NEW YORK—The Federal Reserve Bank of New York and the Bank for International Settlements (BIS) today published a joint research study that explored if and how central banks could continue to implement monetary policy operations in hypothetical tokenized wholesale financial markets.      Project Pine, from the New York Innovation Center at the New York Fed and the Swiss Centre of the BIS Innovation Hub found that central banks could customize and deploy policy implementation tools using programmable smart contracts in a potential future state where commercial banks...

Read more

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the February 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations increased slightly at the short-term horizon but remained unchanged at the medium- and longer-term horizons. Households expressed more pessimism about their year-ahead financial situations in February, while unemployment, delinquency, and credit access expectations deteriorated notably. Meanwhile, spending growth expectations rose significantly. Average quit probabilities among those employed fell to the lowest level since...

Read more

Governor Hochul announced two major initiatives to expand affordable digital access across New York State. Governor Kathy Hochul today announced two major initiatives to expand digital access across New York State. The first initiative — Affordable Broadband Act (ABA) — has officially taken effect, making New York State the first state in the nation to require internet service providers to offer qualifying low-income households broadband service at $15 per month for 25 Mbps service or $20 for 200 Mbps service....

Read more

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2024 Survey of Consumer Expectations, which shows that inflation expectations were unchanged at the short-term horizon, increased at the medium-term horizon, and decreased at the longer-term horizon. The average perceived likelihoods of a job loss, voluntary job separation, and finding a job in the event of a job loss all declined. While year-ahead household income growth expectations declined slightly and are now comparable to...

Read more

“Since I became Governor, I’ve been laser focused on putting more money in the pockets of working New Yorkers, and that starts with making sure everyone can access a good paying job. Thanks to the Biden-Harris Administration’s CHIPS & Science Act, our advanced manufacturing sector is roaring back to life. And because of the nation-leading Green CHIPS Act I signed into law, these chips won’t just be made in America –– they’ll be made right here in New York....

Read more

Governor Hochul Doubled the Local Government Efficiency Grant Program to Help Local Governments Reduce Current and Future Operational Costs Support for Local Governments Will Help Lower Taxes and Ensure Property Owners Across the State Can Save Money Governor Kathy Hochul today announced that the popular Local Government Efficiency Grant program has doubled the amount of funds available to municipalities with innovative ideas for streamlining government operations and services to reduce current or future costs, ultimately translating into savings for...

Read more

Delivers on Governor Hochul’s 2024 State of the State Initiatives To Help Small, Rural and Disadvantaged Communities With Their Water Infrastructure Needs Funding Awarded Across New York State in All 10 Economic Development Regions Enhanced Awards for 32 Projects in Small, Rural Communities   Governor Kathy Hochul today announced that more than $435 million is being awarded to 102 critical water infrastructure projects across New York State through the Water Infrastructure Improvement and Intermunicipal Grant programs. The grants awarded by...

Read more

Prestigious Designation Unlocks $825 Million in Federal Funding for Semiconductor R&D at NY CREATES' Albany NanoTech Complex Cements New York as America’s Leading Semiconductor R&D Hub, Will Enable Continued Expansion of State’s High-Tech Ecosystem and Bring Back Hundreds of Good Paying Manufacturing Jobs to New York State The CHIPS for America EUV Accelerator at NY CREATES Will Support U.S. Technological Sovereignty, National Security, American Economic Vitality and Lead to More Powerful Chips for Technology Used Everyday Governor Kathy Hochul today celebrated the...

Read more

The EU has kicked off a week of high-level meetings and events during the UN General Assembly in New York. During the weekend, Executive Vice-President Vestager, Vice-President Šuica and Commissioner Urpilainen participated in the Summit of the Future's Action Days covering topics ranging from youth, children's rights, sustainable development, demography, gender equality and sexual reproductive health, as well as the Global Digital Compact adopted at the Summit of the Future. On Sunday, President of the European Council Charles Michel, High Representative/Vice-President Josep Borrell, and Commissioner Jutta Urpilainen, represented the EU in...

Read more