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Lobby of the Federal Reserve Bank of Philadelphia. The lobby features a 25-foot (7.6 m) tower filled with shredded U.S. currency.
The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, southern New Jersey, and Delaware. Its geographical territory is by far the smallest in the system, and its population base is the second-smallest (next to the Federal Reserve Bank of Minneapolis). The current President of the Philadelphia Fed is Charles Plosser.
The Philadelphia Fed conducts research on both the national and regional economy. Its regional manufacturing index is the second of the regional manufacturing reports released every month (the New York Fed's Empire State Index is now released earlier), but it is still very important to the financial community as a proxy for nationwide manufacturing conditions.
The Federal Reserve Bank of Philadelphia publishes a quarterly survey of professional economic forecasters, the Survey of Professional Forecasters, also called "The Anxious Index". It is a highly predictive report on the prospects for the Economy of the United States.[1]
[edit] References
- ^ "Economists’ Tea Leaves Point to Recession" article by David Leonhardt in The New York Times February 13, 2008
[edit] External links and further reading
