Federal Reserve Bank of Boston

And so it's those households that have seen an increase in their net worth that have relatively greater spending power for the housing market.

Which is pushing up demand for new homes, and that's helping the Northeast look a bit better than the rest of the country, says Paul Willen, an economist at the Federal Reserve Bank of Boston.

You're basically seeing us doing okay relative to where we were a few years ago, whereas I think in other parts of the country, they've seen a big falloff.

Coming out of the pandemic, home building boomed across the South and West, but as borrowing rates for builders and buyers rose, that boom came to a halt.

It is always good to remind everyone how this award show works.

There are 12 regional banks in the Federal Reserve System.

Each one studies their local economy and brings back little stories of what they see.

They publish them in the document known as the Beige Book, and we give awards to the very best stories.

And if it's being done systemically, yes, there's going to be systemic contagion.

And the Boston Fed has written on this.

The PCOB has written on it.

There are several major entities that are highly respected that have raised their hand and said, we've got a problem here in Denmark.

Kansas City Fed President Jeff Schmidt, who's hosting the event, and Cleveland Fed Chief Beth Hammack maintained their hawkish stance.

The Chicago Fed's Austin Goolsbee also sounded worried about inflation but didn't explicitly voice support for a rate hike, while the Boston Fed's Susan Collins was the least hawkish, describing the recent inflation data as mixed.

The comments suggest the Fed remains divided on the interest rate path and those that are undecided will likely need some more convincing to vote for a hike, especially after July's weak NFP report.

This probably allows wars to play for time before steering the rate-setting committee towards any particular direction.

Massachusetts is one of the wealthiest states in the country, but the way that wealth is distributed is highly unequal.

And a new statewide study from the Boston Fed reveals just how staggering that wealth gap is.

It found that Hispanic families have a median net wealth of just $1,200.

Black families have only slightly more, at $7,800.

ADP weekly payrolls showed an average of eleven point seven five K over the past four weeks, up from prior nine point five K, breaking seven straight weekly declines.

In Fed speak, Boston Fed's Collins said it would be appropriate to tighten policy if progress on inflation does not materialize.

The Treasury's auction of sixty-nine billion dollars of two-year notes stopped through by point four basis points, with foreign demand stronger than recent averages.

It was quiet today in terms of corporate news, though several notable earnings releases hit over the next few days, including NVIDIA, Marvell, Workday, Salesforce, and Intuit in tech, and Dollar Tree, Dollar General, Kohl's, Five Below, Abercrombie, Burlington, Best Buy, and Gap in retail.

Check this out.

The Federal Reserve Bank of Boston published a study that showed industries most affected by tariffs, quote, experience significantly greater labor productivity growth.

The Federal Reserve Bank of Boston is saying, industries most affected by tariffs experience significantly greater labor productivity growth.

The paper suggests that this caused tariffs to have a smaller inflationary impact.

Trump vindicated per usual.