Regional President Speech

Parkman House Presentation September 16, 1994 I. Cover Three Things Who am I and what do I see as important for the Boston Fed What's the general state of the national and local economy as a backdrop for Where do I think I and Boston Fed can add value in the reqlonal community II. I'm a thoroughly experienced policy and management specialist who through dint of hard work and a lot of luck happen to have the best job in the world Diverse responsibilities 3 legged stool Significant management challenge - employees, landlord 2 Chance to make a difference within region within Federal Reserve System within national/international In fact I believe there is no reason to have the Federal Reserve Bank of Boston unless we as an organization and as individuals add value Strategic Plan policy operations ,community involvement Fed as a resource to regional community--economic information, publications and as corporate citizen . 3 Ill. Now for a couple of minutes I'm going to be a resource for all of you on economic data, because I think it will make you understand some areas of local involvement I have in mind a little better National economy - doing okay - about 4 years or better into an economic recovery - fairly old by historical standards, but also fairly weak. Right now we're on the horns of a dilemma of how to balance things to achieve what you could call economic perfection - nearly full employment, no major inflation evident, economic growth slowing to potential, capacity utilization high, consumer sentiment high, etc. Sure there are problems -the value of the dollar, the status of the U.S. as the large.st debtor nation, national budget deficits--but all in all the national scene is looking pretty good Locally (charts) - Much the same - a solid recovery with some signs of moderation ,. 4 Local Initiatives School to Work Boston - $1.2 million - 5 objectives - 5 schools, expand Protech, work with Nat'I Academy schools, revise curriculum, coordinate all programs involving S-t-w Statewide Piedad Robertson/Spring Use Boston model Empowerment Zone Boston 3 others - Hartford, Providence, Bridgeport 17 Empowerment Communities Lot of planning - shame to see it wasted if don't win grant - money largely for social servi·ces - economic development part coming from local Bank contributions and small business growth within the zone I'd like to see us leverage the plan regardless of what happens into a roadmap for collaboration between business and the city on economic development in Boston ..... 0 ne ~ )tc )'( )"C )lC .>..D.. >it - 03 a- )tc '"l:: 'M )'C C'" <' =>it ..., >D m . 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D ), C ( T:::: ~ -< DC ··' C : ·.J.- C .:.:, . . . . .. . ~ ,• I I ) ) U ,( . . .. -< . D a C . . ) , l : f ) . J .. C . . I - · • D ~ C ::s ...., )Q C ~ » llI I • •• -< DC :◄:: » llI I • • C ne DC ..C.. 'J 0 :::' ) ~ U h..C. :C »I D ll C I -< DC :i:::: )lf llI llI ,: DC I'J( ,,. Chart 2 Unemployment Rate Percent 10.0 ..... ~ ' ,,:: : ···- 9.0 :: !: :: •• ·.. f,.\ :\ 1_.: \.. ... . . . . ... : : \ I : ~ • • ... ... . . . . . • ~ ...• . 8.0 \! . ·; . . 7.0 Massachusetts . .... .. i ;-· United States 6.0 5.0 ff:•.••,:' ' :-·· 4.0 :~ . i \ . . .. / •• I : ~... .1 ·--.,,: 3.0 .... • 2.0 Jan88 Jan89 Jan90 Jan91 Jan92 Jan93 Jan94 Note: Data beginning January 1994 reflect the redesigned CPS survey and are not strictly comparable to data for 1993 and earlier years. Source: U.S. Bureau of Labor Statistics. .... "5 .... 0 0 "5--- ._ ._ 0 0 0 0 0 )/( .D )st 0 oi oi .D )st .... O oi o:i i..: >JC 111 0... .< D.?.I . 1 , 11 --..-,---.-- 1 . 1 - 1 --.----.,--~-.---.--- - 0 .,-----~- 1 . 11 -~~ 0 . l , . l . : I ( : . ~ ...- . 0 ,-~~ 0 -~ ~ 0 ~~ 0 -~ ~ 0 ~~ 0 -... -r 0 ----.-- r 0 . l . , l . : I ( : 0 :C . ) D D. ) C C. ( ) ) ) ) ( ( ) . D D ) . C C ( . ) ) ) ) ( ( C )I( D D )/( II . , . I : D ( : II . l , . l : ( I : ot ))( ))( . :C .. DC . DC )I( -)Q ..( ... ..( :C llI llI . ,:: ,:: 0 ' 0 DC 0 DC -r . ' )0 , . . l . l ( I ,, , ,,,; . l . l ( I " 0 .C.. .,.:.: .,.:.: i oc ,, '• DC ) ~ + /( r -~ )l 0 C . . l s . l ( : I : :; { .. 0 oc ~ :C N I ) '" '( " ' )'C 0 !,t'' DC . .: :s ..( ,:: ..( ne , . u .. l s l : I : ~ ... !:·' l , l : I : 0 . ) s 1 : ( •• • \ I i n Q g e ,D.Cc :C .... .., , o .c c it- ,' o 0 . m ) 0 1( ,··· r::: .' 0 !:! .. . l . l ( I 3 )I( ~ ,:: ... ,:: - ~ • i ) : I : ( : . o ~ c C" •• • ne )'C~ 3 '"l:: ).0 DC w ~ l::: '5 ._ ._ 0 0 0 0 'S ... .... 0 0 0 0 0 +r ~ ,::i ,::i DC DC o:i o:i .D ,::i 0 DC oi ni ni i..: )G ~ 1U 0 1U 0 1U 0...( . < D. ? .I . 1J( 0 1J( 0 1J( 0 IJ(..( . ..- ,---,----,,----.---.....--,---,,----,--.--~--. IsD:: ,-~ .--,-....,.--.--..-~~-~~---.--.-~ l s l : I : I 0 '"" ~ oc ))( D )) C ( , ~ ... ))( DC ! ~ D D.... ' + "l: r : . I . I . . l s . l : ( I : . I . I . . l . s l ( : I : "C " D ° C , )o)c( < .. )lC . l . l ( I . I . D ( DC s:: ''• ,,,. s:: DC 8 )'( 0 +r 0 ' I'"" . I . D ( . l . l ( I .s.:.: s:: ) , Q :: DC , D .. C .. .a , E: ..( ..( llI ID -,:: s:: s:: 0 N DC s N DC D n C e ) , Q :: ' . )Q . ..( .. C .. ..( l s l : I : I s D :: . ., wDC + ) 0 . Q .-., / D ,. C c C ..( ID J:: ,:: 0( ~DC ..... ..... ..... ..... p p p . J a :: ..... ..... 0 0 0( D< 00 0 0 0 )I( ,0 0 IJ( 0 ,0 0 ,0 ..... :aC <?, ..... D< )I( 00 0 0 D 0 < ( , , . . . . . ~ 0.... z ) E I( : .0.... .. m ..... ..I.I.. , , . . . D D < < " 0 J i : i : i ( 0 J:: .a .0.... •• •I,· .. m . ... ..... 0 0 I ·.. J:: I .. D< 0 m . .D..<.. 3 . ,I . 3 .0.... 0 T, ,. - it'" . ,t' ! ,. . . ..... . - 2. z )lC 0 3 <' • . . . . . N D D< < ) ) 0 I I ( I m ~ · . - , ) .: l .: C :,: . . . . . . . . 0. . . . . . . . . . . ~ C J a :: _,::e::c,:::: D< »s :s - "J::: . .1.,' wD< D :C C ,:::: »s ,u .. . •1 .0.... i . m C ) ) U U 0 ~ . . I I ..... .. : 0 C .. 0 )"( » )" s ( . . . . . I I ~ D D < < r )II 0 ,:::: T::: .. .0.... " 0, 0 . T » :: s : 0 C . . .i:; 3 = ) )l U C . . ..... )- ' J S C . D< ~ )"( . I D< IU J,t".' ) » U s .. I I I , 0.. 0 ... :! I 0 U :! 0 ,:::: I I • •-'" . . C .., 'o I..•• ..... )lC ,- . ) . " ., ( D( ..,I D< T::: , 0( -)"( ~ l 0 T ,. " : ) C lC ) , D u . . . . . .' •• I I I 0..... )lC ·.-, . : . :: , : ... ..... . ) » ) . " U . s , ( . C )lC . . . I I ,D D..< <.. n..e., . I .0.... I .»..s, I . . . I I ..... ) )l U C . .. .. . I 0 0 00 ( ( . . .0.... . . . ..... :s 0( C 0( I:: )II 0( : ) ; I : ( ; l l l l I I 0..... .-a llI )'C h-C I 'I::' llI :C J,t llI 0 )I( )I( 0 llI f::: 0 llI 0..... Chart 5 Unemployment Rate by Race and Age United States Percent 24.0 21.0 Age 16 to :. . 1 9Y . e :: .\ a : r : s · .. \ ! .: -._ · : : 1 :~ :!: .. ., : .'• . ... ~ .. . . .. 18.0 .: , \ . .. ..... ·: -·-.,,,,: ·.,.,-.: ., .. ·. ... .. . .. : ' · •, . .. . . · . • .. .: : \ . . .. ! #" \/"•· . ~ 1····· 15.0 .. . .. . . ./ : '~ ~ ..... . ... .··~. ... ........ _ _ ,,.,·· . · . ....: . Blac . . k .. .. , .. ......... ·.,·· , .. , , ·. .,.·, . . ·.,·. ... , ; '., ' . . 12.0 -· '. . ~· ·- , .. - .. ' , ,... ,•• ,.. ,•• • '. I"• • ••,· ., ••' . ~ : I \ ' ·-· .... - .... 9.0 Total - ... - . - .... - . - . . 6.0 White '.,·--·-·-·-•-.,· ..... 3.0 Jan 89 Jul 89 Jan 90 Jul 90 Jan 91 Jul 91 Jan 92 Jul 92 Jan 93 Jul 93 Jan 94 Jul 94 Note: Data beginning January 1994 reflect the redesigned CPS survey and are not strictly comparable to data for 1993 and earlier years. Source: U.S. Bureau of Labor Statistics. • ..,. Chart 6 Unemployment Rate by Race and Age Massachusetts Percent ., / / / 25.0 / / / / / ., / / / / / 20.0 / / / / / / / / / / 15.0 ., / / / / / 10.0 5.0 0.0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Source: U.S. Bureau of Labor Statistics.

Cathy E. Minehan (1994, September 15). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19940916_cathy_e_minehan

@misc{wtfs_regional_speeche_19940916_cathy_e_minehan,
  author = {Cathy E. Minehan},
  title = {Regional President Speech},
  year = {1994},
  month = {Sep},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19940916_cathy_e_minehan},
  note = {Retrieved via When the Fed Speaks corpus}
}