Federal Reserve Bank of Boston

In their latest economic forecasts, 12 of 19 Fed officials said they expect to raise rates once more this year. 

To cool inflation, the Boston Fed president said, the central bank may need to keep raising rates and then holding them steady for a while.

The work of creating a possible digital dollar inched ahead Thursday with research by the Federal Reserve Bank of Boston into the code that could eventually support such a currency.

Some policymakers in the nation’s capital have urged the Federal Reserve banks of Boston and Dallas to consider people of color and women while selecting new presidents. Republicans led by Sen. Pat Toomey of Pennsylvania say the process should be left to the local bank boards.

Sen. Pat Toomey of Pennsylvania, the top Republican on the Banking Committee, told three Federal Reserve regional presidents that a series of events tied to the impact of racism on the job market and housing systems is not within the scope of the central bank.

The central bank should consider using a tool requiring higher capital amounts when times are good rather than offering temporary regulatory relief in a downturn, said Boston Fed President Eric Rosengren.

Federal Reserve Bank of Boston President Eric Rosengren said the long period of low interest rates before the coronavirus pandemic is contributing to the depth of the current recession.

With big banks largely shunning the program, small banks see an opening to grab more market share in commercial lending.

The head of the Federal Reserve Bank of Boston said the central bank had acquired stakes in 32 business loans as of Monday, four times the amount from two weeks earlier.

At its inaugural hearing, the committee appointed by lawmakers to oversee CARES Act implementation pressed for answers about why the Main Street Lending Program is off to such a slow start.