Speaking of the Economy

Speaking of the Economy is the podcast of the Federal Reserve Bank of Richmond. In each episode, we'll hear from the Richmond Fed's economists and other experts at the Bank and in the communities we serve about the economic issues they are exploring.

The Challenges and Opportunities of Rural Economic Development 07/15/2026

The Challenges and Opportunities of Rural Economic Development Daniel Davis talks about the barriers that rural communities face in fully realizing their economic potential and how economic development professionals have addressed those barriers. He also shares insights on this topic from the speakers at an Investing in Rural America webinar in June 2026. Davis is group vice president for regional economics at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/42039800

Helping Hands 07/08/2026

Helping Hands John Bailey Jones and Jason Kosakow discuss their research on how family members and friends give their time and money to help each other and how these transfers benefit households. Jones is vice president of microeconomic analysis and Kosakow is survey director, both at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41983655

Navigating Today's Supply Shocks 07/01/2026

Navigating Today's Supply Shocks John O'Trakoun discusses the supply shocks resulting from the recent conflicts in the Middle East and how businesses and consumers have responded to these shocks. O'Trakoun is a senior policy economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41830945

Explaining the K-Shaped Economy 06/17/2026

Explaining the K-Shaped Economy Urvi Neelakantan describes how employment, income growth and consumption can differ between groups of households and reviews recent trends in this divergence of economic outcomes. Neelakantan is a senior policy advisor at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41662445

Do CDFIs Overcome Market Failures? 06/10/2026

Do CDFIs Overcome Market Failures? Surekha Carpenter and Borys Grochulski discuss how community development financial institutions work to help underserved communities that lack adequate access to credit and what factors determine their success in filling market gaps. Carpenter is a senior research analyst and Grochulski is a senior economist, both at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41585500

The Rise of Stablecoin and the Demand for Dollars 06/03/2026

The Rise of Stablecoin and the Demand for Dollars Marina Azzimonti discusses how digital currency like stablecoin and physical currency like the U.S. dollar are tied together, how the demand for one affects the other, and how this relationship plays out in global financial markets. Azzimonti is a senior economist and research advisor at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41494905

What CFOs Say About AI Adoption 05/20/2026

What CFOs Say About AI Adoption Sonya Waddell and John Graham share their research on the adoption of artificial intelligence in the workplace, based on the expected and realized effects reported by the financial executives who participate in the CFO Survey. Waddell is a vice president and economist at the Federal Reserve Bank of Richmond and Graham is a finance professor at the Fuqua School of Business at Duke University and director of the CFO Survey. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41333035

Redevelopment in Western North Carolina 05/13/2026

Redevelopment in Western North Carolina Matt Martin and Erika Bell recall their visit to western North Carolina to learn more about revitalization efforts in response to long-term changes in the regional economy as well as the aftermath of Hurricane Helene. Martin is a regional executive at the Charlotte office of the Federal Reserve Bank of Richmond and Bell is the community development regional manager for North Carolina and South Carolina at the Richmond Fed. Also in this episode, Scott Webber, town manager of Spindale, N.C., shares how he has worked with community partners to support redevelopment in the region. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41220250

Anatomy of a Business Cycle 05/06/2026

Anatomy of a Business Cycle Claudia Macaluso explains how economists identify the points of expansion and contraction in the national economy and how the current business cycle differs from past cycles. Macaluso is a senior research economist at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/41008610

The Connection Between Health and Employment in Rural Communities 04/15/2026

The Connection Between Health and Employment in Rural Communities Surekha Carpenter and Bethany Greene discuss the connections between the health of workers and the health of labor markets in rural communities. Carpenter is a senior research analyst and Greene is a regional economist, both at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40870135

What Are You Working On? 04/08/2026

What Are You Working On? For the 200th episode of Speaking of the Economy, four economists at the Federal Reserve Bank of Richmond share their current research and how that work connects with the Fed's mission: Nicholas Trachter on the growth in firm size, Urvi Neelakantan on the relationship between going to college and investing in the stock market, Russell Wong on the impact of AI on employment, and Horacio Sapriza on the ability of central bank communications to stabilize financial markets. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40744975

Tariffs: What We Have Learned One Year Later 04/01/2026

Tariffs: What We Have Learned One Year Later Renee Haltom shares what the Federal Reserve Bank of Richmond has learned from its business contacts and regional surveys about the impact of trade policy changes since last April. Haltom is a regional executive and vice president of sensing, engagement and publications at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40666600

Tracking Pathways to Success at Community Colleges 03/18/2026

Tracking Pathways to Success at Community Colleges Stephanie Norris and Davy Sell review the latest results of the Federal Reserve Bank of Richmond's Survey of Community College Outcomes, which examined the variety of ways that these colleges served different types of students and communities in the Fifth District as well as in five states outside of this region. Norris is a regional economist and Sell is a regional analyst, both at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40498245

Affordable Housing Development in Rural Virginia 03/11/2026

Affordable Housing Development in Rural Virginia Suzanne Holland talks about the Federal Reserve Bank of Richmond's recent visit to Martinsville to learn about the economic challenges and opportunities in the city and surrounding communities in southern Virginia. Kate Keller describes one issue in the region — the shortage of affordable housing — and the unique approach to the problem taken by her organization, the Harvest Foundation. Holland is a senior outreach specialist at the Richmond Fed and Keller is president of the Harvest Foundation. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40382240

What Happens When Consumers Buy Now and Pay Later? 03/04/2026

What Happens When Consumers Buy Now and Pay Later? Zhu Wang discusses the emergence of "buy now, pay later" installment loans and shares his research on the potential impacts of this payment option on the credit risks of individuals and the stability of financial markets. Wang is vice president for research in financial and payment systems at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40280540

Understanding the Economy as Data Revisions Happen 02/18/2026

Understanding the Economy as Data Revisions Happen Thomas Lubik reviews how widely used macroeconomic data like GDP is compiled and updated, and how the revision process strikes a balance between decisionmakers' needs for timeliness and accuracy. Lubik is a senior advisor in the Research department of the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40142620

Predicting PCE Using the Richmond Fed's Regional Surveys 02/11/2026

Predicting PCE Using the Richmond Fed's Regional Surveys Pierre-Daniel Sarte and Sonya Waddell discuss the pricing data that the Federal Reserve Bank of Richmond gathers from its monthly surveys of regional business activity and how that data can be used to inform inflation forecasts. Sarte is a senior advisor and Waddell is a vice president and economist, both at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/40063335

Regional Impacts of a Shrinking Federal Government 02/04/2026

Regional Impacts of a Shrinking Federal Government Andy Bauer and Amy Liu discuss the direct and spillover economic effects of the recent reductions in federal employment and spending on the District of Columbia, Maryland, and Virginia. Bauer is a regional executive at the Federal Reserve Bank of Richmond and Liu is a non-resident senior fellow at the Brookings Institution and co-author of the DMV Monitor. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39982345

The Demise of the Penny 01/21/2026

The Demise of the Penny Zhu Wang and Russell Wong discuss the shutdown in the production of pennies in the U.S. and their research on how the penny's demise is expected to impose costs on consumers. Wang is vice president for research in financial and payments systems and Wong is a senior economist, both at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39759600

Keeping Up on the Economy with Anna Kovner 01/14/2026

Keeping Up on the Economy with Anna Kovner Anna Kovner, director of research at the Federal Reserve Bank of Richmond, reviews the significant, rapid changes in trade policy, immigration policy, and the size of the federal workforce in 2025. She also discusses how the Richmond Fed has assessed the economic impact of these changes through its research and outreach programs. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39717890

What's the Fed Doing with its Balance Sheet Now? 01/07/2026

What's the Fed Doing with its Balance Sheet Now? Huberto Ennis provides an updated view of the Federal Reserve's management of its balance sheet and the flow of reserves between banks, which were the focus of a recent conference held at the Federal Reserve Bank of Richmond. Ennis is group vice president for micro, macro and financial economics at the Richmond Fed. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39620280

Year in Review with Tom Barkin 12/17/2025

Year in Review with Tom Barkin Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, looks back at 2025 and the resilience of the U.S. economy in the face of uncertainty and changes in the economy, including trade policy, consumer sentiment, and labor market demand and supply. He also discusses how monetary policymakers have navigated the year. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39410730

The Power of Partnerships in Western North Carolina 12/10/2025

The Power of Partnerships in Western North Carolina Erika Bell and Hunter Jones describe the importance of the Federal Reserve Bank of Richmond connecting with small towns and rural communities throughout the Fifth District, including those in western North Carolina recovering from Hurricane Helene. Bell is a community development regional manager and Hunter is a senior business analyst. In addition, Russ Harris of the Southwestern Commission Council of Governments and Nathan Ramsey of the Land of Sky Regional Council reflect on the value of their partnerships with the Richmond Fed and other regional organizations, both before and after the hurricane. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39323595

Why is Geographic Mobility Declining? 12/03/2025

Why is Geographic Mobility Declining? John Bailey Jones and Urvi Neelakantan discuss the decline in the movement of workers from one place to another, and possible explanations and policy solutions for the decline. Jones is vice president of microeconomic analysis and Neelakantan is a senior policy economist, both at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39157015

Update on the Fed's Framework 11/19/2025

Update on the Fed's Framework Alexander Wolman discusses the Federal Reserve's recent unveiling of its revised Statement of Policy Goals, highlighting what has changed and what has remained consistent with past statements. Wolman is vice president for monetary and macroeconomic research at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/39026245

Understanding Rural Economies 11/12/2025

Understanding Rural Economies Daniel Davis talks about the importance of understanding the economies of small towns and rural areas. He also discusses the work that the Federal Reserve Bank of Richmond has done to examine these economies and connect with community leaders, including the recent launch of the Richmond Fed's Center for Rural Economies and Investing in Rural America webinar series. Davis is group vice president for regional economics at the Richmond Fed and director of the center. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/38981165

What Businesses Are Saying 11/05/2025

What Businesses Are Saying Andy Bauer, Renee Haltom, and Matt Martin share what they are hearing about economic conditions from their business contacts in the Fifth District. They also discuss variations in conditions by sector and region as well as how businesses currently view labor markets and price levels. Bauer, Haltom, and Martin are regional executives at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/38907930

Taking Stock of Community Development Financial Institutions 10/22/2025

Taking Stock of Community Development Financial Institutions Surekha Carpenter and Taylor Pessin share their initial learnings about community development financial institutions that responded to the 2025 CDFI Survey, which is conducted every other year by the Federal Reserve. Carpenter is a senior research analyst and Pessin is an intermediate research analyst, both on the Regional and Community Analysis team at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/38652565

Stocking Up: What Inventory Levels Say About the Economy 10/15/2025

Stocking Up: What Inventory Levels Say About the Economy Thomas Lubik discusses how inventories are tracked at the firm and aggregate levels and what fluctuations in these levels over time tell us about the health of the overall economy. Lubik is a senior advisor at the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/38580660

Regional Differences in the Impact of Federal Transfer Payments 10/08/2025

Regional Differences in the Impact of Federal Transfer Payments Bethany Greene describes the flow of federal funds into Fifth District communities as transfer payments, from healthcare and Social Security benefits to unemployment insurance payments. In particular, she discusses regional variances in communities' reliance on this funding, especially those in rural areas. Greene is a regional economist at the Charlotte branch of the Federal Reserve Bank of Richmond. Full transcript and related links: /episode/index/show/speakingoftheeconomy/id/38398510

Speaking of the Economy

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