Features

EP Icon

No-Arbitrage Restrictions and the U.S. Treasury Market

Economic Perspectives article discusses the pricing of risk-free Treasury securities via no-arbitrage arguments and illustrates how this approach works in models of the term structure of interest rates. Read More

risk persp pub

New Issue of Risk Perspectives Available

Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends.  Recent issue of Risk Perspectives highlights risk monitoring in the Midwest. Read More

EP icon

Detroit Back From the Brink?

While it is hard to say how much of the current auto sector recovery is attributable to government intervention, Economic Perspectives article examines how the ensuing restructuring of the Detroit Three has substantially changed the U.S. auto industry. Read More

Profitwise cover

Community Development Financial Institutions Assist the Underserved

Profitwise News and Views Spotlight explains how Community Development Financial Institutions (CDFIs)  are assisting with the implementation of several new policy initiatives designed to direct capital to the nation’s underserved communities, business and home owners.  Read More

Recent News

cfnai icon

Economic Activity Increased in April

The Chicago Fed National Activity Index was +0.11 in April, up from –0.44 in March. Read More

agletter icon

Midwest Farmland Values Still Soaring in First Quarter

Latest AgLetter reports farmland values in the first quarter of 2012 were 19 percent higher than a year ago. Read More

cfl

Beyond Parking Meters: The Future of Public–Private Partnerships

Chicago Fed Letter examines public–private partnerships, including infrastructure sales or leases and managed competition programs. Read More

cfl icon

What Can States Do to Manage Volatile Tax Revenues?

Chicago Fed Letter shows state tax revenues changing more dramatically with the economy since 2000 and offers possible policy responses. Read More

cfl cover

Dealing with the Impact of Manufacturing Job Losses

Chicago Fed Letter summarizes ongoing research into the economic, demographic and social trends shaping the Midwest's industrial cities. Read More

cfl

A Different Way to Review the Chicago Fed National Activity Index

Chicago Fed Letter analyzes the recent sources of strength and weakness in the CFNAI, using a new measure that is often a leading indicator of the index’s movements. Read More

Around the System

bank columns

Is the Fed Audited?

Yes, the Board of Governors, the 12 Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review.

business meeting

Consumer Complaints and Information

If you have a problem with a bank or financial institution, contact the Federal Reserve for help.

Talking Points

"The economic recovery and accompanying export growth have been good news for the Midwest. As an important goods producer of both exported manufactured and agricultural products, the region has benefited from enhanced income and economic activity."

William Testa, Vice President, Regional Programs, Federal Reserve Bank of Chicago, in a blog posting.
Economic Snapshot

Chicago Fed National Activity Index (CFNAI)


National Financial Conditions Index (NFCI)


Midwest Economy Index (MEI)


Chicago Fed Midwest Manufacturing Index (CFMMI)


Latest Indicators — Apr*  
Unemployment Employment
Growth
GSP     
Growth**
Monthly YoY      YoY
US:
IL:
IN:
IA:
MI:
WI:
8.1%
8.7%
7.9%
5.1%
8.3%
6.7%
0.1%
0.0%
0.6%
0.4%
0.1%
-0.2%
1.4%
0.5%
1.9%
1.2%
1.5%
-0.8%
1.7%
1.6%
2.1%
3.1%
1.9%
2.2%

*All data are seasonally adjusted.
**Estimates of annual GSP growth are through 2011:Q4.
More about the Midwest Economy

CFNAI
April
Monthly Index:  +0.11
3-month MA:  -0.06
Diffusion Index:  +0.10

NFCI
May 18, 2012
NFCI:  -0.48
Adjusted NFCI (ANFCI):  -0.32

Midwest Economy Index (MEI)
March
MEI:  +0.82
Relative MEI:  +0.16

CFMMI

+0.0% in March

Farmland Values

+19% in 1Q12 over 1Q11

'Beige Book'

Economic activity in the Seventh District continued to expand at a moderate pace in late February and March.

Michigan Retail Index

+0.2 for sales outlook
-5.2 for sales performance