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.
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.”