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Modernizing the Regulatory and Supervisory Landscape
AI In a speech at the Community Banking Research Conference, the Fed's Vice Chair for Supervision reviews progress since 2024 on supporting community banks, including refocused supervision, an 8 percent community bank leverage ratio, and the end of the Novel Activities Supervision Program. He identifies remaining work on merger competitive analysis, de novo bank formation and call report streamlining, and says the Board proposed Regulation O revisions in July and will consider indexed updates to fixed-dollar asset thresholds, with updates every five years, later this year.
The Data Version of Godzilla versus Kong: FRED Takes on AI
AI In this 1 October 2026 speech, a Federal Reserve Board official traces FRED's history from a 1961 mailed data digest to 850,000+ series and 18 million unique users in 2025, and announces that users seeking certain Federal Reserve Board data will soon be routed to FRED. He says AI both widens data use and brings risks such as hallucination and misattribution, notes FRED traffic is growing 150 percent a year with about half of visits now from AI agents, and describes the new FRED MCP Connector for linking FRED data to AI agents.
The U.S. Economy and Monetary Policy
AI In this speech, a Federal Reserve official says the U.S. economy is resilient, with GDP growing 2.4 percent in the first half of 2026, unemployment at 4.1 percent in August and risks to activity and employment roughly balanced. Inflation is too high, with the 12-month PCE price index at 3.4 percent in August and above the 2 percent target for more than five years, and the speaker sees upside risks to inflation, driven largely by energy prices. The speaker also plans to discuss last month's FOMC decision and how the future path of policy will be assessed.
Modernizing Financial Regulation: Initial Observations from eSLR
AI In this speech, the Fed's Vice Chair for Supervision argues that the enhanced supplementary leverage ratio (eSLR) had become a binding constraint on large bank dealers' Treasury market intermediation. He describes the recalibration finalized in November 2025, which sets the GSIB eSLR buffer at 50 percent of the method-1 surcharge (capped at one percent for depository subsidiaries), effective April 1, 2026, and reports early evidence that dealers gained nearly $5 trillion of eSLR headroom in Q1 2026 and increased Treasury positions.
The Dual Mandate in Rural America
AI In this 30 September 2026 speech, a Federal Reserve Governor reviews rural America's economy in terms of the Fed's dual mandate. She reports that rural unemployment has generally tracked the national rate, while labor force participation and job creation are lower than in urban areas, and that rural inflation rose faster than urban inflation in the early pandemic recovery, driven by energy and housing costs. She also notes that this is the first national Investing in Rural America conference organized by all 12 Reserve Banks and the Board, and says she will address small businesses and System research and outreach on rural economies.
Opening Remarks
AI In opening remarks to the 2026 Community Bank Cyber Workshop, hosted by five Federal Reserve Banks, the speaker says AI adds complexity to the cyber threat landscape for banks, and that defense should rest on strong cyber hygiene, employee training, incident response testing and board and management oversight. The speaker cites the Financial Stability Board's June 10, 2026 report on Sound Practices for Responsible Adoption of AI, invites community bank feedback on supervisory expectations, and notes that IT examinations are tailored to each bank's risk profile.
Economic Conditions and Monetary Policy
AI In this speech in Detroit, the speaker describes the city's economy and reports that U.S. GDP grew at roughly a 2 percent rate in the first half of 2026. Inflation has been above the FOMC's 2 percent target for five and a half years, with only two months in the past 20 consistent with 2 percent core PCE inflation, while the labor market is in rough balance and the speaker plans to discuss AI and the role of monetary policy.
Payments in the Age of AI Agents
AI In this speech of 28 September 2026, a Federal Reserve Board official discusses how AI could improve the efficiency and security of cross-border payments, covering sanctions and anti-money-laundering screening, cybersecurity, payment routing and foreign exchange and liquidity optimization. The speech then turns to agentic commerce, describing agent-assisted and agent-delegated models, and notes that market participants see it as early-stage but potentially transformative if adoption scales.
An Update on AI and the Economy
AI In this 28 September 2026 speech at Oakland Tech Week, a Federal Reserve Board governor describes AI as a general-purpose technology on par with the steam engine, electricity and the internet, and sets out a framework for its implications for the Fed's dual mandate. On inflation, the speaker says AI-related goods prices have surged, much of it from sector-specific demand that monetary policy should not target, but sees some broadening pressure: electricity and water costs are each up around 5 percent over the past year, core goods prices are running above a 3 percent annual pace, and only a small fraction of the $2 trillion in announced AI investment has been spent.
A Long-Term View on the Costs of Shelter
AI In this speech of 23 September 2026, a Federal Reserve Board governor says the FOMC raised the policy rate the previous week, which she supported, because inflation is above 2 percent and risks to the inflation target have increased while risks to the labor market have receded. She then reviews housing affordability, citing the Atlanta Fed's affordability index at 68 in July 2026, the lowest in 21 years, and the fact that about half of renters are cost burdened. She also notes that real median household income rose about 17 percent between 2000 and 2024 while real house prices rose about 70 percent, and begins to discuss inadequate housing supply as a driver of home prices.
Discount Window Modernization and Treasury Market Functioning
AI In a speech at the Treasury Market Conference on 2026-09-22, a Federal Reserve Governor describes System-wide efforts to modernize the discount window along three dimensions: business process improvements, automation enhancements (including the Discount Window Direct portal, through which over 60 percent of loan requests are now submitted), and coordination with the Federal Home Loan Banks. The speech also announces that earlier in the month the Reserve Banks simplified how banks pledge loans as collateral, and says it will address the role of Treasury securities as collateral for discount window loans.
Initial Findings from Independent Review of Silicon Valley Bank
AI The Vice Chair for Supervision announces the initial findings of an independent review of Silicon Valley Bank's March 2023 failure, conducted by the Starling Advisory Group. The report makes seven findings, including that supervisory staff knew or should have known of SVB's vulnerabilities as early as March 2022 but did not take prompt, decisive action, citing a culture of risk aversion and unclear decision rights, and the speech outlines initial responses such as a Statement of Supervisory Operating Principles and monthly examiner reports to supervisory leadership.
The Final Chapter on Modernizing Bank Regulatory Stress Testing
AI In a speech dated 2026-09-18, the Federal Reserve Board's Vice Chair for Supervision says the Board will consider final revisions to its stress testing framework in the coming weeks, aimed at improving transparency and public accountability, strengthening model reliability and accuracy, and reducing volatility in the stress capital buffer requirements. He also says he expects the Board to finalize risk-based capital reforms and changes to the global systemically important bank surcharge before the end of the year, and previews forward-looking stress tests whose results would not affect capital requirements.
The Economic Outlook and Some Comments on My Policy Communication
AI In this speech of 3 September 2026, a Federal Reserve Governor says inflation remains meaningfully above the FOMC's 2 percent goal but shows early signs of disinflation. The Governor would lean toward holding the federal funds rate target if data due over the next two weeks confirm this, but says raising it at the September 15-16 FOMC meeting may be appropriate if the August data show the improvement was fleeting; the speech also describes the Governor's approach to communicating these views.
Unlocking Opportunities for Workers and Entrepreneurs with a Criminal Record
AI In this 1 September 2026 speech, a Federal Reserve Board official argues that workers and entrepreneurs with criminal records face lasting barriers to employment, occupational licensing and financial access, and says AI and other new technologies could improve their opportunities. On the economy, the speaker says the labor market is stable but inflation remains too high; at the September FOMC meeting, if inflation seems to be moderating toward 2 percent, there may be time to assess policy, but if not, rates should be raised decisively.
In Our Time
AI In this speech dated 2026-08-28, marking his 100th day as Chairman, the Fed Chairman outlines remarks on artificial intelligence as a potential new factor of production, on his preference for changing the form and function of forward guidance, on principles for conducting monetary policy, and on his assessment of the economy. He says the Fed has set up a task force on productivity and jobs, whose recommendations will come later and will not bear on current policy decisions.
Outlook for the U.S. and Alaskan Economies
AI In an August 5, 2026 speech, a Federal Reserve Board official describes the U.S. economy as resilient and growing at a solid pace, with a stable low-hire, low-fire labor market (unemployment 4.2 percent in June) and inflation that is too high (PCE prices up 3.7 percent over 12 months through June, core 3.3 percent). The speaker says risks are tilted toward inflation, that they are prepared to support a rate increase if needed to bring inflation down, and that disinflationary forces such as fading tariff effects may make one unnecessary; the speech also previews discussion of Alaska's economy and consumer sentiment data.
Navigating Economic Shocks: A Monetary Policymaker’s Perspective
AI In a speech at Stanford University dated 2026-07-16, a Federal Reserve policymaker sets out how the FOMC classifies unpredictable economic shocks as demand or supply shocks, using the output gap and the dual mandate of maximum employment and 2 percent inflation, and how policy responds depending on whether a shock moves the output gap and inflation in the same or opposite directions. The speaker says the talk will then address the current energy price shock and the macroeconomic effects of artificial intelligence and their possible implications for monetary policy.
Economic Outlook
AI In this 15 July 2026 speech, a Federal Reserve policymaker says high inflation concerns them more than employment risks at present, noting the targeted price index rose 3.7 percent in the 12 months through June, 1.7 percentage points above the 2 percent target. They describe a stable labor market (unemployment 4.2 percent in June) and stronger-than-forecast output (2025 GDP growth of 2.0 percent), and conclude that risks have shifted toward the inflation mandate.
Responsible Innovation and Financial Inclusion
AI In remarks to the Board's third annual Financial Inclusion Conference, the speaker argues that banks innovating responsibly, including through artificial intelligence, can expand access to affordable financial services, and that the Federal Reserve's role is to set clear expectations and apply proportionate supervision without micromanaging bank decisions. The speaker notes that the Financial Stability Board published a report on "Sound Practices for Responsible Adoption of Artificial Intelligence (AI)" earlier in the month, with public comment open through July 22.