Federal Reserve Bank of Boston leaders recently engaged with community members from New England to discuss economic challenges and inflation impacts. The latest Fed Listens event took place in Keene, New Hampshire, with participation from Vermont, Massachusetts, and Rhode Island.
The series aims to connect policymakers with local businesses, labor unions, nonprofits, and others to explore the effects of monetary policy on residents’ lives. Susan Collins, Boston Fed President and CEO, emphasized the importance of gathering diverse perspectives through in-person interactions. “Our goal today … is to deepen our understanding of the challenges and opportunities facing your organizations, your communities, and our region,” Collins stated.
Key discussions were led by Boston Fed Director of Research Egon Zakrajšek, principal economist Chris Foote, and Research Vice President Daniel Cooper. Participants shared how inflation has affected New England residents over recent years.
Larry Moquin from Vermont AFL-CIO highlighted rising healthcare and housing costs as significant issues for local workers. He noted a “wage” shortage rather than a “work” shortage due to stagnant wages amidst inflation.
Sam Temple from Fire Dog Breads bakery described changes in ingredient sourcing post-pandemic due to supply chain disruptions. Although local suppliers are costlier, Temple values their reliability. Rising living costs in Keene pose challenges for his employees.
Nonprofits also face inflation’s impact. Julianna Dodson from the Hannah Grimes Center for Entrepreneurship mentioned increased operational costs without matching donor contributions. The center focuses on agile solutions like shared housing models to address community issues such as housing shortages.
Following the event in Keene, Collins attended the Southern Vermont Economic Summit in West Dover before visiting Cersosimo Lumber Company in Brattleboro to learn about industry operations.
For further information or interviews with Boston Fed experts or leadership team members can contact their media relations team.
Amanda Blanco contributed this report as part of the communications team at the Federal Reserve Bank of Boston.
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