8legs: Federal reserve bank of new york

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#1 out of 3

New York Fed President John Williams said tariffs have overwhelmingly been borne domestically by U.S. firms and consumers.
Williams said tariffs have already increased U.S. prices of imported goods and may delay the Fed’s 2% inflation goal.
The white paper cited by Williams suggested up to 90% of added tariff costs are passed to domestic buyers.
Williams projected the tariff impact on inflation to be temporary and sees the Fed meeting its 2% target by 2027 if tariffs fade.
Williams said the economy appears to be on solid footing and policy is well positioned to achieve its dual mandate.
Market futures priced in potential rate cuts later this year, per Williams' remarks and market expectations.
Williams emphasized the tariffs have not only affected prices but also hindered inflation progress toward the 2% goal.
The remarks were delivered at a conference in Washington, D.C., and circulated amid White House critiques of the research.
New York Fed researchers questioned the export burden claims and faced pushback from White House officials.
The discussion centers on who ultimately bears tariff costs—the domestic economy or exporters abroad.

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#2 out of 3

The New York Fed finds stablecoins prompt banks to hold more reserves and lend less.
Post-SVB period shows banks with stablecoin partners had higher reserve volatility and interbank payments.
The study estimates about a 14 percentage point drop in loan-to-asset ratio for treated banks.
Stablecoin activity increases intraday volatility in partner banks’ reserve balances.
Stablecoins create liquidity shocks transmitted through the banking system.
The study argues digital payments innovation flows through the traditional financial system.
Some banks remain cautious as stablecoins scale and integration grows.
Post-SVB period led to new partnerships between stablecoin issuers and banks.
New York Fed links stablecoins to changes in bank balance sheets and credit creation.
Policymakers are urged to consider liquidity dynamics as digital dollars enter mainstream use.
The research sits alongside another NY Fed report on tokenized deposits and stablecoins.

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#3 out of 3

Fed's Williams says AI could raise productivity and earnings over time, but the size of the impact is still to be determined.
Williams says AI is not expected to cause structural unemployment and may create more jobs than it destroys.
He warns the AI transition may challenge younger workers entering the job market.
The current economy remains secure for wealthier households but is difficult for others.
From a policy view, AI could act as a positive supply-side force if gains are realized.
Williams cautions policymakers to watch labor-market transitions and inequality as AI evolves.
The remarks come as AI advances fuel debates on productivity versus jobs.
Williams frames AI as a developing trend rather than a guaranteed, uniform economic shift.
The discussion highlights the need for careful policy to manage transitions and inequality.

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