President's Letter: 2022 Annual Report

President Harker highlights the
importance of connection and how
our research and outreach give us
key insights about the regional
economy.

Staying True to Our Mission

In 2022, our road to recovery was marked with twists and turns. We navigated the lingering effects of the pandemic as well as shifts in the economy and in how we work and live. For those in our District — and the nation — rising inflation has resulted in higher costs for essentials like food, housing, and transportation, with low- and moderate-income households particularly vulnerable. We understand the impact this has on people’s ability to pay their bills, save, and plan for the future. The Federal Reserve System as a whole is committed to using all its tools to bring down inflation.

Staying true to the Federal Reserve’s mission to support a strong economy, the Philadelphia Fed continued its focus on supporting a healthy economy in the Third District in 2022. We accomplished this through our research, data analysis, and outreach, which enable us to keep an eye on market trends and conditions and to supervise our local financial institutions as we safeguard the strength of the financial sector.

Our research kept pace with trends in the labor market and gathered data from local businesses and U.S. consumers to deepen our understanding of the changing landscape. With the data in hand, we continued to support the Federal Reserve System with our contributions to monetary policy and in fulfilling our dual mandate of stable prices and maximum employment. In turn, we have helped promote a strong labor market and financial security for families while fostering an economy in which everyone can thrive.

As we returned to the office in 2022, we reconnected with one another in a hybrid work environment and reinforced the bonds within our District with our in-person community tours, conferences, and events. These critical connections helped us build on our expertise in consumer finance and economic mobility and provided insights into mortgage forbearance, states’ job growth, and local and national economic trends.

Part of the work we do is making sure that our data and research are easily accessible to the public, policymakers, and others who are making complex decisions about our economy. Our team doubled down on analyzing key data and intensifying our research, while working with — and listening to —valued stakeholders and partners. Two path-breaking projects elevated our research with new video and data visualization capabilities: the Anchor Economy Initiative, an innovative tool to quantify the economic impact that hospitals and institutions of higher education have on their local communities, and an interactive map of racially restricted housing covenants in Philadelphia. I invite you to explore our website to see the depth and breadth of our ongoing research.

As we continue our recovery, one thing is certain: We are better together. Our growth and staying power during these challenging times are testaments to our resiliency, adaptability, and collaboration. But our journey is not over yet; we will continue to adapt and evolve in our quest to better serve the people of the Third District and to help advance an economy that supports opportunities for everyone. 

Sincerely,

Patrick T. Harker