Minneapolis Fed

The image is a report cover titled "Why People Disagree About What Drives Stock Prices." It includes publication details: "Staff Report 683 | Published February 25, 2026." There is a "Download PDF" button. Authors and their roles are listed: Andrew Atkeson (Consultant), Jonathan Heathcote (Monetary Advisor & Deputy Director), and Fabrizio Perri (Monetary Advisor & Deputy Director). The background features a cityscape.

Why People Disagree About What Drives Stock Prices

A new staff report by Andrew Atkeson, @heathcote.bsky.social, and Fabrizio Perri is available on our website. https://bit.ly/4srACUp

How has our district's economy been uniquely affected by current events? Our team spoke to businesses and employers across the region and brings those insights to our latest #BeigeBook report and video.

Find the full report here: https://bit.ly/4aZlNS0

Happy 100th Birthday, Alan Greenspan! YouTube video by Federal Reserve

Today we celebrate the 100th birthday of Alan Greenspan, the 13th chairman of the Federal Reserve, who guided U.S. monetary policy for over 18 years (1987-2006). Appointed by four different presidents, Chairman Greenspan served five terms. (1/3)
youtube.com/shorts/YHkN5...

A charming small-town street with colorful storefronts and parked cars. Signs on the building fronts include "McCabe." Trees line the sidewalk, and the atmosphere is quaint and bustling.

Majority of respondents to a 9th District biz survey reported that they were not actively hiring at the time of the survey, but few expected their staffing levels to decline in the near future. Read more takeaways in a new article from @haleychinander: https://bit.ly/3MELgYZ #Economy

A person walks in a field between two large combine harvesters, which are parked on a harvested field under a partly cloudy sky. The scene features geometric shapes overlaying the image.

Ninth District farmers produced more, but earned less. Explore the economic pressures shaping #agriculture in our region in a new article with takeaways from our 2025 fourth quarter Ag Credit survey: https://bit.ly/3MlR0GO

Fed report highlights economic effects of ICE surge as businesses struggle to replace workers at home Immigration enforcement operations and a struggling farm economy had a dampening effect on businesses in Minnesota and the Upper Midwest, according to the latest Beige Book report from the Federal Res...

Regional Outreach Director @erickgarcialuna.bsky.social spoke with @mprnews.org about current economic conditions in our region: https://bit.ly/4rc4xyQ

How has our district's economy been uniquely affected by current events? Our team spoke to businesses and employers across the region and brings those insights to our latest #BeigeBook report and video.

Find the full report here: https://bit.ly/4aZlNS0

The image is a research brief announcement from the Federal Reserve Bank of Minneapolis with text stating: "Fresh examination of money demand finds higher cost of inflation."

The legendary Robert Lucas found a high welfare cost of inflation in his examination of money demand. Later results found much less. With new data through 2019 our Juan Pablo Nicolini (w/ Luca Benati) lands closer to Lucas. Dive in w/ our research brief. https://bit.ly/463jpbh

Focus on: The regional economy, AI, agriculture This edition of News from the Ninth highlights several important developments shaping the Ninth District’s economy, with a particular focus on agriculture, regional outreach, and the broader economic ...

Recently, there has been a lot of discussion about current economic conditions in #Minnesota specifically. The latest LinkedIn newsletter from the @minneapolisfed.bsky.social has some insight. www.linkedin.com/pulse/focus-...

Thank you. We are working to resolve. For the time being you should be able to find it if you go to our site and search “Beige Book Archive.” I will pass on your comments to our team!

How has our district's economy been uniquely affected by current events? Our team spoke to businesses and employers across the region and brings those insights to our latest #BeigeBook report and video.

Find the full report here: https://www.minneapolisfed.org/beige-book-reports/2026/2026-03-mi

More Americans continue to come off the sidelines and get back in the job-hunt -- @jeffhorwich.bsky.social goes behind the headlines of the January #JobsReport. Also see our recent article: https://bit.ly/48THtxH

Four individuals are sitting on a rooftop railing, facing a city skyline during sunset. The words "for all" are boldly printed on the left, with a yellow box on the right stating, "The magazine of the Opportunity & Inclusive Growth Institute.

Free resource for #econ educators: For All magazine shares research insights & explores the ideas and people shaping our understanding of opportunity and inclusion in today’s economy. Subscribe for free to print or digital: https://bit.ly/3fbazhS

Five individuals stand together in front of a large, colorful tapestry with animal motifs. They are dressed in formal attire and positioned in a well-lit interior space with marble walls and floor. On February 25, 2026, Federal Reserve Bank of Minneapolis (FRB MPLS) First Vice President (FVP) Ron Feldman and Senior Vice President (SVP) Supervision, Regulation, and Credit Division (SRC) Ken Heineke hosted board members and executives of the Montana Bankers Association (MBA) and the Montana Independent Bankers Association (MIBA) at the Helena Branch for a Bankers’ Roundtable discussion. 20 bankers, association leaders and regulators participated in the 90-minute discussion about emerging topics in the banking industry. Pictured left to right are Erik Beishir, Supervisory Examiner | Director of Supervision Outreach, FRB MPLS; Sam Sill, President/CEO, MBA; Ken Heinecke, SVP SRC, FRB MPLS; Ron Feldman, FVP, FRB MPLS; and, Shane Scanlon, Executive Director, MIBA.

On February 25, Minneapolis Fed's Ron Feldman and Ken Heineke hosted a Bankers’ Roundtable discussion at our Helena branch where bankers, association leaders, and regulators participated in a 90-minute discussion about emerging topics in the #banking industry.

New measure: Tariffs twice as restrictive as popular estimates, New research brief

Popular calculations of average tariff rates overlook an economic fact: Higher #tariffs create exponentially more economic distortion. Improved "Trade Restrictiveness Index" from Mike Waugh, Minneapolis Fed monetary advisor, takes account, and comes in much higher: 21%. https://bit.ly/4kpmOqK

Live | Federal Reserve Bank of Minneapolis Watch live video of speeches and events

LIVE NOW: President Kashkari in conversation with @mckonomy.bsky.social, international economics and policy correspondent for @bloomberg.com at the 2026 Bloomberg Invest conference in NYC. Find the livestream here⬇️ https://bit.ly/3sRd0d9

Live | Federal Reserve Bank of Minneapolis Watch live video of speeches and events

TODAY: President Kashkari will participate in a conversation with @mckonomy.bsky.social, international economics and policy correspondent for @bloomberg.com at the 2026 Bloomberg Invest conference in NYC. Tune in to the livestream 10:45-11:10am CT: https://bit.ly/3sRd0d9

A charming small-town street with colorful storefronts and parked cars. Signs on the building fronts include "McCabe." Trees line the sidewalk, and the atmosphere is quaint and bustling.

Over half of Ninth District respondents reported profit declines in a recent Minneapolis Fed survey of businesses. Read more about what they shared about current conditions a new article from Haley Chinander: https://bit.ly/3MELgYZ #EconSky

We're hiring" text on a dotted background with blue and gold diagonal accents.

We are hiring!

Assistant Vice President/Vice President -- Community Development Applied Research

For more information and to apply, visit https://bit.ly/4l0pVWq

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Across the country, tribal governments are working to build a better data future. Join the Center for Indian Country Development and partners on March 3, 1–2 p.m. CT, to learn about how the Survey of Native Nations is advancing tribal public finance data: https://bit.ly/3MtXcMM

A skyline photo of downtown Phoenix, Arizona, overlaid with the National Community Investment Conference logo and the text "March 23–26, 2026, Phoenix, Arizona."

Register now for the National Community Investment Conference, where you'll connect with community development peers & explore emerging opportunities in public-private partnerships that promote community investment. Be there March 23–26 in Phoenix! https://bit.ly/4rXaEsI #NCIC

A close-up of a semiconductor wafer under a manufacturing machine, overlaid with abstract design elements. On the right, a series of four checkmarks in a list format, set against a blue background.

Ninth District #manufacturing faced headwinds in 2025, but industry leaders are looking ahead with optimism. Explore the factors shaping their outlook in Joe Mahon's recent article: https://bit.ly/3OetHPJ

Image of a research brief from the Federal Reserve Bank of Minneapolis titled "Modeling the forces behind convenience yields—a step toward smarter liquidity regulation."

Convenience yields on assets would naturally be expected to vary with market conditions. Yet asset pricing models treat them as exogenous. Work from @javier-bianchi.bsky.social & @saki-bigio.bsky.social points the way to endogenous convenience yields & smarter economic models. https://bit.ly/3N1nPcf

Earlier this month, members of our Supervision, Regulation, and Credit (SRC) department spent a day sorting and packing food for those in our community experiencing food insecurity. We are thankful to @2harvest.bsky.social for welcoming our employees and for the meaningful work they do year-round.

The image is a graphic from the Federal Reserve Bank of Minneapolis featuring text that reads: "Modeling the forces behind convenience yields—a step toward smarter liquidity regulation." It includes a label with "NEW RESEARCH BRIEF."

With a mandate to promote financial stability, the Fed closely monitors liquidity in the financial system. New research from @javier-bianchi.bsky.social (with UCLA's @saki-bigio.bsky.social) proposes a major change in how models treat settlement risk and convenience yields. https://bit.ly/3N1nPcf

A person walks between two large blue John Deere combine harvesters in a field. The ground is covered with harvested stalks, and the sky is clear. Green and blue geometric shapes overlay the image.

“With extremely low commodity prices, we are looking at a very scary 2026/2027.”

A successful harvest wasn’t enough to ease financial strain for farmers in the Ninth District. In his new article, Joe Mahon shares more takeaways from our fourth quarter 2025 Ag Credit survey. https://bit.ly/3MlR0GO

More Americans continue to come off the sidelines and get back in the job-hunt -- @jeffhorwich.bsky.social goes behind the headlines of the January #JobsReport. Also see our recent article: https://bit.ly/48THtxH

Minneapolis Fed President has ‘cautious optimism’ about economy, defends need for Fed independence Neel Kashkari, head of the Federal Reserve Bank of Minneapolis, discussed the Upper Midwest economy, data centers and the central bank's independence during a wide-ranging interview with MPR and at a ...

Check out this piece by @mprnews.org regarding @minneapolisfed.bsky.social Pres Neel Kashkari’s recent comments on the economy and Fed independence.
www.mprnews.org/story/2026/0...

Relatedly watch the full video of Kashkari’s Q&A last week in Fargo, ND:
www.minneapolisfed.org/speeches/202...

A serene landscape of a field at sunset, featuring tall grasses silhouetted against the sky. The sun is partially visible on the horizon, casting a warm glow. The sky is a mix of soft clouds and open spaces. Hills are faintly visible in the background.

Thanks to Heather S. for this week's employee photo submission for Views from the Ninth, taken at The Grove (part of the Prickly Pear Land Trust) in East Helena, #Montana.

A split image showing a smiling person on the left and a vibrant street scene in Northfield, Minnesota on the right, featuring historical buildings and bustling traffic.

Regional Economic Conditions: General Business
2/24, 9-9:30am CT

Join Haley Chinander for a free webinar discussing the latest results from the January survey of businesses and learn about how they are dealing with current challenges. Register here: https://bit.ly/3LH3NmF