On May 22, 2017, Lael Brainard, a governor on the Board of Governors of the Federal Reserve System, provided remarks at the “Opportunity and Inclusive Growth Institute Conference,” at the Federal Reserve Bank of Minneapolis.
In it, Governor Brainard stated that monetary policy is broadly based (see page 4). Brainard described several areas where people were excluded from the economy–job security, education, housing–areas which are unstable for greater numbers of people. Brainard did indeed mention precarious employment (page 8).
Reality of precarious employment–featuring Uber CEO Travis Kalanick
The Fed needs to do more informative research on these topics, especially precarious employment. But desire to maintain the economist consensus of neoliberalism, even though it is a zombie idea now, may well thwart this tiny bit of minuscule effort. (The real issue that is involved is structural discrimination.)
Bloomberg had a story by Patricia Laya titled “Black American Workers Are Quickly Coming Back From the Sidelines.”
The share of black workers at work or seeking employment touched 62.5 percent in April, the highest level since 2010, a recovery from a more than the three-decade low of 60.3 percent at the end of 2013. Even with that rebound, black labor force participation remains below the overall rate of 62.9 percent.
“This is evidence of the last hired, first fired phenomenon,” said Valerie Wilson, an economist at the Economic Policy Institute in Washington, DC. “As the recovery continues on you start to see the biggest improvements for the groups that were hit the hardest.”
In non-economic news, but somewhat related in terms of structural discrimination (which is involved in many issues that Brainerd mentioned in his remarks), Justice Sonia Sotomayor, noted a trend of a difference of treatment of police-involved abuse toward citizens, in a dissent from the denial of certiorari:
“Our failure to correct the error made by the courts below leaves in place a judgment that accepts the word of one party over the word of another. It also continues a disturbing trend regarding the use of this Court’s resources. We have not hesitated to summarily reverse courts for wrongly denying officers the protection of qualified immunity in cases involving the use of force. But we rarely intervene where courts wrongly afford officers the benefit of qualified immunity in these same cases.”
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending May 20, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Forms||Forms — initial Board review to extend with revision the Ongoing Intermittent Survey of Households (FR 3016).
-Proposed, May 16, 2017
|Enforcement||Barclays Bank PLC, London, England — issuance of a final decision, order of prohibition, and assessment of a civil money penalty against Christopher Ashton, former institution-affiliated party of Barclays Bank PLC.
-Approved, May 17, 2017
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for May 25, 2017, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of May 24, 2017): $4,517,463 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)