I would like to thank the Massachusetts Bankers Association for the invitation to meet with you today.
One of the most enjoyable and informative aspects of my role is the time I spend with bankers, listening to issues that are important to you and that affect you and your customers. Banks play a key role in supporting economic growth and lending to serve their customers and communities, which is an indispensable role in the U.S. economy. Conversations such as ours today help inform my work at the Federal Reserve Board—for my understanding of both the broader U.S. economy and the banking regulatory and supervisory environment.
Before our conversation, I would like to briefly touch on the economy and monetary policy.
Here are two more studies to go with it:
"Immigration inflows into a particular Metropolitan statistical area (MSA) is associated with increases in rents and with house prices in that MSA while also seeming to drive up rents and prices in neighboring MSAs."…
— JD Vance (@JDVance) October 2, 2024
Over the past two years, the Federal Open Market Committee (FOMC) has significantly tightened the stance of monetary policy to address high inflation. At our meeting earlier this week, the FOMC voted to continue to hold the federal funds rate target range at 5-1/4 to 5‑1/2 percent and to continue to reduce the Federal Reserve’s securities holdings.
