A Partnership for Progress

By Susan M. Collins

June 18, 2024

Lawrence, Massachusetts

Remarks to members of the Merrimack Valley community at the Lawrence Partnership’s 2024 Annual Meeting & 10th Year Anniversary celebration.

Full-text speech (pdf)

Takeaways from Boston Fed President Susan M. Collins’ Remarks

Collins is encouraged by recent economic data that suggests demand and supply are coming into better balance. Still, the appropriate approach to monetary policy continues to require patience. Collins says recent economic information is encouraging, after the string of higher-than-expected inflation readings during the first quarter of 2024. The data suggest an economy with demand and supply coming into better balance, as needed to restore price stability. However, she says, this process may take more time than previously thought. It is still uncertain whether inflation is durably on a path back to the 2 percent target. The appropriate monetary policy approach continues to require patience, providing time for a methodical assessment of the evolving constellation of available data.
“Working Places” is an example of how the Fed encourages economic progress on the local level. Collins says the research-based Working Places initiative is grounded in the Boston Fed’s public service mission to build a vibrant and inclusive economy and the Fed’s Congressional mandate to achieve price stability and maximum employment. It’s an example of a strategic partnership, she says, that aims to improve New England’s economy. This community development effort complements the Reserve Bank’s monetary policy, research, payments, and supervision work as it seeks to fulfill its mission and mandate.
In Lawrence, Massachusetts, collaborative leadership and a shared vision continue to impact the resurgent city’s future. Lawrence is home to one of the first success stories of Working Places. Collins says the efforts here illustrate how shared leadership and collaboration between sectors can help spark economic progress and resilience through waves of change and challenge.