Egon Zakrajšek, Executive Vice President and Director of Research, gives welcoming remarks at the Federal Reserve Bank of Boston's 69th Economic Conference.

Boston Fed Executive Vice President and Director of Research Egon Zakrajšek opens the 69th Economic Research Conference at the Bank on Friday, Nov. 21, 2025. Steve Osemwenkhae/Federal Reserve Bank of Boston

Susan M. Collins, President and Chief Executive Officer, gives welcoming remarks at the Federal Reserve Bank of Boston's 69th Economic Conference.

Boston Fed President and CEO Susan M. Collins gives opening remarks at the start of the conference. Steve Osemwenkhae/Federal Reserve Bank of Boston

The audience listens Paper Session 2: "Monetary Policy in a Volatile, Gragmented Global Economy" at the Federal Reserve Bank of Boston's 69th Economic Conference.

Attendees listen to a presentation by economics professor Tommaso Monacelli about monetary policy. Peter Davis/Federal Reserve Bank of Boston

Audience member asks a question for Paper Session 2: "Monetary Policy in a Volatile, Gragmented Global Economy" at the Federal Reserve Bank of Boston's 69th Economic Conference.

An audience member asks a question during a discussion on monetary policy. Peter Davis/Federal Reserve Bank of Boston

Pol Antràs gives the Keynote Address: “The Evolving Role of the United States in Global Value Chains” at the Federal Reserve Bank of Boston's 69th Economic Conference.

Pol Antràs speaks from the podium during her keynote address on the changing role of the U.S. in global trade. Steve Osemwenkhae/Federal Reserve Bank of Boston

Karen Pennell and Egon Zakrajšek listen during the Federal Reserve Bank of Boston's 69th Economic Conference.

Boston Fed First Vice President Karen Pennell listens to a presentation during the conference. Steve Osemwenkhae/Federal Reserve Bank of Boston

The panel answers questions during Paper Session 4: “U.S. Firms' Exposure to Import Tariffs: A Comparison of the 2018 and 2025 Episodes” at the Federal Reserve Bank of Boston's 69th Economic Conference.

Boston Fed senior economist Omar Barbiero answers a question during a panel discussion on his paper about U.S. firms’ exposure to tariffs. Peter Davis/Federal Reserve Bank of Boston