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FedResearch
@fedresearch.federalreserve.gov
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The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors

https://www.federalreserve.gov/econres.htm
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fedresearch.federalreserve.gov
The authors show reasons might include soft demand (orders), insufficient labor supply, and lags in the production process (average period of production or APP). (3/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 5. Utilization growth and import protection by average production period
November 4, 2025 at 7:57 PM
fedresearch.federalreserve.gov
But looking across industries, this spare capacity is not particularly concentrated in industries gaining new tariff protection. In 2025 so far, capacity utilization has not risen more in industries receiving more new import protection. (2/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 2. Spare capacity and import protection Figure 3. Recent utilization growth and new import protection Figure 4. Reasons for operating below capacity versus new import protection
November 4, 2025 at 7:57 PM
fedresearch.federalreserve.gov
ICYMI: Capacity utilization in manufacturing has been subdued, suggesting potential for tariffs to boost production in existing factories. (1/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 1. Capacity utilization has been subdued
November 4, 2025 at 7:57 PM
fedresearch.federalreserve.gov
The authors show reasons might include soft demand (orders), insufficient labor supply, and lags in the production process (average period of production or APP). (3/3) www.federalreserve.gov/econres/note... #FEDSNote #EconSky
Figure 5. Utilization growth and import protection by average production period
October 31, 2025 at 7:45 PM
fedresearch.federalreserve.gov
But looking across industries, this spare capacity is not particularly concentrated in industries gaining new tariff protection. In 2025 so far, capacity utilization has not risen more in industries receiving more new import protection. (2/3) www.federalreserve.gov/econres/note... #FEDSNote
Figure 2. Spare capacity and import protection Figure 3. Recent utilization growth and new import protection Figure 4. Reasons for operating below capacity versus new import protection
October 31, 2025 at 7:45 PM
fedresearch.federalreserve.gov
Capacity utilization in manufacturing has been subdued, suggesting potential for tariffs to boost production in existing factories. (1/3) www.federalreserve.gov/econres/note... #FEDSNote #EconSky
Figure 1. Capacity utilization has been subdued
October 31, 2025 at 7:45 PM
fedresearch.federalreserve.gov
Watch live tomorrow at 9:00 a.m. ET: Payments Innovation Conference: 
www.youtube.com/federalreserve  

Learn more: www.federalreserve.gov/conferences/...
Image of the Board of Governors of the Federal Reserve System. Copy: "Payments Innovation Conference. Watch Live: October 21, 2025, 9:00 a.m. ET. Hosted by the Federal Reserve Board”
October 20, 2025 at 2:27 PM
fedresearch.federalreserve.gov
Save the date 10/21: Payments Innovation Conference. Watch live at 9:00 a.m. ET: www.youtube.com/federalreserve

Learn more: www.federalreserve.gov/conferences/...
Image of the Board of Governors of the Federal Reserve System. Copy: "Payments Innovation Conference. Watch Live: October 21, 2025, 9:00 a.m. ET. Hosted by the Federal Reserve Board”
October 17, 2025 at 8:55 PM
fedresearch.federalreserve.gov
New #IFDPPaper shows that lower retail inventories raise price margins, and incorporating inventories into the Phillips curve greatly improves its fit—capturing both the 2009–2011 missing disinflation and the COVID-era surge. www.federalreserve.gov/econres/ifdp...
Figure 2: Model Fit compares Canonical vs. Stock-based NKPC models' fit to actual inflation data.
October 15, 2025 at 4:07 PM
fedresearch.federalreserve.gov
Watch live tomorrow at 8:30 a.m. ET: Community Bank Conference: www.youtube.com/federalreserve

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Image of the Board of Governors of the Federal Reserve System. Copy: "Community Bank Conference. Watch Live: October 9, 2025, 8:30 a.m. ET. Hosted by the Federal Reserve Board”
October 8, 2025 at 3:26 PM
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Save the date 10/9: Community Bank Conference.
Watch live at 8:30 a.m. ET: www.youtube.com/federalreserve 
Learn more: www.federalreserve.gov/conferences/...
Community Bank Conference. Watch live: October 9, 2025 8:30 a.m. ET Hosted by the Federal Reserve Board
October 3, 2025 at 6:28 PM
fedresearch.federalreserve.gov
This #IFDPPaper offers new evidence that overly pessimistic forecasts of employment recoveries by market participants play an important role in explaining the sluggish response of the labor market during recoveries. (1/2) www.federalreserve.gov/econres/ifdp...
Figure 2: Unemployment Rate: Projections and Actual
September 25, 2025 at 6:09 PM
fedresearch.federalreserve.gov
New #IFDPPaper studies central banks' gold and dollar reserves. While three countries with the largest gold reserve accumulation have diversified away from dollar reserves, most countries do not de-dollarize when buying gold: www.federalreserve.gov/econres/ifdp...
Figure 2. Estimated Probability of Buying U.S. Assets Conditional on Purchasing Gold Reserves
September 5, 2025 at 4:37 PM
fedresearch.federalreserve.gov
ICYMI: Industries that expand remote work ability see sustained productivity gains over time. www.federalreserve.gov/econres/note... #FEDSNote #EconSky
Figure 4. The Positive Impact of Remote Ability on Labor Productivity Is Robust
September 4, 2025 at 3:27 PM
fedresearch.federalreserve.gov
Industries that expand remote work ability see sustained productivity gains over time. www.federalreserve.gov/econres/note... #FEDSNote #EconSky
Figure 4. The Positive Impact of Remote Ability on Labor Productivity Is Robust
August 25, 2025 at 6:38 PM
fedresearch.federalreserve.gov
ICYMI: A new #FEDSNote looks at the few international cases of the past 30 years involving using proceeds of official reserve revaluations. www.federalreserve.gov/econres/note... #EconSky
Figure 2. International Reserve Revaluation Proceeds
August 7, 2025 at 1:03 PM
fedresearch.federalreserve.gov
New #FEDSPaper estimates harmonized population and labor force statistics from the CPS that smooth out the January jumps in the published BLS time series. www.federalreserve.gov/econres/feds... (1/2) #EconSky
Figure 1. Civilian noninstitutionalized population aged 16 years or older
August 5, 2025 at 3:18 PM
fedresearch.federalreserve.gov
A new #FEDSNote looks at the few international cases of the past 30 years involving using proceeds of official reserve revaluations. www.federalreserve.gov/econres/note... #EconSky
Figure 2. International Reserve Revaluation Proceeds
August 1, 2025 at 7:57 PM
fedresearch.federalreserve.gov
Watch live tomorrow at 8:30 a.m. ET: Integrated Review of the Capital Framework for Large Banks Conference.

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Integrated Review of the Capital Framework for Large Banks Conference. Watch Live: July 22, 2025, 8:30 a.m.. At the Federal Reserve Board.
July 21, 2025 at 1:54 PM
fedresearch.federalreserve.gov
Save the date 7/22: Integrated Review of the Capital Framework for Large Banks Conference. Watch live at 8:30 a.m. ET. Learn more: www.federalreserve.gov/conferences/...

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Image of the Board of Governors of the Federal Reserve System. Copy: "Integrated Review of the Capital Framework for Large Banks Conference. Watch Live: July 22, 2025, 8:30 a.m. ET. Hosted by the Federal Reserve Board”
July 18, 2025 at 3:38 PM
fedresearch.federalreserve.gov
Watch live tomorrow at 9:15 a.m. ET: "Unleashing a Financially Inclusive Future” conference. Learn more:
www.federalreserve.gov/conferences/...

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Image of the Board of Governors of the Federal Reserve System. Copy: "Unleashing a Financially Inclusive Future. Watch Live: July 15, 2025, 9:15 a.m. ET. Hosted by the Federal Reserve Board”
July 14, 2025 at 7:01 PM
fedresearch.federalreserve.gov
New #FEDSNote using novel data on dealers and banks finds that the U.S. repo market is over $12 trillion in outstanding: substantially larger than previously estimated: www.federalreserve.gov/econres/note... #EconSky
Figure 1. Comparison of dealers’ gross repo (from annual reports) and net repo (from the Financial Accounts)
July 11, 2025 at 9:10 PM
fedresearch.federalreserve.gov
Save the date 7/15: “Unleashing a Financially Inclusive Future” conference. Watch live at 9:15 a.m. ET:
www.federalreserve.gov
www.youtube.com/federalreserve

Learn more: www.federalreserve.gov/conferences/...
Image of the Board of Governors of the Federal Reserve System. Copy: "Unleashing a Financially Inclusive Future. Watch Live: July 15, 2025, 9:15 a.m. ET. Hosted by the Federal Reserve Board”
July 11, 2025 at 4:19 PM