Woman wearing a hijab in a grocery store with a child sitting in a shopping cart.

Regional Economics


Beyond Facts and Figures: An Economist Talks About Inflation and Learning from the Field

Senior outreach economist Ryotaro Tashiro discusses his work in the Third District and the value of balancing insights from monetary policy experts with feedback and conversations with individuals and families around the region.

Federal Open Market Committee (FOMC) Releases Statement

Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace; the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The FOMC remains highly attentive to inflation risks.

The FOMC seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the FOMC decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent. The FOMC will closely monitor incoming information and assess the implications for monetary policy. The FOMC anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, the FOMC will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the FOMC will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The FOMC is strongly committed to returning inflation to its 2 percent objective.

March 2023 Nonmanufacturing Business Outlook Survey

A monthly survey of nonmanufacturers in the Third Federal Reserve District


Examining Resolution of Mortgage Forbearances and Delinquencies – First Quarter 2023

New in 2023 — “Lessons Learned from the CARES Act Mortgage Forbearance Program and Its Aftermath”

A senior woman looks out her kitchen window.

Mortgage Markets

Working Paper

The Age Gap in Mortgage Access

WP 23-03 – This paper uses data on millions of single-borrower mortgage applications to study the relationship between applicant age and mortgage application outcomes.

About Us

Press Release

Philadelphia Fed Appoints New Member to Community Depository Institutions Advisory Council

The Federal Reserve Bank of Philadelphia today announced the appointment of Eugene J. Draganosky, chief executive officer of Traditions Bank, to its Community Depository Institutions Advisory Council (CDIAC).





Integrating Economic Inclusion to Strengthen Local Economies

3:00 p.m.–4:00 p.m.