Headlines - Federal Reserve Bank of Dallas The Federal Reserve Bank of Dallas serves the public by contributing to national monetary policy, supervising and regulating financial institutions, and helping maintain a strong payments system. http://www.dallasfed.org/rss/ en-us http://www.dallasfed.org/ Dallas Fed Logo http://www.dallasfed.org/~/media/Images/img/logo_gray http://www.dallasfed.org/rss/ Trade Binds Central America, Mexico to U.S. Despite Past Inequities https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202d Fri, 01 Jul 2022 09:24:00 EST Raymond Robertson, director of the Mosbacher Institute for Trade, Economics and Public Policy at the Bush School of Government and Public Service at Texas A&M University, discusses the impact of free trade agreements on Mexico and Central America. Houston Still an Energy Town, Largely Pins Growth on the Sector https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202c Fri, 01 Jul 2022 09:25:00 EST In recent months, increasing oil and gas demand and shifting geopolitics have become tailwinds for energy production and exports—as well as for Houston. Spotlight: Federal Dollars Could Drive Electric Vehicle Charging Across Texas https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202e Fri, 01 Jul 2022 09:23:00 EST Consumers who are reluctant to switch to electric vehicles cite inadequate charging facilities. The federal Infrastructure Investment and Jobs Act seeks to address such concerns, providing funding to expand charging infrastructure along interstates and in rural areas. Crypto Miners Eye Texas for Energy Abundance; Banks View Digital Entrée https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202g Fri, 01 Jul 2022 09:21:00 EST Cryptocurrencies have existed for over 10 years. Since their launch, cryptocurrencies have grown in quantity and market capitalization. Because they rely on decentralized technology that is computationally complex, cryptocurrencies are significant energy consumers. Texas' power-generating abilities have captured the attention of cryptocurrencies as miners move to the state. Around the Region: Texas Home Prices Rose at Record Pace in 2021 https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202f Fri, 01 Jul 2022 09:22:00 EST The buyer frenzy in Texas housing markets began in summer 2020, just months after COVID-19 shut down the economy in March and April. Changing Economy Likely to Test Banks as Stimulus Ends, Growth Slows https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202b Fri, 01 Jul 2022 11:59:00 EST Banks in the region and the U.S., which have benefited from pandemic-era fiscal stimulus, face downside risks arising from Russia’s invasion of Ukraine, ongoing COVID-19 shocks abroad and expectations of significant central bank tightening to address elevated inflation. Looking Back: Harris County Five Years After Hurricane Harvey Hit https://www.dallasfed.org:443/research/swe/2022/swe2202/swe2202a Fri, 01 Jul 2022 09:27:00 EST We look back five years, when then-Harris County Judge Ed Emmett went “On the Record” in <em>Southwest Economy</em> to discuss the response to Hurricane Harvey. Southwest Economy, Second Quarter 2022 https://www.dallasfed.org:443/research/swe/2022/swe2202 Fri, 01 Jul 2022 16:05:00 EST This issue examines the effects of the changing economy on banks, Houston's ties to energy, and crypto mining. Also included are a Q&A on the impact of free-trade agreements on Mexico and Central America and a look at electric vehicle charging in Texas. Dallas Fed Trimmed Mean PCE 4.0 Percent for 12 Months Through May https://www.dallasfed.org:443/news/releases/2022/nr220630pce Thu, 30 Jun 2022 12:42:00 EST DALLAS—The Trimmed Mean PCE inflation rate over the 12 months ending in May was 4.0 percent—increased from April—according to the Federal Reserve Bank of Dallas. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2022/dfw2206 Thu, 30 Jun 2022 14:02:00 EST Robust expansion continued in the Dallas–Fort Worth economy in May. Payroll employment grew at a rapid clip, bolstering growth in the Dallas and Fort Worth business-cycle indexes. Dallas–Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw Thu, 30 Jun 2022 14:58:00 EST <em>Dallas–Fort Worth Economic Indicators</em> is a monthly web publication of key economic indicators that offers a snapshot of the Dallas-Fort Worth economy. Behind the Numbers: PCE Inflation Update, May 2022 https://www.dallasfed.org:443/research/pce/2022/pce2205 Thu, 30 Jun 2022 15:52:00 EST The headline, or all-items, PCE price index rose an annualized 7.3 percent in May after increasing an annualized 2.9 percent in April. Trimmed Mean PCE Inflation Rate https://www.dallasfed.org:443/research/pce Thu, 30 Jun 2022 11:06:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in May was 4.0 percent. Texas Service Sector Growth Strengthens in June https://www.dallasfed.org:443/research/surveys/tssos/2022/2206 Tue, 28 Jun 2022 09:30:00 EST Activity in the Texas service sector picked up modestly in June, according to business executives responding to the Texas Service Sector Outlook Survey. Initial Unemployment Claims Appear Stable over Past Several Months https://www.dallasfed.org:443/research/economics/2022/0628 Tue, 28 Jun 2022 08:00:00 EST It is likely that the latest rise in initial claims reflects difficulty adjusting the data for seasonal patterns in the wake of the COVID-19 pandemic, rather than a deterioration in underlying economic conditions. Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2022/2206 Mon, 27 Jun 2022 09:30:00 EST Growth in Texas factory activity decelerated sharply in June, according to business executives responding to the Texas Manufacturing Outlook Survey. Banking Conditions Survey https://www.dallasfed.org:443/research/surveys/bcs/2022/bcs2204 Mon, 27 Jun 2022 08:00:00 EST Loan volume growth moderated over the past six weeks amid broad increases in loan pricing. Special Questions https://www.dallasfed.org:443/research/surveys/tbos/2022/2206q Mon, 27 Jun 2022 09:30:00 EST For this month’s survey, Texas business executives were asked supplemental questions on wages, prices and revenue restraints. Agricultural Survey https://www.dallasfed.org:443/research/surveys/agsurvey/2022/ag2202 Mon, 27 Jun 2022 09:00:00 EST Bankers responding to the second-quarter survey reported overall weaker conditions across most regions of the Eleventh District. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2022/ep2206 Fri, 24 Jun 2022 12:24:00 EST El Paso’s economy contracted in May. The metro’s business-cycle index dipped for the first time in 18 months, employment fell for the third straight month and the unemployment rate ticked up. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep Fri, 24 Jun 2022 12:25:00 EST <em>El Paso Economic Indicators</em> is a web publication of key economic indicators that offers a snapshot of the El Paso economy. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2022/sa2206 Fri, 24 Jun 2022 16:53:00 EST Broad measures of the San Antonio economy remained positive in May, though some indicators suggested a moderation in activity. The San Antonio Business-Cycle Index rose despite an increase in the metro unemployment rate. Dallas Fed Energy Survey https://www.dallasfed.org:443/research/surveys/des/2022/2202 Thu, 23 Jun 2022 09:30:00 EST Activity in the oil and gas sector expanded at a robust pace in second quarter 2022, according to oil and gas executives responding to the Dallas Fed Energy Survey. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei Thu, 23 Jun 2022 17:36:00 EST <em>Texas Economic Indicators</em> is a web publication of key economic indicators that offers a snapshot of the Texas economy. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2022/tei2206 Thu, 23 Jun 2022 17:35:00 EST The Texas economy remained strong in May. Payroll employment increased statewide and in most Texas major metros. A Robust Test for Weak Instruments with Multiple Endogenous Regressors https://www.dallasfed.org:443/research/papers/2022/wp2208 Wed, 22 Jun 2022 10:00:00 EST This paper extends the popular bias-based test of Stock and Yogo (2005) for instrument strength in linear instrumental variables regressions with multiple endogenous regressors to be robust to heteroskedasticity and autocorrelation. High Fuel Prices in the U.S. May Crimp Oil Demand Soon https://www.dallasfed.org:443/research/economics/2022/0621 Tue, 21 Jun 2022 08:00:00 EST If prices climb higher, expect consumers to respond by cutting back on fuel consumption and overall spending sooner than later. The Impact of Minority Representation at Mortgage Lenders https://www.dallasfed.org:443/research/papers/2022/wp2207 Tue, 21 Jun 2022 22:07:00 EST This paper studies links between the labor market for loan officers and access to mortgage credit. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2022/dfw2205 Wed, 08 Jun 2022 17:30:00 EST The Dallas–Fort Worth economy expanded robustly in April. Payroll employment grew swiftly, and unemployment remained low, bolstering growth in the Dallas and Fort Worth business-cycle indexes. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2022/hou2206 Mon, 06 Jun 2022 11:45:00 EST Robust expansion in both the area business-cycle index and index of leading indicators suggests that Houston’s above-trend pace of growth will persist through most of 2022. Austin Economic Indicators https://www.dallasfed.org:443/research/indicators/aus/2022/aus2206 Fri, 03 Jun 2022 19:30:00 EST Austin’s economy continued to grow in April. The Austin Business-Cycle Index expanded at a solid pace in April, as the unemployment rate remained below prepandemic levels, and Austin’s employment increased at a hearty pace. Energy Indicators https://www.dallasfed.org:443/research/energy/indicators/2022/en2204 Fri, 03 Jun 2022 16:37:00 EST Natural gas prices have been rising as inventories wane. Exports of natural gas are at record levels and set to grow further in the second half of 2022. Texas Service Sector Growth Weakens Further in May https://www.dallasfed.org:443/research/surveys/tssos/2022/2205 Wed, 01 Jun 2022 09:30:00 EST Activity in the Texas service sector decelerated in May, according to business executives responding to the Texas Service Sector Outlook Survey. Russia Counters Sanctions’ Impact with Currency Controls, Averts Crisis (for Now) https://www.dallasfed.org:443/research/economics/2022/0531 Tue, 31 May 2022 08:00:00 EST The Russian central bank responded to unprecedented sanctions with strict capital controls that have stabilized the value of its currency—the ruble. Special Questions https://www.dallasfed.org:443/research/surveys/tbos/2022/2205q Tue, 31 May 2022 09:30:00 EST For this month’s survey, Texas business executives were asked supplemental questions on supply-chain disruptions. Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2022/2205 Tue, 31 May 2022 09:30:00 EST Texas factory activity expanded at a fairly robust pace, according to business executives responding to the Texas Manufacturing Outlook Survey. Behind the Numbers: PCE Inflation Update, April 2022 https://www.dallasfed.org:443/research/pce/2022/pce2204 Fri, 27 May 2022 14:06:00 EST The headline, or all-items, PCE price index rose an annualized 3.0 percent in April after increasing an annualized 11.3 percent in March. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2022/sa2205 Fri, 27 May 2022 09:26:00 EST Broad measures of the San Antonio economy remained positive in April, though some indicators moderated. The San Antonio Business-Cycle Index increased despite a slight uptick in the metro unemployment rate. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2022/ep2205 Thu, 26 May 2022 14:34:00 EST El Paso’s economic growth stumbled again in April. The metro’s business-cycle index expanded, though employment was relatively flat and the unemployment rate ticked up. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2022/tei2205 Tue, 24 May 2022 14:16:00 EST The Texas economy expanded further in April. Payroll employment growth increased, and initial unemployment claims remained at low levels. Fed Liquidity Facility Successfully Anchored Commercial Real Estate amid Pandemic https://www.dallasfed.org:443/research/economics/2022/0524 Tue, 24 May 2022 08:00:00 EST The Federal Reserve responded to the onset of the COVID-19 pandemic with several liquidity facilities to ensure a continuing flow of credit to households and businesses. The TALF, which financed highly rated asset-backed securities, proved especially important to supporting commercial real estate finance. Mexico’s Economic Growth Picks Up, but Outlook Weakens https://www.dallasfed.org:443/research/update/mex/2022/2203 Mon, 23 May 2022 08:44:00 EST Mexico’s GDP grew an annualized 3.6 percent in first quarter 2022, an increase from fourth quarter’s dismal 0.1 percent growth. Nevertheless, first-quarter GDP growth was below analysts’ expectations of 4.6 percent. Russia’s War on Ukraine Will Leave Scars on U.S., World Economies https://www.dallasfed.org:443/research/economics/2022/0517 Tue, 17 May 2022 08:00:00 EST The conflict may alter the global economic and geopolitical order, leading to a new era of deglobalization. Banking Conditions Survey https://www.dallasfed.org:443/research/surveys/bcs/2022/bcs2203 Mon, 16 May 2022 14:39:00 EST Loan volume grew over the past six weeks amid broad increases in loan pricing. This growth was the fastest since the survey began in 2017. Lorie K. Logan Named President and CEO of Dallas Fed https://www.dallasfed.org:443/news/releases/2022/nr220511logan Wed, 11 May 2022 15:00:00 EST The Federal Reserve Bank of Dallas has announced the appointment of Lorie K. Logan as president and CEO. Don’t Look to Oil Companies to Lower High Retail Gasoline Prices https://www.dallasfed.org:443/research/economics/2022/0510 Tue, 10 May 2022 08:00:00 EST While U.S. retail gasoline prices in many regions have remained stubbornly high since March, this situation reflects frictions in the retail gasoline market rather than the supply of oil or the price of oil. Dallas Fed Names Pamela E. Bethel as Senior Vice President, General Counsel and Corporate Secretary https://www.dallasfed.org:443/news/releases/2022/nr220509bethel Mon, 09 May 2022 18:25:00 EST The Federal Reserve Bank of Dallas has appointed Pamela E. Bethel as senior vice president, general counsel and corporate secretary, effective May 19. Behind the Numbers: PCE Inflation Update, March 2022 https://www.dallasfed.org:443/research/pce/2022/pce2203 Fri, 06 May 2022 13:59:00 EST The headline, or all-items, PCE price index rose an annualized 10.9 percent in March after increasing an annualized 6.4 percent in February. When Do State-Dependent Local Projections Work? https://www.dallasfed.org:443/research/papers/2022/wp2205 Fri, 06 May 2022 17:43:00 EST Despite its widespread application, the asymptotic validity of the local projection approach to estimating state-dependent impulse responses has not been established to date. This paper formally derives this result for a structural state-dependent vector autoregressive process. How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers https://www.dallasfed.org:443/research/papers/2022/wp2206 Fri, 06 May 2022 18:43:00 EST This paper studies the effects of mortgage rate changes resulting from monetary policy shifts on homeowners’ spending, debt repayment and defaults. Austin Economic Indicators https://www.dallasfed.org:443/research/indicators/aus/2022/aus2205 Fri, 06 May 2022 13:57:00 EST Growth in the Austin economy strengthened in March. The Austin Business-Cycle Index expanded at a faster pace than February, while the unemployment rate dipped to prepandemic levels. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2022/hou2205 Thu, 05 May 2022 13:58:00 EST Houston payroll growth slowed in first three months of 2022 amid a sharp drop in unemployment. Both housing and commercial real estate data showed the Houston market continuing to tighten with high demand, limited supply and falling vacancies. Dallas Fed Trimmed Mean PCE 3.7 Percent for 12 Months Through March https://www.dallasfed.org:443/news/releases/2022/nr220429pce Fri, 29 Apr 2022 14:37:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in March was 3.7 percent—increased from February—according to the Federal Reserve Bank of Dallas. Energy Indicators https://www.dallasfed.org:443/research/energy/indicators/2022/en2203 Thu, 28 Apr 2022 17:50:00 EST Refinery utilization is rising as they exit the spring maintenance season amid rising measures of profitability and low product inventories. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2022/dfw2204 Tue, 26 Apr 2022 12:26:00 EST Robust expansion continued in the Dallas–Fort Worth economy in March. Payroll employment grew at a swift pace, bolstering growth in the Dallas and Fort Worth business-cycle indexes. Texas Service Sector Activity Moderates in April https://www.dallasfed.org:443/research/surveys/tssos/2022/2204 Tue, 26 Apr 2022 09:30:00 EST Activity in the Texas service sector decelerated in April, according to business executives responding to the Texas Service Sector Outlook Survey. Special Questions https://www.dallasfed.org:443/research/surveys/tbos/2022/2204q Mon, 25 Apr 2022 09:30:00 EST For this month’s survey, Texas business executives were asked supplemental questions on labor market conditions and remote work. Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2022/2204 Mon, 25 Apr 2022 09:30:00 EST Texas factory activity expanded at a moderate pace in April, according to business executives responding to the Texas Manufacturing Outlook Survey. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2022/sa2204 Fri, 22 Apr 2022 17:43:00 EST Broad measures of the San Antonio economy remained positive in March. The San Antonio Business-Cycle Index grew as the unemployment rate fell. Did the Tax Cuts and Jobs Act Create Jobs and Stimulate Growth? https://www.dallasfed.org:443/research/papers/2020/wp2001 Thu, 21 Apr 2022 02:06:00 EST The Tax Cuts and Jobs Act of 2017 is the most extensive overhaul of the U.S. income tax code since the Tax Reform Act of 1986. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2022/ep2204 Wed, 20 Apr 2022 13:20:00 EST El Paso’s economic expansion continued in March. The business-cycle index rose. Employment contracted; however, the unemployment rate declined. Capacity Constraints Drive the OPEC+ Supply Gap https://www.dallasfed.org:443/research/economics/2022/0419 Tue, 19 Apr 2022 08:00:00 EST Assuming that the group increases production at the same pace it has in recent months, only a handful of countries in OPEC+ will have spare capacity left by the start of the summer, a number that will dwindle as year-end approaches. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2022/tei2204 Tue, 19 Apr 2022 13:47:00 EST The Texas economy expanded in March. Payroll employment growth was mixed across sectors, and initial unemployment claims were close to record lows. Commodity Financing Markets Shaken by Russia Invasion; Monitoring for U.S. Financial Stress https://www.dallasfed.org:443/research/economics/2022/0414 Thu, 14 Apr 2022 08:00:00 EST While volatility in commodity markets is not unusual, rapid and correlated price increases across many different types of commodities at once is much rarer. Renewable Energy Projects Present Unique Lender Risks, Need for Oversight https://www.dallasfed.org:443/research/economics/2022/0412 Tue, 12 Apr 2022 08:00:00 EST A vigorous risk management program can mitigate potential problems facing banks and nonbank financial institutions engaged in financing these facilities—whether as agents, loan participants or direct lenders. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2022/hou2204 Thu, 07 Apr 2022 15:30:00 EST Data for the Houston region continue to imply strong economic momentum in 2022. Southern New Mexico Economic Indicators https://www.dallasfed.org:443/research/indicators/snm Wed, 06 Apr 2022 15:57:00 EST Southern New Mexico Economic Indicators is a quarterly web publication of key economic indicators that offers a snapshot of the Southern New Mexico economy. Southern New Mexico Economic Indicators https://www.dallasfed.org:443/research/indicators/snm/2022/snm2201 Wed, 06 Apr 2022 15:50:00 EST The Las Cruces economy expanded in February. Payroll employment reached its prepandemic level, unemployment fell, and the metro’s housing market remained robust. Recent Inflation Surges Have Modestly Affected Long-Term Expectations https://www.dallasfed.org:443/research/economics/2022/0405 Tue, 05 Apr 2022 08:00:00 EST Improvements in Federal Reserve credibility over the last 40 years have ensured that inflation expectations, particularly long-term inflation expectations, have so far remained well-anchored despite surging current inflation. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2022/dfw2203 Mon, 04 Apr 2022 17:33:00 EST Dallas–Fort Worth economic growth remained solid in February. Payroll employment grew at a rapid clip, and unemployment held steady for the third straight month. Banking Conditions Survey https://www.dallasfed.org:443/research/surveys/bcs/2022/bcs2202 Mon, 04 Apr 2022 10:30:00 EST Loan demand and loan volumes continued to increase at a robust pace over the past six weeks, despite a sharp rise in loan pricing. Southwest Economy, First Quarter 2022 https://www.dallasfed.org:443/research/swe/2022/swe2201 Fri, 01 Apr 2022 16:05:00 EST This issue examines the uncertain return of college students after the pandemic, financial literacy efforts in Texas, and benefits and costs of legalized recreational marijuana use in New Mexico. Also included are a Q&A on cross-border manufacturing and a look at employment recovery in Texas. Austin Economic Indicators https://www.dallasfed.org:443/research/indicators/aus/2022/aus2204 Fri, 01 Apr 2022 12:48:00 EST Growth in the Austin economy strengthened in February. The Austin Business-Cycle Index expanded at a faster pace, while the unemployment rate remained unchanged for the past two months. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2022/ep2203 Fri, 01 Apr 2022 13:30:00 EST El Paso’s economic expansion continued in February. Both the business-cycle index and labor market saw gains. However, the unemployment rate remained flat. Students Cut College During Pandemic; Their Return Is Uncertain https://www.dallasfed.org:443/research/swe/2022/swe2201/swe2201b Fri, 01 Apr 2022 11:59:00 EST Postsecondary institutions suddenly closed their doors with the arrival of COVID-19 in March 2020. Two years later, the impacts are coming into focus. Around the Region: Texas Reclaims Jobs Lost in Pandemic; Some Metros Still Trying to Catch Up https://www.dallasfed.org:443/research/swe/2022/swe2201/swe2201f Fri, 01 Apr 2022 09:22:00 EST The recovery from the pandemic recession ushered in a massive reallocation of employment between industries with repercussions for different areas of the state. Turbulent Economy Tests Texans Who Lack Financial Knowledge https://www.dallasfed.org:443/research/swe/2022/swe2201/swe2201c Fri, 01 Apr 2022 09:25:00 EST Texans continue to trail the nation in financial literacy as measured by the National Financial Capability Study. The Legislature has taken steps to enhance personal finance instruction in a bid to improve performance. Looking Back: Shale Oil Boom Gave Permian Basin a Second Life https://www.dallasfed.org:443/research/swe/2022/swe2201/swe2201a Fri, 01 Apr 2022 09:27:00 EST We look back a decade ago as Southwest Economy told of the rebirth of the Permian Basin as part of the shale oil boom in “Permian Basin Booms as New Techniques Resurrect Old Sites.” Spotlight: New Mexico Marijuana Legalization’s Costs, Benefits Remain Unclear https://www.dallasfed.org:443/research/swe/2022/swe2201/swe2201e Fri, 01 Apr 2022 09:23:00 EST New Mexico legalized recreational marijuana use last year, joining 17 other states. Anticipated benefits and costs partially offset one another, but there is considerable uncertainty around both. Cross-Border Manufacturing Rises from Pandemic Lows https://www.dallasfed.org:443/research/swe/2022/swe2201/swe2201d Fri, 01 Apr 2022 09:24:00 EST Fabiola Luna, president of the Association of Maquiladoras, Index Ciudad Juárez, dicusses cross-border trade and the impact of the pandemic. 2021 Congressional Report https://www.dallasfed.org:443/fed/omwi/congress Thu, 31 Mar 2022 12:00:00 EST This report details the Federal Reserve Bank of Dallas' 2021 performance related to the OMWI provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act. Dallas Fed Trimmed Mean PCE 3.6 Percent for 12 Months Through February https://www.dallasfed.org:443/news/releases/2022/nr220331pce Thu, 31 Mar 2022 16:10:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in February was 3.6 percent—increased from January—according to the Federal Reserve Bank of Dallas. Behind the Numbers: PCE Inflation Update, February 2022 https://www.dallasfed.org:443/research/pce/2022/pce2202 Thu, 31 Mar 2022 15:55:00 EST The headline, or all-items, PCE price index rose an annualized 7.2 percent in February after increasing an annualized 6.7 percent in January. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2022/sa2203 Thu, 31 Mar 2022 17:22:00 EST Broad measures of the San Antonio economy continued to be positive in February. The San Antonio Business-Cycle Index and employment grew as the unemployment rate remained constant. Mexico’s Economy Picks Up at Start of 2022 https://www.dallasfed.org:443/research/update/mex/2022/2202 Thu, 31 Mar 2022 14:56:00 EST Mexico’s global economic activity index—the monthly proxy for GDP growth—shows a pickup in activity during the first two months of 2022. Dynamic Identification Using System Projections and Instrumental Variables https://www.dallasfed.org:443/research/papers/2022/wp2204 Wed, 30 Mar 2022 02:48:00 EST This paper proposes System Projections with Instrumental Variables to estimate dynamic structural relationships. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2022/tei2203 Wed, 30 Mar 2022 11:30:00 EST The Texas Economy continues to expand, with payroll employment increasing at a rapid clip and the unemployment rate ticking down. Real-Time Market Monitoring Finds Signs of Brewing U.S. Housing Bubble https://www.dallasfed.org:443/research/economics/2022/0329 Tue, 29 Mar 2022 08:00:00 EST There is growing cause for concern that U.S. house prices are again becoming unhinged from fundamentals. Texas Service Sector Sees Continued Growth in March https://www.dallasfed.org:443/research/surveys/tssos/2022/2203 Tue, 29 Mar 2022 09:30:00 EST Activity in the Texas service sector grew at a steady pace in March, according to business executives responding to the Texas Service Sector Outlook Survey. Agricultural Survey https://www.dallasfed.org:443/research/surveys/agsurvey/2022/ag2201 Mon, 28 Mar 2022 09:00:00 EST Bankers responding to the first-quarter survey reported overall weaker conditions across most regions of the Eleventh District. Special Questions https://www.dallasfed.org:443/research/surveys/tbos/2022/2203q Mon, 28 Mar 2022 09:30:00 EST For this month’s survey, Texas business executives were asked supplemental questions on wages and prices, as well as impacts related to the Russia–Ukraine war Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2022/2203 Mon, 28 Mar 2022 09:30:00 EST Texas factory activity continued to increase at solid pace in March, according to business executives responding to the Texas Manufacturing Outlook Survey. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2022/hou2203 Fri, 25 Mar 2022 16:15:00 EST The Houston economy ended 2021 with momentum and is on pace to recover jobs lost during the pandemic by June 2022. Endogenous Option Pricing https://www.dallasfed.org:443/research/papers/2022/wp2202 Thu, 24 Mar 2022 20:14:00 EST This paper shows that a structural model of firm decisions can produce very flexible implied volatility surfaces: upward and downward sloping, u-shaped. FinTech Lending, Social Networks and the Transmission of Monetary Policy https://www.dallasfed.org:443/research/papers/2022/wp2203 Thu, 24 Mar 2022 23:35:00 EST This paper establishes that the role of FinTech lending in the monetary policy transmission is further amplified by consumers’ social networks. Dallas Fed Energy Survey https://www.dallasfed.org:443/research/surveys/des/2022/2201 Wed, 23 Mar 2022 09:30:00 EST Activity in the oil and gas sector accelerated in first quarter 2022, according to oil and gas executives responding to the Dallas Fed Energy Survey. The Russian Oil Supply Shock of 2022 https://www.dallasfed.org:443/research/economics/2022/0322 Tue, 22 Mar 2022 08:00:00 EST In the immediate aftermath of Russia’s invasion of Ukraine in late February, early estimates suggested that perhaps 3 million barrels a day (mb/d) of petroleum production had been effectively removed from the global oil market, constituting one of the largest supply shortfalls since the 1970s. Examinations of the Reserve Bank https://www.dallasfed.org:443/fed/financials/21financials Mon, 21 Mar 2022 14:30:00 EST The combined financial statements of the Reserve Banks as well as the annual financial statements of each of the 12 Banks and the consolidated LLC entity are audited annually by an independent auditing firm retained by the Board of Governors. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2022/sa2202 Fri, 18 Mar 2022 14:08:00 EST Broad measures of the San Antonio economy were mostly positive in December, though less so than in previous months. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2022/dfw2202 Fri, 18 Mar 2022 14:11:00 EST Dallas–Fort Worth’s economic expansion strengthened in January. Payroll employment rose at a rapid clip