As of mid-December, the average thirty-year fixed-rate mortgage was near its historic low of about 3.3 percent, or half its level in August 2007 when financial turmoil began.
Superstorm Sandy caused damage and disruption to a wide swath of the New
York-New Jersey region.
While the full extent of the harm caused by superstorm Sandy is still unknown, it’s clear that the region sustained significant damage and disruption, particularly along the coastal areas of New York, New Jersey, and Connecticut.
On October 29, superstorm Sandy hit the tri-state area, flooding streets, highways, tunnels, buildings, and homes, and crippling the region’s public transit system.
As most of the New York metropolitan region begins to get back to normal following the devastation caused by superstorm Sandy, researchers and analysts are trying to assess the total “economic cost” of the storm.
Superstorm Sandy has had widespread effects in the tri-state region.
Issued this morning, the December 2012 Empire State Manufacturing Survey report suggests that
manufacturing activity continued to decline modestly in New York State, with only moderate lingering effects from superstorm Sandy.
In the fall of 2008, the Fed added new policy tools to its portfolio of techniques for implementing monetary policy.
We’ve recently posted the proceedings of an October 19 Money and Payments Workshop that brought together researchers from central banks and academia as well as practitioners to discuss the importance of financial market structure.