Six Hundred Atlantic

The U.S. enacted new tariffs during both of President Donald Trump's terms in office, but the execution and impact of the 2018 and 2025 tariff policies were very different. Research shows many more companies were impacted by the 2025 tariffs. The average tariff rate was also higher, tariffs were applied much more broadly, and productivity increased in ways that didn’t happen in 2018. The Supreme C...

When countries practice geoeconomics, they use their economic might to win concessions from other nations. Geoeconomics can include tools like industrial policy, tariffs, and embargoes.  But some say these economic coercion tactics could reduce trust and cooperation among nations – and have critical impacts on global trade. Watch the panel discussion with economists Douglas Irwin, Karen Dynan, and...

Global trade is the world economy’s “hidden wiring:” Instead of trading finished goods, countries exchange product components and services, linking nations across the world through spread-out supply chain models. But this also means far-away economic shocks can now have a much greater impact on U.S. prices, jobs, and investment decisions. Risks like extreme weather events, geopolitical flare-ups,...

Money moves through the U.S. payments system every second of the day. One key part of that system is the  FedNow ® Service, the Federal Reserve’s instant payment rail. Launched in 2023, it enables financial institutions to move funds instantly – 24/7, 365 days a year. While  FedNow  is focused on domestic payments, the Fed is also exploring how it could eventually help make cross-border payments f...

“Is college worth it?” Boston Fed research indicates the answer is yes. It shows a correlation between higher salaries and higher educational attainment in New England over the last 40 years. Also, people with more education have higher starting wages and steeper salary raises throughout their careers. But there’s nuance. Pinghui Wu is a senior economist who co-wrote the recent research. She discu...

Instant payments often aren’t “instant” at all, due to lags between when money is sent and received. These lags can be costly for people who need the money immediately to pay bills on time. Some end up paying late or overdraft fees. Others are forced to turn to expensive alternative financial services, like payday loans. Brian Clarke is a payments analyst and deputy director in the Regional & Comm...

How is tariff uncertainty affecting the outlooks of small and medium-sized businesses, and how will this impact consumers? Boston Fed Research Director Egon Zakrajšek is part of a team at the Bank investigating this critical, ongoing question. He discusses how the team partnered with a survey research firm to reach out to hundreds of businesses for insights. And he shares key takeaways from the te...

At one time, the housing affordability crisis was associated with certain addresses. Often, they were in high-demand coastal cities and nearby communities. Today, though, people from all corners of the country are dealing with crushing housing costs. In the latest episode of the Boston Fed’s Six Hundred Atlantic podcast, we examine the 2025 “The State of the Nation’s Housing” report from the Joint...

Private credit, or loans by non-bank lenders, has grown rapidly in recent years. This lending is even approaching the volume of some traditional sources of business credit, like bank loans. As the rise of private credit funds changes the way companies borrow money, it’s also creating potential implications for financial stability. John Levin is a senior markets specialist in the Supervision, Regul...

People in the credit business are starting to see just how much AI can do for them. It can improve profits and lower defaults. It can predict demand for new services. It can see past credit scores and comprehensively assess lending risks. That’s why AI’s role in credit is only going to get bigger going forward. Some people are very excited about that. And some are very worried. AI will lie unless...

Decentralized finance feels like the future. This category of financial services is built on blockchain technology and transacted solely in crypto. It’s executed by automated programs called “smart contracts,” which helps reduce costs. And advocates say DeFi is more democratic: Everyone involved is just an anonymous node on the blockchain, making favoritism impossible. But how will it really play...

Financial technology, known as fintech, is everywhere. If you send money by phone or invest with the help of robo -advisors, you’re using it. It s proponents say by lowering costs, it can expand the range of financial services providers can offer and the pool of people who can afford them .   But fintech presents risks , including to p rivacy . F intech companies aren’t subject to the same regulat...

What is t he B ei ge B ook ? It’s the story of the economy that you can’t always see in the numbers. Eight times a year, each Federal Reserve Ban k publishes a Beige Book after gathering real-world economic insight from regional business leaders and experts.   Mary Burke is a principal economist and policy advisor with the New England Public Policy Center at the Boston Fed. She talks to Six Hundre...

The Fed’s latest small businesses survey found that 80% of respondents reported challenges related to how they send and receive payments, including credit card processing fees and slow payments systems. Brian Clarke is a payments analyst and deputy director in the Regional & Community Outreach department at the Boston Fed. He breaks down the most important findings from the survey – and how advanc...

Synthetic identity fraud is a fast-growing and costly type of financial fraud, and its threat is increasing – thanks to generative AI. Criminals use Gen AI to quickly create synthetic identities and make these fake identities seem more like real people so it’s easier to use them to steal. Federal Reserve payments fraud expert Mike Timoney discusses what synthetic identity fraud is and how it’s evo...

There are more ways to pay than ever, and payments are critical to the economy. Their safety and efficiency significantly impact the nation’s fiscal health. Boston Fed senior economist Joanna Stavins discusses the payments evolution and what to watch out for.

New Englanders love the lottery, and it’s long been an important source of public funding. But it’s not the only option for people’s gambling dollars. Boston Fed researcher Riley Sullivan talks about lottery history, policy, and trends.

The story after the pandemic started was that people were relocating more. But now, New Englanders just aren’t making as many moves, either short- or long-distance. Boston Fed economist Pinghui Wu talks about the trend and what it means.

How can smaller cities recover after their industry disappears? The Working Places initiative exists because Boston Fed researchers wanted to answer that question. On its 10 th anniversary, director Colleen Dawicki discusses successes and lessons learned. 

Check fraud is on the rise, even as the number of checks in circulation is dropping. Why? Boston Fed payments fraud expert Mike Timoney discusses why checks are an attractive target for thieves and how consumers can protect themselves.

Employers are reluctant to hire people with criminal histories, and that can be a drag on the economy, because they make up a surprisingly large part of the population. What can be done to reduce employer risks while giving this group a fair chance?

Research by a Boston Fed economist indicates that as many as 7 million “gig workers” aren’t being counted in the main survey that measures U.S. employment. Why? And how can policymakers get a more accurate view of their contributions to the economy?

The female workforce participation rate has flatlined in the U.S. over the last 30 years. Why? One reason is a lack of state-funded “family policies,” like child care. Meanwhile, the rise of so-called “performance pay” has left some women behind.

“Full employment” is often overshadowed by the better-known half of the Fed’s dual mandate from Congress: “stable prices,” but both are equally important to the Fed. This overview defines full employment and looks at why some groups are struggling to reach it.

Kenechukwu Anadu, who co-leads a group focused on bank, non-bank, and financial stability risks, discusses stablecoins – a type of crypto asset – and the potential impacts of their rapid growth on the stability of the financial system.