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Annual Report, 2015

Chicago Fed Annual Report
Charles Evans President and Chief Executive Officer Federal Reserve Bank of Chicago
Welcome to the Federal Reserve Bank of Chicago 2015 annual report. This was an eventful year for the national economy.
Economic Growth
Real gross domestic product increased by 1.8 percent from the fourth quarter of 2014 to the fourth quarter of 2015.
Promoting Full Employment
The unemployment rate, at 4.9 percent in January, matched the median long-run projection made by the Federal Open Market Committee (FOMC) in December of 2015.
Achieving Our Inflation Target
One concern is the achievement of our 2 percent inflation target. Actual inflation was only 0.5 percent from the fourth quarter of 2014 to the fourth quarter of 2015.
Our Policy Response
With labor market improvements and increased confidence in achieving our inflation target, the FOMC made a modest increase in the federal funds rate in December.
Moving Forward
The December median FOMC forecast is that the federal funds rate will rise gradually over the next three years as economic and financial conditions warrant.
Executive Change
2015 was also a big year for the Bank. We welcomed Ellen Bromagen as our new First Vice President and Chief Operating Officer.
New Directors
We also have a number of new directors, who participate in the formulation of monetary policy, act as a link between the Federal Reserve System and the public and supervise the administration of the Bank’s operations.
In Chicago

In Detroit

Thank you for your interest, and we look forward to continued progress in the coming year. To conclude, I leave you with our financial statements for 2015.
Charles EvansFederal Reserve Bank of ChicagoMarch 2016
Financial Statements

Auditor Independence

The Federal Reserve Board engaged KPMG to audit the 2015 combined and individual financial statements of the Reserve Banks and Maiden Lane LLC. [1]

In 2015, KPMG also conducted audits of internal controls over financial reporting for each of the Reserve Banks. Fees for KPMG services totaled $6.7 million, of which $0.4 million was for the audit of Maiden Lane LLC. To ensure auditor independence, the Board requires that KPMG be independent in all matters relating to the audits. Specifically, KPMG may not perform services for the Reserve Banks or others that would place it in a position of auditing its own work, making management decisions on behalf of the Reserve Banks or in any other way impairing its audit independence. In 2015, the Bank did not engage KPMG for any non-audit services.

Below is the link to the Federal Reserve Bank of Chicago’s audited financial statements reflecting balances as of December 31, 2015, and income and expenses for 2015, Management’s Report on Internal Controls over Financial Reporting and the Independent Auditors’ Report.

The Federal Reserve Bank of Chicago — Financial Statements as of and for the Years Ended December 31, 2015 and 2014, Management’s Report on Internal Control Over Financial Reporting and Independent Auditors’ Report

[1] In addition, KPMG audited the Office of Employee Benefits of the Federal Reserve System (OEB), the Retirement Plan for Employees of the Federal Reserve System (System Plan) and the Thrift Plan for Employees of the Federal Reserve System (Thrift Plan). The System Plan and the Thrift Plan provide retirement benefits to employees of the Board, the Federal Reserve Banks, the OEB and the Consumer Financial Protection Bureau.

Photo Credits:Ray Juno/Corbis; Tom Pennington/Getty Images; Reed Saxon/AP Images; Susan Walsh/AP Images; Ryan McVay/Getty Images; Mark Joseph/Mark Joseph Photography.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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