pros and cons of both.
Rutland Herald | May 22, 2019
"New program will invest in Vermont"
"Rosengren stressed there is no right answer — proposals could address issues ranging from education to opioid addiction and pretty much everything in between.
“It’s not about the Boston Fed telling communities what they’re going to do,” he said. “It’s us facilitating communities figuring out what they should do for themselves and coming up with sustainable projects that really work.”
Vermont Digger | May 22, 2019
"Boston Fed steps into Vermont work on poverty, community development"
"We’ve been concerned about the inequality that has been happening geographically as well as by race and by class,” Prabal Chakrabarti, senior vice president at the Boston Fed’s regional and community outreach department said. “We have a stake in helping small- to medium-size cities and rural communities participate in the economy, and that comes from the full employment mandate.”
Reuters | May 21, 2019
"Fed's Rosengren sees 'no clarion call' to shift U.S. interest rates"
"For now, I am optimistically assuming that both sides in the trade negotiations will work to reach an agreement,” Rosengren said. “I am also assuming that while the uncertainty is not helpful, it will be transitory, and thus have only a modest effect on the forecast for the U.S. economy overall.”
The Boston Globe | May 13, 2019
"Opening the Fed’s doors to the public"
"The newest example: a Monday conference that drew panelists and audience members from the community to discuss the region’s economy. It was the latest stage in a nationwide series dubbed “Fed Listens” and reflects a broader effort by Rosengren and his colleagues in other parts of the Federal Reserve system to strip away the mystery of the once-enigmatic deliberations at the central bank."
CNN Business | May 21, 2019
"Boston Fed President: Tariffs have potential to slow down the economy"
"Eric Rosengren, president of the Federal Reserve Bank of Boston, says "there are some costs just having this period of waiting where we're not sure what the outcome will be" in the US-China trade war."
WBUR Radio | May 13, 2019
"Boston Fed President says state and U.S. economies remain strong, for now"
Rosengren: "Right now, the economy is doing pretty well. Our unemployment rate by historical standards is quite low and as a result, labor markets are pretty tight. We are seeing wages go up; they're going up slowly, but they are going up. The one surprise is we're not seeing very much inflation at all."
Reuters | May 13, 2019
"Fed can lower rates if U.S.-China trade spat causes slowdown - Rosengren"
Rosengren: “It’s hard for the Fed to react until we have better information, so in terms of us viewing our policies as being patient, I’m not sure this alters our view of that until we have a better sense of whether this is going to have more long-lasting effects.”
Bloomberg | May 13, 2019
"Rosengren says Fed needs more time to weigh trade war impact"
“We shouldn’t assume there’s going to be a change. Just because you found a problem doesn’t mean you have a cost-effective solution,” he said. “At the some time just because it may not be as easy as you think doesn’t mean you should never make a change.”
Digital Transactions News | April 26, 2019
"Factors align for widespread U.S. contactless payments adoption, a Fed study suggests"
“The rest of the developed world is contactless,” says Marianne Crowe, vice president of payment strategies at the Boston Fed. “It’s becoming a need for us to become current with the rest of the world as well.”
Wall Street Journal | April 15, 2019
"Fed official is open to adopting an inflation target range"
"The leader of the Federal Reserve Bank of Boston said he favors the central bank moving from using interest-rate policy to achieve 2% inflation to a regime that targets a range of price pressures, in remarks that also offer a positive view of the U.S. economy."
Boston Neighborhood Network | April 11, 2019
"Conversions threaten affordable housing supply"
Nicholas Chiumenti of Boston Fed's New England Public Policy Center talks to BNN host Chris Lovett about his new report on the accelerating loss of affordable housing units in Massachusetts — and how to meet the needs of households with the highest rent burden.
Boston Globe | April 3, 2019
"Boston Fed report paints bleak picture for low income renters"
"A report released Wednesday by researchers at the Federal Reserve Bank of Boston said the state has 274,842 “extremely low-income households” — those earning up to $22,650 for a single person and no more than $29,150 for a family of three — and just 133,551 apartments available at rents they can afford."
Bloomberg | Mar. 26, 2019
"Fed’s Rosengren hangs on to hiking bias despite rising risks"
Rosengren: “I’m also quite willing to accept that if the economy weakens and the global economy weakens more than I’m anticipating — and the recent data could be consistent with that, then the next move could be down.”
Wall Street Journal | Mar. 25, 2019
"Fed’s Rosengren says Fed balance sheet cuts didn’t cause late 2018 market woes"
Rosengren: “Some market analysts attribute turbulence in financial markets during the fourth quarter of 2018 to the Federal Reserve’s continuing reduction of the size of its balance sheet,” he said. “Concerns about the international economy, potential trade disputes and a U.S. government shutdown are much more plausible explanations for the financial market turbulence.”
The Washington Post | Mar. 5, 2019
“Federal Reserve keeps hinting no more interest-rate hikes until Summer 2019, if not longer”
Rosengren: “It may be several meetings of the Federal Open Market Committee before Fed policymakers have a clearer read on whether the risks are becoming reality — and by how much the economy will slow compared to last year,” said Rosengren in a speech, adding “patiently watching” is the best policy for now.
Wall Street Journal | Feb. 24, 2019
“Fed embarks on a rethink of its inflation target”
Rosengren: “You can have the exact same inflation target, but … how you measure it [can] give you more space.” Right now, the Fed isn’t very specific about how it sets the target, he said. “Is it backward looking? Is it forward looking? Is it over a long period? Is it over a short period?”
Excerpt: "In the Federal Reserve report, researchers recommend that policymakers 'provide robust financial support' for public higher education. That financial support is especially necessary for community colleges, the report says, where the student population tends to include more racial minorities and low-income students who are more vulnerable to the negative effects of decreased state funding.
Worcester Business Journal | Feb. 14, 2019
"Economic risks on the horizon, Boston Fed economist says"
Excerpt: Fuhrer didn't warn against drastic economic effects of the recent government shutdown, tariffs or even the national debt. More worrisome, he said, might be what appears to be slower growth elsewhere, particularly China. "The rest of the world seems to be slowing down, importantly China," he said.
The Wall Street Journal | Feb. 11, 2019
“Fed officials near plan to finish portfolio wind-down”
Rosengren: Several Fed officials recently have said they don’t want to reduce reserves to levels that might fuel volatility in short-term money markets. “I want reserves to be high enough where that’s not a particular concern.”
The Boston Globe | Jan. 9, 2019
“Boston Fed’s Rosengren urges flexibility on future rate hikes”
Rosengren: “I personally suspect that financial market sentiment may have become unduly pessimistic. Economic growth was quite strong in 2018, and some of that strength is likely to carry forward.”