Perspectives on the Economy, and on the Opportunities Ahead
September 26, 2022
Federal Reserve Bank of Boston
Greater Boston Chamber of Commerce
Five Takeaways from Boston Fed President Susan M. Collins’ September 26, 2022 Remarks
- Policymaking in the public interest: My Fed colleagues and I are committed to price stability and maximum employment, our core mandates. We are tightening monetary policy, to bring supply and demand into better balance and reduce inflation to the 2% target before high inflation rate becomes entrenched in expectations – for the long-term good.
- How I'll lead: I'm committed to following data without presumption or bias as we study the economy. I'll complement data with outreach, to gather insights from stakeholders in different regions and sectors throughout New England. I embrace the breadth of our work at the Boston Fed, all of it rooted in helping to support an economy and financial system that works for everyone.
- Behind the scenes: There is exciting work at the Fed to ensure the country's payments infrastructure can meet the public's needs. Reserve Banks underpin many of the ways Americans make and receive payment, and the Fed is in the process of launching a new, real-time payments "rail"; that will improve payments for all – called the FedNowSM Service.
- In the region: In support of a strong, resilient inclusive economy for New England, the Boston Fed makes a unique impact through our "Working Places" initiatives, now in 30 communities in five states. The Fed does not direct this research-informed work; it is truly local. Collaboration across sectors and working toward a common long-term vision generated at the local level, is the key.
- A unique role and opportunity: I am excited to be back in New England and working to help the region's economy flourish. Many challenges are not for the Fed to solve, given our toolkit and roles. But our commitment to a vibrant, inclusive economy and financial system mean we contribute as nonpartisan, data-driven researchers, and as conveners helping cross-sector efforts.