Paul Wallace

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

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...

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-...

Federal Reserve Bank of Minneapolis The Federal Reserve Board of Governors in Washington DC.

The Minneapolis Fed’s Beige Book report is also available on the Board of Governors’ website at www.federalreserve.gov/monetarypoli.... We appreciate the alert on that link too.

@minneapolisfed.bsky.social’s recent Beige Book reports on some of the economic shock experienced in Minnesota during the recent immigration operation. Read more and watch this short recap from our regional econ team members @erickgarcialuna.bsky.social and Haley Chinander. #beigebook #econsky

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

Conversation with Neel Kashkari at the 2026 Bloomberg Invest conference | Federal Reserve Bank of Minneapolis

Trump's Iran war is complicating monetary policy, @minneapolisfed.bsky.social President Neel Kashkari tells me. www.minneapolisfed.org/speeches/202...

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

The Chicago Fed Real-Time Unemployment Rate Forecast for February is 4.28%, so not likely to be much different from the BLS’s official reading last month.

www.chicagofed.org/research/dat...

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

Gov. Waller this a.m.: "Jobs last year [were] 181,000 and that’s going to get revised down, trust me. 2.9 million people entered the labor force despite the immigration [drop], OK?" Connection to my recent vid: Off-the-sidelines flow pumping workers in (2mil in Jan.) in the face of stagnant demand.

The image displays a cover for a working paper from the Federal Reserve Bank of Minneapolis Opportunity & Inclusive Growth Institute. The title is "Why Do Households Save and Work?" and the authors are Margherita Borella, Johanna Torres Chain, Mariacristina De Nardi, and Fang Yang.

Over our lives, we face many risks and choices. Read new working paper from @mdenardi.bsky.social, @johanatch.bsky.social, Borella, & Yang for a life-cycle model w/ single and married individuals jointly choosing labor supply and savings from labor market entry until death 
https://bit.ly/4anebZ5

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 collage of four images separated by a blue and white geometric design. Top left: A scenic view of a river with the sun visible over mountains in the distance. Top right: A person using a saw in a workshop. Bottom left: Two individuals engaging in weaving. Bottom right: A display of hanging beaded jewelry. Composite image by Lori Korte/Minneapolis Fed, with images from Getty Images, Ho-Chunk Inc., and Tailyr Irvine.

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

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

LIVE NOW: President Neel Kashkari is participating in a conversation at the 2026 Midwest Economic Outlook Summit in Fargo, ND. Tune in here to watch ⬇️
https://www.minneapolisfed.org/live

#EconSky

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

TODAY: President Neel Kashkari will participate in a conversation at the 2026 Midwest Economic Outlook Summit in Fargo, ND 8:05-8:55am CT. This event will be livestreamed on our website. https://www.minneapolisfed.org/live

Illustration depicting a city map with a river. Icons show a bank, a store, and a house, connected by a dotted line with dollar signs, symbolizing the flow of money.

Controlling for income, there are strong geographic patterns in credit score & loan payment.  Nathaniel Hendren and co-authors open the opaque world of #CreditScores with a huge linked dataset of credit scores and IRS/Census records.  https://bit.ly/3Zexej8

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

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

Cover of a working paper titled "Why Do Households Save and Work?" by Margherita Borella, Johanna Torres Chain, Mariacristina De Nardi, and Fang Yang. The design features a split background with white, gold, and dark blue sections. The logo for the Opportunity & Inclusive Growth Institute at the Federal Reserve Bank of Minneapolis is prominently displayed on the right.

In new paper, Margherita Borella, @mdenardi.bsky.social, Fang Yang, and @johanatch.bsky.social use a life-cycle model with family structure, labor supply responses, and late-life risks to show bequest motives and medical expense risk are important drivers of aggregate wealth https://bit.ly/4anebZ5

A person smiling for a selfie next to their car; an illustration of several individuals looking at a "Now Hiring" poster.

Alongside modest job creation, the new jobs numbers show # of Americans coming off the sidelines to look for work hit a multi-year high (~2 million)--a force pushing up on unemployment. @jeffhorwich.bsky.social recently looked at who's getting back in the hunt. https://bit.ly/48THtxH

Watch live. October 29 at 2:30 p.m. ET. FOMC Press Conference. Alternate player: https://www.youtube.com/FederalReserve/

WATCH LIVE TODAY: Press conference with #FOMC Chair Powell at 2:30 p.m. ET: www.federalreserve.gov  
www.youtube.com/federalreserve

Federal Reserve issues FOMC statement Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some s

Federal Reserve issues #FOMC statement: www.federalreserve.gov/newsevents/p...

Calendar The Federal Reserve Board of Governors in Washington DC.

The Federal Open Market Committee will meet as planned on Tuesday, January 27 and Wednesday, January 28. The FOMC statement will be released as scheduled at 2 p.m. EST, and the Chair’s news conference will start at 2:30 p.m. EST on January 28. (2/2) www.federalreserve.gov/newsevents/c...

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

Investors seeking haven in U.S. assets drive currency rates, hamper global economic growth, new research brief

Updated research from our Research Director Andrea Raffo and co-authors: Integrating global “flight-to-safety” shocks into a standard macro model helps explain global economic patterns and resolve the “exchange rate puzzle.” https://bit.ly/4buV7u8

The Ninth District's economy is balancing ups and downs in these uncertain times. Our latest Beige Book recap video hits on hiring trends, policy change impacts, retail insights, immigration enforcement, and more. View the full report here: https://bit.ly/4qZytyJ

A Top Fed Official Says the Trump Administration’s Threats Are ‘About Monetary Policy’

In a @nytimes.com article, President Kashkari reiterates the importance of Fed independence and shares his view on the path of interest rates. Read more: https://nyti.ms/4jFQLlS