The Beige Book is published eight times per year, providing a summary of economic activity based on anecdotal information gathered by each Federal Reserve Bank. According to the latest report published on Apr 18, 2024, business activity has expanded at a modest pace, with prices rising slightly and overall employment remaining flat.One notable highlight from the report is the first year-over-year increase in residential home sales since 2022. The report states, "Residential home sales increased by moderate margins from a year earlier, the first such increase in over two...
The Federal Reserve, the central bank of the United States, released its Beige Book report on April 17, 2024, detailing economic conditions in the Fifth District. The report highlighted various trends and challenges faced by businesses and industries in the region.According to the report, consumer spending in the Fifth District was described as flat to slightly up, with mixed reports from retailers. While some shops experienced declines, others like furniture and hardware stores saw increased sales. Additionally, spending on travel increased, with hotel occupancy rising...
The Cleveland Fed recently published a report highlighting the potential of anecdotal economic data from the Federal Reserve's Beige Book in predicting recessions. According to the report, regional-level economic sentiment plays a crucial role in this prediction process.Utilizing natural language processing, researchers from the Cleveland Fed and Washington University in St. Louis analyzed the sentiment expressed in all 468 editions of the Beige Book dating back to 1970. The findings indicated that during recessions, the sentiment of both the national economic summary and...
The European Central Bank (ECB) Governing Council has kept three key ECB interest rates unchanged. It based its decision on information that “broadly” confirms the medium-term inflation outlook continues to fall, as a previous assessment had suggested to the council.
The Federal Open Market Committee (FOMC) held a joint meeting with the Board of Governors of the Federal Reserve System. During this second of eight scheduled meetings this year, members reviewed U.S. financial conditions and the nation’s economic situation.
Boston and New York Fed conference examines the potential impacts of stablecoinsOn April 11, 2024, the Federal Reserve Banks of Boston and New York hosted a virtual Conference on the Financial Stability Implications of Stablecoins. The conference brought together researchers, regulators, and industry participants to explore the implications of the rapid expansion of the stablecoin market on financial stability.In her welcoming remarks, Boston Fed President and CEO Susan M. Collins highlighted the importance of understanding stablecoins, labeling them as a form of...
The latest Large Bank Credit Card and Mortgage Data released by the Federal Reserve Bank of Philadelphia revealed concerning trends at the end of 2023. According to the report, credit card delinquency rates reached series highs, with more accounts being past due compared to any other quarter since 2012. Mortgage originations also hit a series low, and the 30+ days past due rate increased quarter over quarter.Kelly Antonacci, from the Philadelphia Fed, highlighted that "several Q4 2023 measures surpassed records set since the series began in Q3 2012." The median front-end...
The Virginia Commonwealth University Board of Visitors has announced that they will be hosting a workshop focused on enrollment and budget matters on April 11. The workshop will begin at 8:30 a.m. and will be held at the VCU College of Health Professions, located at 900 E. Leigh St. The public will have the opportunity to view a livestream of the open session video conference at mssvideo.vcu.edu/BOV.According to the article, senior administration at VCU will provide updates on enrollment and present an overview of the university's budget during the workshop. The...
Yi Wang, PhD, a postdoctoral associate (geriatrics) at Yale School of Medicine, has led a recent study alongside co-senior authors, Thomas Gill, MD, and Robert Becher, MD, to examine the rates of hospital readmissions within 30 and 180 days after major surgery for older adults.In a Q&A session, Yi Wang shared insights into the research, stating, "We know that many older Americans undergo surgery. In our previous research, we found an increased risk of mortality within one year after major surgery for persons aged 65 years or older." Wang highlighted the importance of...
Tom Barkin, President of the Federal Reserve Bank of Richmond, recently provided insights on the current state of the economy and potential future trends. At a speaking engagement, Barkin acknowledged the unexpected strength of the economy in 2023, with low unemployment and moderate inflation. However, he also highlighted some concerning trends in early 2024 data, such as higher PCE inflation and softer consumer spending.Barkin used a Peanuts comic strip to illustrate the diverse interpretations of the same data, emphasizing the need for different perspectives. He...
Former Miss America 2020, Camille Schrier, is set to graduate with a doctorate in pharmacy from Virginia Commonwealth University in May 2024. Schrier's journey from beauty queen to pharmacy student has been filled with unique experiences and opportunities that have shaped her perspective on healthcare and advocacy.During her time at VCU School of Pharmacy, Schrier emphasized the importance of her Miss America experience in broadening her view of the world. She highlighted, "It was the most important experience of my time in the VCU School of Pharmacy. It gave me a greater...
President Mester addressed a gathering of business economists in Cleveland, Ohio, on April 2, 2024, providing insights into the current state of the U.S. economy and monetary policy. The speech highlighted the Federal Reserve Bank of Cleveland's role in supporting economic stability and growth across the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.The Federal Reserve Bank of Cleveland, as part of the broader Federal Reserve System, plays a crucial role in formulating the nation's...
IBM's Watson is bringing new generative AI capabilities to the Masters Tournament digital platforms. The technology giant, in collaboration with the Masters Tournament, has introduced several new features aimed at enhancing the digital viewing experience for golf fans around the world.One of the key features announced is IBM Hole Insights, which offers detailed, data-driven projections and analysis for each hole on the course. Jonathan Adashek, Senior Vice President of Marketing and Communications at IBM, highlighted the impact of Watson's generative AI power in creating...
The City University of New York has received a generous donation of $1 million from the Carroll and Milton Petrie Foundation to address the challenges arising from the delayed rollout of the new Free Application for Federal Student Aid (FAFSA) form. This initiative, named CUNY Financial Aid Support Team (FAST), aims to assist 100,000 high school seniors and current CUNY students in completing the FAFSA, crucial for receiving financial aid.CUNY Chancellor Félix V. Matos Rodríguez expressed gratitude to the Petrie Foundation for their support in creating the program,...
Three first-year University of Rochester students, Asad Shahab, Adam Bowen, and Michael Koomson, are set to help NASA study the sun's corona as a total solar eclipse passes over Rochester, New York on April 8. The students are part of the Citizen CATE 2024 experiment, one of over 30 teams nationwide participating in the project.Shahab, an applied math major, shared his excitement for the project, stating, "Astrophotography has been a hobby of mine for a long time and when I saw the Google ad looking for participants, I thought, ‘I have to do this.’" He further expressed...
The U.S. Department of Health and Human Services has implemented a new policy requiring medical providers to obtain written consent before conducting intimate examinations, particularly on patients under anesthesia. The initiative was driven by the advocacy and research efforts of Lori Bruce, associate director of Yale’s Interdisciplinary Center for Bioethics, with the support of the Institution for Social and Policy Studies.Bruce expressed gratitude for the collective efforts that led to this significant milestone, stating, “This landmark achievement for patient consent...
The Carlyle Group Inc. (NASDAQ: CG) has revealed its plans to unveil the financial results for the first quarter of 2024 on Wednesday, May 1, 2024. The company will also conduct an investor conference call at 8:30 a.m. EDT on the same day. According to the announcement, the conference call will be accessible through a public webcast on ir.carlyle.com, with a replay available afterward.During the conference call, Chief Executive Officer Harvey Schwartz, Chief Financial Officer and Head of Corporate Strategy John Redett, and Head of Public Market Investor Relations Daniel...
Carlyle (NASDAQ: CG) has appointed Masahiko Fukasawa as the Head of Global Portfolio Solutions Japan, effective immediately. In his new role, Mr. Fukasawa will focus on enhancing Carlyle's portfolio operational value creation efforts in Japan by leveraging global resources and capabilities for the benefit of portfolio companies in the region.Mr. Fukasawa will collaborate closely with Carlyle Japan's Co-Heads, Kazuhiro Yamada and Takaomi Tomioka, as well as Richard Elder, the Global Head of GPS based in Washington D.C., U.S. In response to the appointment, Yamada and...
Columbia University researchers, particularly those at the Zuckerman Institute, have made a groundbreaking discovery regarding the memory capabilities of black-capped chickadees. These small birds have been revealed to possess an extraordinary memory system that allows them to recall the locations of thousands of food caches, crucial for their survival during the winter months.Lead researcher Dmitriy Aronov, PhD, described chickadees as "memory geniuses" and highlighted the significance of their ability to remember specific moments such as hiding food. Through their...
