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The Federal Reserve Bank of New York was incorporated in May 1914 and opened for business in November later that year. To commemorate the New York Fed’s centennial, take a look at the people and events that helped shape our history.

Videos by NY Fed

Problem Solving! Economics! Space Travel…? How the New York Fed’s Comic Books Enhance Learning

The New York Fed’s Educational Comic Book Series → nyfed.org/comicbooks

Problem Solving! Economics! Space Travel?

Join Flora, Glix, and an intrepid cast of characters as they travel the universe, meet new friends, and work together to learn about economic and financial literacy.

Available to students, teachers, community organizations, and households at no charge, the New York Fed’s Educational Comic Book Series brings readers on an out-of-this-world journey to teach about basic economic principles and the Federal Reserve’s role in the financial system.

For classroom or independent learning, the series is created for students of all ages, and stimulates curiosity and raises awareness of careers in economics and finance. In addition, lesson plans created for each comic book meet

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Activity in the region’s service sector declined at an accelerated pace

January 2021 Business Leaders Survey → nyfed.org/BLS.

Activity in the region’s service sector declined at an accelerated pace, according to firms responding to the Federal Reserve Bank of New York’s January 2021 Business Leaders Survey. The survey’s headline business activity index fell five points to -31.8. The business climate index fell three points -63.3, indicating that the vast majority of firms continued to view the business climate as worse than normal. Employment levels declined at a faster clip than last month, though wage increases picked up. Both input prices and selling prices increased at a faster pace than in December. Capital spending fell for a tenth consecutive month. Looking ahead, firms expect business conditions to improve over the next six months.

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Business Activity Little Changed in NYS

Business Activity Little Changed in NYS → nyfed.org/esms

Business activity was little changed in New York State, according to firms responding to the January 2021 Empire State Manufacturing Survey. The headline general business conditions index held steady at 3.5. New orders and shipments edged higher. Unfilled orders continued to move lower, and delivery times continued to lengthen somewhat. Employment levels increased modestly and the average workweek lengthened. Input price increases and selling price increases both picked up noticeably. Looking ahead, firms remained optimistic that conditions would improve over the next six months.

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Uncertainty about Future Inflation Increases Slightly

December 2020 Survey of Consumer Expectations → nyfed.org/sce

The December 2020 Survey of Consumer Expectations shows the median home price change expectation increasing sharply to 3.6 percent in December from 3.0 percent in November. The measure has been on an upward trend since reaching a series low of 0 percent in April and is now at its highest level since July 2018. The median inflation expectation rose at the three-year horizon, while remaining unchanged at the one-year horizon. Uncertainty about future inflation increased slightly, remaining elevated in comparison with the pre-COVID-19 period.

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Business Leaders Survey | December 2020

Activity in the region’s service sector declined at its fastest pace since June, according to firms responding to the Federal Reserve Bank of New York’s December 2020 Business Leaders Survey → nyfed.org/BLS.

The survey’s headline business activity index fell eleven points to -26.9. The business climate index was little changed at -60.3, indicating that the vast majority of firms continued to view the business climate as worse than normal. Employment levels declined, and wages increased at a slower pace than last month. Input prices increased at about the same pace as in November, while selling prices held steady. Capital spending fell for a ninth consecutive month. Looking ahead, firms expect little improvement in business conditions over the next six months.

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Reducing Climate Risk for Low Income Communities (Full Event, 11/19/20)

Reducing Climate Risk for Low Income Communities

This virtual event took place on November 19, 2020, and is available to watch here in full.

The shocks and stresses of climate change are creating huge risks for both the financial sector and vulnerable populations. Already in 2020, with a global temperature rise of 1.2°C, we have seen the impact of more severe wildfires and hurricanes. We know these impacts are not distributed evenly, with low-income and other vulnerable communities affected most. There is a clear opportunity for climate finance to address risk by building stronger economies in low-income areas that makes places more resilient to climate change.

Co-hosted by Climate Safe Lending Network, this event explored the intersection of climate change approaches in the financial

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Empire State Manufacturing Survey | December 2020

Business activity edged slightly higher in New York State, according to firms responding to the December 2020 Empire State Manufacturing Survey → nyfed.org/esms.

The headline general business conditions index was little changed at 4.9. New orders increased marginally, and shipments were modestly higher. Inventories continued to move lower, and delivery times edged up. Employment posted its strongest gain in months, and the average workweek lengthened somewhat. Input prices increased at the fastest pace in two years, while selling prices increased at about the same pace as last month. Looking ahead, firms remained optimistic that conditions would improve over the next six months.

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Survey of Consumer Expectations | November 2020

Household Spending Growth Expectations Strengthen; Labor Market Signals Are Mixed → nyfed.org/sce

The November Survey of Consumer Expectations shows that consumers’ year-ahead spending growth expectations rose to 3.7 percent—the highest level in more than four years—despite flat income and earnings growth expectations. Labor market signals were mixed: Although the mean perceived probability of losing one’s job in the next twelve months decreased to 14.6 percent in November from 15.5 percent in October, expectations that the unemployment rate will be higher one year from now rose to 40.1 percent, the first increase since July.

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Reflections & Closing | Mobilizing Capital: Artists’ Impact on Community Health… (11/20/20)

On Friday, November 20, 2020, the Federal Reserve Bank of New York, in partnership with Yerba Buena Center for the Arts, hosted a discussion focused on artists’ role in building an equitable economy and their influence on community health and wellbeing.

"Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing" explored the intersection of arts and culture, community investments, and healthy communities. Creative and arts-based strategies are central to community development and can support investments that strive for equitable and durable long-term health outcomes.

Speakers included leaders striving to invest their capital in an upstream approach to health care through arts, artists as catalysts of change in communities, and academia providing current research on the

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Evidence-based Research on Arts & Health | Mobilizing Capital: Artists’ Impact… (11/20/20)

On Friday, November 20, 2020, the Federal Reserve Bank of New York, in partnership with Yerba Buena Center for the Arts, hosted a discussion focused on artists’ role in building an equitable economy and their influence on community health and wellbeing.

"Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing" explored the intersection of arts and culture, community investments, and healthy communities. Creative and arts-based strategies are central to community development and can support investments that strive for equitable and durable long-term health outcomes.

Speakers included leaders striving to invest their capital in an upstream approach to health care through arts, artists as catalysts of change in communities, and academia providing current research on the

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Artist Vignette | Mobilizing Capital: Artists’ Impact on Community Health… (11/20/20)

On Friday, November 20, 2020, the Federal Reserve Bank of New York, in partnership with Yerba Buena Center for the Arts, hosted a discussion focused on artists’ role in building an equitable economy and their influence on community health and wellbeing.

"Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing" explored the intersection of arts and culture, community investments, and healthy communities. Creative and arts-based strategies are central to community development and can support investments that strive for equitable and durable long-term health outcomes.

Speakers included leaders striving to invest their capital in an upstream approach to health care through arts, artists as catalysts of change in communities, and academia providing current research on the

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Investing in Artists to Build Community and Create Change | Mobilizing Capital… (11/20/20)

On Friday, November 20, 2020, the Federal Reserve Bank of New York, in partnership with Yerba Buena Center for the Arts, hosted a discussion focused on artists’ role in building an equitable economy and their influence on community health and wellbeing.

"Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing" explored the intersection of arts and culture, community investments, and healthy communities. Creative and arts-based strategies are central to community development and can support investments that strive for equitable and durable long-term health outcomes.

Speakers included leaders striving to invest their capital in an upstream approach to health care through arts, artists as catalysts of change in communities, and academia providing current research on the

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Opening Remarks | Mobilizing Capital: Artists’ Impact on Community Health… (11/20/20)

On Friday, November 20, 2020, the Federal Reserve Bank of New York, in partnership with Yerba Buena Center for the Arts, hosted a discussion focused on artists’ role in building an equitable economy and their influence on community health and wellbeing.

"Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing" explored the intersection of arts and culture, community investments, and healthy communities. Creative and arts-based strategies are central to community development and can support investments that strive for equitable and durable long-term health outcomes.

Speakers included leaders striving to invest their capital in an upstream approach to health care through arts, artists as catalysts of change in communities, and academia providing current research on the

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Web Series on Culture: Trust & Decision-Making (Full Event, 12/2/20)

Web Series on Culture: Trust & Decision-Making
Full Event, 12/2/20

For six years, the New York Fed has drawn attention to culture and conduct in the financial services industry and encouraged the industry to work together to improve standards. To continue this initiative in a virtual environment, the Bank is hosting a series of web events highlighting current work and scholarship in this area. A video of the first event, which presented some of the New York Fed’s work with the industry on culture, is available here.

The second event in the series focused on trust and decision-making. Panelists offered diverse perspectives drawn from neuroscience, behavioral science, financial services, technology, and space flight to help us better understand how trust and habits of decision-making

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Continuing the Conversation on Culture: Trust & Decision-Making (Supplementary Content, 12/2/20)

Continuing the Conversation on Culture: Trust & Decision-Making
Supplementary Virtual Event Content, 12/2/20

For six years, the New York Fed has drawn attention to culture and conduct in the financial services industry and encouraged the industry to work together to improve standards. To continue this initiative in a virtual environment, the Bank is hosting a series of web events highlighting current work and scholarship in this area. A video of the first event, which presented some of the New York Fed’s work with the industry on culture, is available here.

The second event in the series focused on trust and decision-making. Panelists offered diverse perspectives drawn from neuroscience, behavioral science, financial services, technology, and space flight to help us better understand

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Recovery and Resilience in Puerto Rico | Bank Notes Podcast

In the face of mounting challenges, the citizens of Puerto Rico have taken the future into their own hands. Community leaders are tackling foundational issues on the Island, such as affordable housing, capacity building, workforce development, recovery & resilience, renewable energy, and more. For this episode, we share their perspectives, examine how Puerto Rico arrived at this crucial moment, and reveal how CDFIs and other impact investors can get involved.

Bank Notes takes listeners deeper into insights and analysis from the New York Fed, told series by series. Listen here, or download episodes from iTunes.

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Shelter from the Storm: Psychological Safety & Workplace Culture… (James Hennessy, 11/26/20)

"Shelter from the Storm: Psychological Safety and Workplace Culture during the Coronavirus Pandemic"

Pre-recorded remarks by James Hennessy, Senior Vice President, Supervision. Delivered November 26, 2020, as the Keynote Address for the 6th Annual Culture and Conduct Forum for the Financial Services Industry – ‘Culture, Conduct and COVID-19’

For more information, visit:
nyfed.org/eif
nyfed.org/governance-and-culture

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Forum on Ongoing Innovation in Reference Rates for Commercial Lending (Full event, 11/18/20)

Forum on Ongoing Innovation in Reference Rates for Commercial Lending (Transition from LIBOR: Credit Sensitivity Group Additional Working Session)

This virtual event took place on November 18, 2020, and is available to watch here in full.

The first of two additional working sessions, via webinar, brought together a diverse set of banks and borrowers involved in prior Credit Sensitivity Group workshops, reference rate administrators, and other relevant parties to highlight areas of innovation underway in reference rates for commercial lending, particularly those with a credit-sensitive element. This forum was not intended to facilitate or result in a recommendation of any particular products, services, or approaches, and does not constitute an endorsement by the official sector

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Economic Inequality: "The COVID-19 Eviction Cliff–Who’s Affected…?" (Full Event, 10/27/20)

Economic Inequality Policy Series: The COVID-19 Eviction Cliff–Who’s Affected and How to Mitigate Short- and Long-term Crises?

This virtual event took place on October 27, 2020, and is available to watch here in full.

The Federal Reserve Bank of New York, in collaboration with the NYU Furman Center, will host its fourth event in a series of discussions on economic inequality on October 27, 2020. The event, "The COVID-19 Eviction Cliff," will highlight insights on housing and evictions and include conversations with researchers, government, think tanks and organizational leaders.

The pandemic and its associated job losses have limited renters’ ability to pay monthly expenses and landlords’ ability to keep current on mortgages. Both sources of uncertainty threaten neighborhood safety and

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Why Economics and Equity Matter More Than Ever

Why Economics and Equity Matter More Than Ever

Economic education from the New York Fed provides accessible content and programs for teachers, students, and the public. Designed to engage and empower a broad audience, these resources focus in part on addressing economic and racial inequities.

The everyday experiences and livelihoods of Americans differ greatly across geographic, demographic, and socioeconomic lines — and economic inequality can prevent some communities and families from affording healthcare, buying a home, starting a business, or pursuing higher education.

The New York Fed’s educational comic books, lesson plans, teacher trainings, student competitions, and more seek to engage students from diverse backgrounds, and demystify economics as a field of study and

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Household Debt and Credit | Q3 2020

Household Debt Back on the Rise after Second Quarter Dip → nyfed.org/HHDC.

According to the latest Quarterly Report on Household Debt and Credit, total household debt increased by $87 billion (0.6 percent) in the third quarter of 2020, more than offsetting the decline seen in the previous quarter. The data likely reflect improvements in economic activity and the labor market, as well as the positive impacts of relief measures provided through CARES Act provisions or offered voluntarily by lenders. Mortgage originations, including refinances, continued on their upward trend as homeowners continue to take advantage of the low interest rate environment.

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Business Leaders Survey | November 2020

Activity in the region’s service sector declined at a faster pace than in recent months, according to firms responding to the Federal Reserve Bank of New York’s November 2020 Business Leaders Survey → nyfed.org/BLS.

The survey’s headline business activity index fell eleven points to -15.8, its lowest level since August. The business climate index was little changed at -63.1, indicating that the vast majority of firms continued to view the business climate as worse than normal. Employment levels were little changed, and wages increased. Input prices increased at about the same pace as last month, while selling prices held steady. Capital spending fell for an eighth consecutive month. Looking ahead, firms did not expect business conditions to improve, on net, over the next six months.

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A Look Inside Our Economic Education Programs

New York Fed Economic Education designs programs to partner with educators to engage students and stimulate their interest in economics as a subject for study and the basis for a career.

For more information, visit nyfed.org/econ-ed

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Empire State Manufacturing Survey | November 2020

Business activity expanded in New York State, though only slightly, according to firms responding to the November 2020 Empire State Manufacturing Survey → nyfed.org/esms.

The headline general business conditions index fell four points to 6.3, pointing to a slower pace of growth than in October. There was a small increase in new orders, and shipments were modestly higher. Inventories moved lower, and delivery times were steady. Employment levels and hours worked both rose. Input prices increased at about the same pace as last month, while selling price increases picked up. Looking ahead, firms remained optimistic that conditions would improve over the next six months.

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Partnerships in Building Ethical Norms: Governance & Culture Reform… (Full Event, 10/19/20)

For several years, the New York Fed has drawn attention to culture and conduct in the financial services industry and encouraged the industry to work together to improve standards. To continue this initiative in a virtual environment, the Bank is hosting a series of webinars highlighting current work and scholarship in this area.

The first of these events, “Partnerships in Building Ethical Norms,” took place on October 19, 2020, and is available to watch here in its entirety.

The webinar highlighted two initiatives in which the New York Fed has worked with the industry to promote ethical norms: the Education and Industry Forum’s case studies, which present ethical dilemmas faced by junior employees in financial firms, and the FX Global Code, a set of principles for participants in the

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Survey of Consumer Expectations | October 2020

Income and Spending Growth Expectations Weaken; Job Market Signals Are Mixed → nyfed.org/sce

The October Survey of Consumer Expectations shows households reporting a decline in income and spending growth expectations and a mixed labor market outlook. Regarding labor market expectations, the mean perceived probability of losing one’s job in the next twelve months decreased to 15.5 percent in October from 16.6 percent in September, remaining above its pre-COVID-19 reading of 13.8 percent in February. However, the mean perceived probability of finding a job (if one’s current job was lost) declined 3 percentage points to 46.9 percent in October, the lowest such reading since April 2014.

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Register Now: Reducing Climate Risk for Low Income Communities (11/19)

Register Now: Reducing Climate Risk for Low Income Communities (11/19) → nyfed.org/nov19event

The shocks and stresses of climate change are creating huge risks for both the financial sector and vulnerable populations. Already in 2020, with a global temperature rise of 1.2°C, we have seen the impact of more severe wildfires and hurricanes. We know these impacts are not distributed evenly, with low-income and other vulnerable communities affected most. There is a clear opportunity for climate finance to address risk by building stronger economies in low-income areas that makes places more resilient to climate change.

Co-hosted by Climate Safe Lending Network, this event will explore the intersection of climate change approaches in the financial sector, and the opportunities for community

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Register Now: Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing (11/20)

Register Now: Mobilizing Capital: Artists’ Impact on Community Health and Wellbeing (11/20) → nyfed.org/nov20event

The Federal Reserve Bank of New York, in partnership with Yerba Buena Center for the Arts, will host a discussion focused on artists’ role in building an equitable economy and their influence on community health and wellbeing on November 20, 2020 via Webex.

The webinar will explore the intersection of arts and culture, community investments, and healthy communities. Creative and arts-based strategies are central to community development and can support investments that strive for equitable and durable long-term health outcomes. Speakers will include leaders striving to invest their capital in an upstream approach to health care through arts, artists as catalysts of change

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Comics in the Classroom: A Look at the New York Fed’s Educational Comic Books (Full Event, 9/30/20)

Comics in the Classroom: A Look at the New York Fed’s Educational Comic Book Series

This virtual event took place on September 30, 2020, and is available to watch here in full.

Join the creators of the New York Fed’s Educational Comic Books! Learn about the recently relaunched series and how it can be used inside and outside the classroom.

For classroom or independent learning, the Educational Comic Book Series is created for students of all ages, and stimulates curiosity and raises awareness of careers in economics and finance. In addition, lesson plans created for each comic book meet national and state standards for New York, New Jersey, and Connecticut. Comic books are available to students, teachers, community organizations, and households at no charge. You can download copies or

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