Research in Focus — Loans are more important than deposits when banks create liquidity. Edison Yu of the Philly Fed and his coauthor explore the policy implications of this counterintuitive finding.

Research in Focus — By modeling the transmission of economic shocks from one country to another, the authors uncover a previously understudied flaw of a gold-based monetary system. In modeling the ...

Our Consumer Finance Institute researches how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy. Our goal is to foster a healthy consumer ...

Philadelphia Fed President and CEO Anna Paulson shared her perspective on economic issues at the 2026 Allied Social Science Associations Annual Meeting. Thank you for having me today. 1 It’s great to ...

Economic Insights — At the onset of the COVID-19 pandemic, several key markets faced serious trouble. We take a closer look at what happened in the corporate bond market, and at the Fed's efforts to ...

The Federal Reserve Bank of Philadelphia has announced the following promotions and appointments. In addition, Kimberly Caruso will be appointed Collateral Data Administration Support Group officer; ...

Jeffrey A. Stopko, Third District chair, has been president and CEO of AmeriServ Financial Inc. since 2015. The $1.5 billion community bank headquartered in Johnstown, PA, also has a wealth management ...

WP 20-43 - We study liquidity conditions in the corporate bond market during the COVID-19 pandemic, and the effects of the unprecedented interventions by the Federal Reserve. We find that, at the ...

Randall E. Black, a Class A director, has been the president and CEO of Citizens Financial Services Inc. and its subsidiary, First Citizens Community Bank, headquartered in Mansfield, PA, since April ...

Card delinquencies fall, but many card borrowers are spending less in real terms; mortgage originations show modest growth Credit card purchase volume reached an all-time peak in the second quarter of ...

Auto loans are one of the largest components of household debt, and auto credit conditions influence consumer spending, household financial resilience, vehicle demand and prices, lender risk ...

Provides time series of all monthly MBOS data, including diffusion indexes and components (percentage of firms reporting increases, no change, decreases), both seasonally adjusted and nonseasonally ...