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/ COVID-19 Update https://www.dallasfed.org:443/news/releases/2020/200318covid Wed, 01 Jul 2020 09:33:00 EST At the Dallas Fed, we're working to support the financial health of the people and businesses in the Eleventh District as we deal with this unprecedented crisis. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2020/hou2006 Wed, 03 Jun 2020 14:04:00 EST The Houston economy declined at a dramatic pace in April as the impact of COVID-19 and efforts to contain it swept through the region. Global Perspectives: Donald Kohn on Greenspan and Bernanke, the Global Financial Crisis and the COVID-19 Challenge https://www.dallasfed.org:443/research/economics/2020/0602 Tue, 02 Jun 2020 08:00:00 EST Kohn and Dallas Fed President Rob Kaplan discussed Kohn’s career at the Fed, his experience during the Global Financial Crisis and his thoughts on the Fed’s reaction to the current crisis. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2020/ep2005 Mon, 01 Jun 2020 17:00:00 EST El Paso’s economy contracted further in April as COVID-19 pandemic measures took hold. Trimmed Mean PCE Inflation Rate https://www.dallasfed.org:443/research/pce Fri, 29 May 2020 10:40:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in April was 1.9 percent. According to the BEA, the overall PCE inflation rate was 0.5 percent on a 12-month basis and the inflation rate for PCE excluding food and energy was 1.0 percent on a 12-month basis. Permian Basin Economic Indicators https://www.dallasfed.org:443/research/indicators/pb Fri, 29 May 2020 12:22:00 EST <em>Permian Basin Economic Indicators</em> is a monthly web publication of key economic indicators that offers a snapshot of the Permian Basin economy. Behind the Numbers: PCE Inflation Update, April 2020 https://www.dallasfed.org:443/research/pce/2020/pce2004 Fri, 29 May 2020 15:05:00 EST The headline, or all-items, PCE price index fell an annualized 5.5 percent in April after declining an annualized 2.7 percent in March. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2020/sa2006 Fri, 29 May 2020 16:59:00 EST San Antonio’s economy contracted in March as impacts of COVID-19 (coronavirus) began to surface. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2020/dfw2005 Fri, 29 May 2020 15:34:00 EST The DFW economy contracted at an unprecedented pace in April due to the ongoing economic distress caused by the COVID-19 pandemic. Dallas–Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw Fri, 29 May 2020 19:27:00 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. Are the Largest Banking Organizations Operationally More Risky? https://www.dallasfed.org:443/research/papers/2020/wp2016 Fri, 29 May 2020 21:48:00 EST This study demonstrates that, among large U.S. bank holding companies (BHCs), the largest ones are exposed to more operational risk. Early Mandated Social Distancing Does Best to Control COVID–19 Spread https://www.dallasfed.org:443/research/economics/2020/0528 Thu, 28 May 2020 08:00:00 EST Voluntary social distancing and a lack of compliance with mandated polices have led to unnecessarily high infection rates and death tolls in a number of countries. Texas Service Sector Activity Declines But at Slower Pace https://www.dallasfed.org:443/research/surveys/tssos/2020/2005 Wed, 27 May 2020 09:30:00 EST The freefall decline that characterized Texas service sector activity in March and April showed signs of abating in May, according to business executives responding to the Texas Service Sector Outlook Survey. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2020/tei2005 Wed, 27 May 2020 12:21:00 EST The Texas economy contracted broadly in April, with payrolls plunging and unemployment spiking as a result of the COVID-19 pandemic and subsequent containment measures. Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2020/2005 Tue, 26 May 2020 09:31:00 EST Texas factory activity declined again in May, though at a slower pace than in April, according to business executives responding to the Texas Manufacturing Outlook Survey. CARES Act Likely to Blunt Mortgage Delinquency Rate Increase https://www.dallasfed.org:443/research/economics/2020/0526 Tue, 26 May 2020 08:00:00 EST Household survey data and recent unemployment forecasts provide a basis for estimating the share of mortgage borrowers that—absent the CARES Act—would have missed a mortgage payment due to the economic shutdown. Real-Time Population Survey Suggests U.S. Job Losses Slowed in Early May https://www.dallasfed.org:443/research/economics/2020/0522 Fri, 22 May 2020 11:00:00 EST Survey results for the week of May 10 suggest further declines in employment and an increase in unemployment relative to the week of April 26 – May 2, though both changes are within the survey’s margin of error. Social Distancing Following the SARS-Cov-2 Outbreak https://www.dallasfed.org:443/research/papers/2020/wp2014 Thu, 21 May 2020 00:29:00 EST We develop a Social Distancing Index (SDI) based on a range of mobility metrics from Safegraph geolocation data, and validate the index with mobility data from Google and Unacast. A Quantitative Model of the Oil Tanker Market in the Arabian Gulf https://www.dallasfed.org:443/research/papers/2020/wp2015 Thu, 21 May 2020 21:27:00 EST Using a novel dataset, we develop a structural model of the Very Large Crude Carrier (VLCC) market between the Arabian Gulf and the Far East. Dallas Fed Mobility and Engagement Index Gives Insight into COVID-19’s Economic Impact https://www.dallasfed.org:443/research/economics/2020/0521 Thu, 21 May 2020 08:00:00 EST To gain insight into the economic impact of the pandemic, we developed an index of mobility and engagement, based on geolocation data collected from a large sample of mobile devices. <em>(Revised June 3, 2020)</em> A Novel MIMIC-Style Model of European Bank Technical Efficiency and Productivity Growth https://www.dallasfed.org:443/research/papers/2020/wp2012 Tue, 19 May 2020 20:04:00 EST Using Bayesian Monte Carlo methods, we augment a stochastic distance function measure of bank efficiency and productivity growth with indicators of capitalization, return and risk. Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom https://www.dallasfed.org:443/research/papers/2020/wp2013 Tue, 19 May 2020 23:29:00 EST This paper documents a robust, negative correlation between the growth in the share of purchase mortgages to subprime borrowers and house price appreciation at the county-level during the 2002–2006 U.S. house price boom. How Falling Oil Prices in Early 2020 Weakened the U.S. Economy https://www.dallasfed.org:443/research/economics/2020/0519 Tue, 19 May 2020 08:00:00 EST The benchmark West Texas Intermediate (WTI) price of oil dropped by more than half from Jan. 21 to April 3. This oil price decline has weakened rather than strengthened the U.S. economy, making this event different from past episodes of falling oil prices. Real-Time Survey to Provide Timelier Labor Market Data in Era of COVID-19 https://www.dallasfed.org:443/research/economics/2020/0515 Fri, 15 May 2020 08:00:00 EST An effective economic policy response to the rapidly evolving coronavirus (COVID-19) crisis requires timely and accurate information on its impact. To help reduce the information gap, we introduce the Real-Time Population Survey. Falling Oil Prices Drag Down U.S. Business Investment https://www.dallasfed.org:443/research/economics/2020/0514 Thu, 14 May 2020 08:00:00 EST The dramatic decline in the price of oil has led to massive investment reductions by U.S. oil and gas producers. Labor Economy at Greater Risk in Texas than U.S. During COVID-19 Crisis https://www.dallasfed.org:443/research/economics/2020/0512 Tue, 12 May 2020 08:00:00 EST The coronavirus crisis could more adversely affect the Texas economy than the U.S. economy due to the state’s relatively large share of at-risk jobs, a review of data suggests. Banking Conditions Survey https://www.dallasfed.org:443/research/surveys/bcs/2020/bcs2004 Mon, 11 May 2020 12:00:00 EST The Eleventh District financial sector continued to show signs of strain, according to respondents to the most recent Banking Conditions Survey. Austin Economic Indicators https://www.dallasfed.org:443/research/indicators/aus/2020/aus2005 Fri, 08 May 2020 12:38:00 EST The Austin economy slowed in March as the impacts of the coronavirus (COVID-19) began to surface. Mexico Economic Growth Tumbles in First Quarter; Outlook Worsens Considerably https://www.dallasfed.org:443/research/update/mex/2020/2005 Fri, 08 May 2020 14:33:00 EST Mexico’s gross domestic product (GDP) contracted an annualized 6.2 percent in first quarter 2020—the largest quarterly drop since 2009 during the global financial crisis. Energy Indicators https://www.dallasfed.org:443/research/energy/indicators/2020/en2005 Thu, 07 May 2020 13:28:00 EST Falling demand and rapidly rising inventories caused crude prices to collapse in April, breaching negative territory for the first time in history. Texas Economic Activity Sharply Falls in Wake of COVID-19 https://www.dallasfed.org:443/research/economics/2020/0507 Thu, 07 May 2020 08:00:00 EST Virus containment measures have prompted unprecedented declines in demand and triggered mass layoffs, shaking business and consumer confidence. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2020/ep2004 Tue, 05 May 2020 13:12:00 EST El Paso’s economy contracted in March, as coronavirus (COVID-19) disruptions began to manifest. Private Forecasters’ COVID-19 Global Growth Outlook Takes Shape https://www.dallasfed.org:443/research/economics/2020/0505 Tue, 05 May 2020 08:00:00 EST Private forecasters have anticipated since April 2 that the economy would contract for two consecutive quarters, marking a global recession unlike any seen in peacetime. Behind the Numbers: PCE Inflation Update, March 2020 https://www.dallasfed.org:443/research/pce/2020/pce2003 Fri, 01 May 2020 15:17:00 EST The headline, or all-items, PCE price index fell an annualized 3.2 percent in March after increasing an annualized 1.0 percent in February. Dallas Fed Trimmed Mean PCE 2.0 Percent for 12 Months Through March https://www.dallasfed.org:443/news/releases/2020/nr200430pce Thu, 30 Apr 2020 12:02:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in March was 2.0 percent—unchanged from February—according to the Federal Reserve Bank of Dallas. Dallas Fed Trimmed Mean PCE 1.9 Percent for 12 Months Through April https://www.dallasfed.org:443/news/releases/2020/nr200529pce Thu, 30 Apr 2020 12:02:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in April was 1.9 percent—decreased from March —according to the Federal Reserve Bank of Dallas. Sharp Contraction Continues in Texas Service Sector https://www.dallasfed.org:443/research/surveys/tssos/2020/2004 Tue, 28 Apr 2020 09:30:00 EST The Texas service sector continued to see a dramatic contraction in April amid the coronavirus (COVID-19) pandemic and mitigation measures, according to business executives responding to the Texas Service Sector Outlook Survey. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2020/hou2005 Tue, 28 Apr 2020 16:18:00 EST Data for March in Houston have begun to show the effects of efforts to contain the coronavirus (COVID-19) pandemic. Global Perspectives: Tom Hoenig on the Costs of COVID-19, Modern Monetary Theory and Fed Leadership https://www.dallasfed.org:443/research/economics/2020/0428 Tue, 28 Apr 2020 08:00:00 EST Hoenig and Dallas Fed President Rob Kaplan discussed Hoenig’s views on the costs of the current crisis, potential solutions and the elements of effective leadership at the Fed. Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2020/2004 Mon, 27 Apr 2020 09:31:00 EST Texas factory activity declined further in April, according to business executives responding to the Texas Manufacturing Outlook Survey. Special Questions https://www.dallasfed.org:443/research/surveys/tbos/2020/2004q Mon, 27 Apr 2020 09:30:00 EST For this month’s Texas Business Outlook Surveys, Texas business executives were asked supplemental questions on the impacts of the coronavirus (COVID-19). San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2020/sa2005 Fri, 24 Apr 2020 18:13:00 EST San Antonio’s economy contracted in March as impacts of COVID-19 (coronavirus) began to surface. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2020/dfw2004 Thu, 23 Apr 2020 11:30:00 EST The Dallas–Fort Worth economy contracted in March. Payroll employment posted its largest drop since the series began in 1990, and unemployment rose as containment measures related to the COVID-19 pandemic triggered mass layoffs. Energy Indicators https://www.dallasfed.org:443/research/energy/indicators/2020/en2004 Wed, 22 Apr 2020 13:15:00 EST Data have begun to roll in that underscore the scale of disruption caused by efforts to curtail and contain COVID-19. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2020/tei2004 Tue, 21 Apr 2020 13:09:00 EST The Texas economy contracted in March, as payrolls declined and unemployment ticked up as a result of the coronavirus (COVID-19) pandemic. U.S. Economic Activity During the Early Weeks of the SARS-Cov-2 Outbreak https://www.dallasfed.org:443/research/papers/2020/wp2011 Fri, 17 Apr 2020 20:51:00 EST This paper describes a weekly economic index (WEI) developed to track the rapid economic developments associated with the response to the novel Coronavirus in the United States. COVID-19: A View from the Labor Market https://www.dallasfed.org:443/research/papers/2020/wp2010 Fri, 17 Apr 2020 15:21:00 EST This paper examines the response of the U.S. labor market to a large and persistent job separation rate shock, motivated by the ongoing economic effects of the COVID-19 pandemic. Monetary Policy in Time of Pandemic https://www.dallasfed.org:443/research/economics/2020/0416 Thu, 16 Apr 2020 08:00:00 EST Some monetary policy strategies have greater potential than others to mitigate pandemic-related financial strains. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2020/hou2004 Tue, 14 Apr 2020 14:32:00 EST Manufacturing activity declined for Houston’s trade partners in March, and initial claims for unemployment insurance in Houston surpassed levels seen after Hurricane Harvey. Emerging-Market Economies Face COVID-19 and a 'Sudden Stop' in Capital Flows https://www.dallasfed.org:443/research/economics/2020/0414 Tue, 14 Apr 2020 08:00:00 EST A rise in global risk at a time of investor risk aversion led to a rapid flight from emerging-market assets. Without Immigration, U.S. Economy Will Struggle to Grow https://www.dallasfed.org:443/research/economics/2020/0409 Thu, 09 Apr 2020 08:00:00 EST Slowing labor force growth is the product of a number of factors—the aging of the U.S. population, retiring baby boomers and declining birth rates. But another element is immigration. Reuters: Fed's Kaplan Sees U.S. Growth Returning in Second Half, but Consumers Staying Cautious https://www.reuters.com/article/us-health-coronavirus-fed-kaplan/feds-kaplan-sees-u-s-growth-returning-in-second-half-but-consumers-staying-cautious-idUSKCN21Q3CN Wed, 08 Apr 2020 18:00:00 EST The U.S. economy is headed for a return to growth in the second half of the year after a steep decline this quarter. But even after infections of the coronavirus crest and the economy begins to reopen, consumers may not spend as freely as before the crisis. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2020/ep2003 Tue, 07 Apr 2020 14:58:00 EST El Paso’s economy continued to expand in February, with jobs rising 2.7 percent year to date. Energy Indicators https://www.dallasfed.org:443/research/energy/indicators/2020/en2003 Tue, 07 Apr 2020 15:09:00 EST The U.S. oil industry already had a significant preexisting condition in the form of receding access to capital when the coronavirus (COVID-19) added to its ills. Working from Home During a Pandemic: It’s Not for Everyone https://www.dallasfed.org:443/research/economics/2020/0407 Tue, 07 Apr 2020 08:00:00 EST Because working remotely can offset the negative effects of shelter-in-place and social distancing policies on employment and earnings, knowing how many workers can do so is crucial to understanding the impact of such measures on our workforce. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep Tue, 07 Apr 2020 11:50:00 EST <em>El Paso Economic Indicators</em> is a web publication of key economic indicators that offers a snapshot of the El Paso economy. Policy Changes Could Boost Women’s Participation in U.S. Workforce https://www.dallasfed.org:443/research/swe/2020/swe2001/swe2001d Mon, 06 Apr 2020 16:56:00 EST Fang Yang, an associate professor of economics at Louisiana State University in Baton Rouge, discusses the labor market impacts of tax policy, an evolving U.S. workforce, the effects of gender and an aging population. Groundwater Markets Slowly Evolve in Ever-Thirstier Texas https://www.dallasfed.org:443/research/swe/2020/swe2001/swe2001e Mon, 06 Apr 2020 16:59:00 EST Texas’ growing population is increasing the demand for water, a commodity that in many parts of the state is subject to wide swings from abundance during wet cycles to shortfall during droughts. Southwest Economy, First Quarter 2020 https://www.dallasfed.org:443/research/swe/2020/swe2001 Mon, 06 Apr 2020 10:56:00 EST This issue looks at how the USMCA could change trade in North America, a new digital payment platform in Mexico, and groundwater markets in Texas. It also includes a Spotlight on oil production, a Q&A with Fang Yang on an evolving U.S. workforce and an infographic on border apprehensions Mexico Seeks to Reduce Consumers' Longstanding Reliance on Cash https://www.dallasfed.org:443/research/swe/2020/swe2001/swe2001c Mon, 06 Apr 2020 16:58:00 EST Unlike the U.S., where consumers opt to pay with debit and credit cards or via apps, Mexico and its large informal economy continue to rely on hard cash. A new digital payment platform from the nation’s central bank aims to reduce the role of currency. Go Figure: Migrant Apprehensions at U.S.-Mexico Border Spike in 2019 https://www.dallasfed.org:443/research/swe/2020/swe2001/swe2001g Mon, 06 Apr 2020 16:50:00 EST Apprehensions of migrants at the U.S. southern border surged in spring 2019. Spotlight: Permian’s Shale-Era Oil Production Rises Even as Rig Count Falls https://www.dallasfed.org:443/research/swe/2020/swe2001/swe2001f Mon, 06 Apr 2020 16:57:00 EST A change in the number of active drilling rigs is no longer the reliable predictor for near-term oil production growth that it once was. Mexico’s Higher Costs Under USMCA May Potentially Offset Gains from China-Related Trade Spurt with U.S. https://www.dallasfed.org:443/research/swe/2020/swe2001/swe2001b Mon, 06 Apr 2020 17:00:00 EST Approval of the United States–Mexico–Canada Agreement (USMCA) could change trade within the North American region, affecting output and weakening North America’s global competitiveness. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2020/dfw2003 Thu, 02 Apr 2020 11:30:00 EST Dallas–Fort Worth economic growth remained on track in February. Payroll employment expanded at a rapid clip, unemployment stayed low and wages increased, indicative of the robust labor market prior to the coronavirus (COVID-19) outbreak. CNBC: Dallas Fed President: Expect a Severe Economic Contraction in the Second Quarter https://www.dallasfed.org:443/news/Interviews/int200402 Thu, 02 Apr 2020 18:00:00 EST Dallas Fed President Rob Kaplan discusses the global energy market, U.S. economic outlook and impact of the coronavirus with CNBC's Steve Liesman. How the Saudi Decision to Launch a Price War Is Reshaping the Global Oil Market https://www.dallasfed.org:443/research/economics/2020/0402 Thu, 02 Apr 2020 08:00:00 EST In the second week of March, the already fragile global oil market was rocked by Saudi Arabia’s announcement that it would expand oil production to unprecedented levels, signaling an end to its price cooperation with Russia. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei/2020/tei2003 Wed, 01 Apr 2020 17:34:00 EST The unemployment rate held steady in February, but unemployment claims saw their greatest one-week increase in mid-March, resulting from business interruptions due to the coronavirus (COVID-19) outbreak. Southwest Economy https://www.dallasfed.org:443/research/swe Wed, 01 Apr 2020 18:10:00 EST This issue looks at how the USMCA could change trade in North America, a new digital payment platform in Mexico, and groundwater markets in Texas. It also includes spotlight on oil production and a Q&A with Fang Yang on an evolving U.S. workforce. Texas Economic Indicators https://www.dallasfed.org:443/research/indicators/tei Wed, 01 Apr 2020 19:11:00 EST <em>Texas Economic Indicators</em> is a web publication of key economic indicators that offers a snapshot of the Texas economy. 2019 Congressional Report https://www.dallasfed.org:443/fed/omwi/congress Tue, 31 Mar 2020 12:00:00 EST This report details the Federal Reserve Bank of Dallas' 2019 performance related to the OMWI provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act. Texas Service Sector Sees Unprecedented Decline in Activity https://www.dallasfed.org:443/research/surveys/tssos/2020/2003 Tue, 31 Mar 2020 09:30:00 EST The Texas service sector saw a dramatic decline in March amid the ongoing coronavirus (COVID-19) pandemic and related measures, according to business executives responding to the Texas Service Sector Outlook Survey. Agricultural Survey https://www.dallasfed.org:443/research/surveys/agsurvey/2020/ag2001 Tue, 31 Mar 2020 10:40:00 EST Bankers responding to the first-quarter survey reported overall better conditions across most regions of the Eleventh District. Complementarity and Macroeconomic Uncertainty https://www.dallasfed.org:443/research/papers/2020/wp2009 Tue, 31 Mar 2020 16:20:00 EST Complementarity between capital and labor in the production process is an important driver of the fluctuations in macroeconomic uncertainty in the data. Texas Economic Activity Suddenly Contracts in March; Outlook Worsens Due to COVID-19 https://www.dallasfed.org:443/research/economics/2020/0331 Tue, 31 Mar 2020 10:00:00 EST The economic downturn in Texas has begun, recent data suggest. Houston Economic Indicators https://www.dallasfed.org:443/research/indicators/hou/2020/hou2003 Mon, 30 Mar 2020 15:49:00 EST Oil and stock markets have been reeling from the impacts of COVID-19 on world economies and a flood of crude from OPEC. Special Questions https://www.dallasfed.org:443/research/surveys/tbos/2020/2003q Mon, 30 Mar 2020 09:30:00 EST For this month’s Texas Business Outlook Surveys, Texas business executives were asked supplemental questions on the impacts of the coronavirus (COVID-19). Texas Manufacturing Outlook Survey https://www.dallasfed.org:443/research/surveys/tmos/2020/2003 Mon, 30 Mar 2020 09:30:00 EST Texas factory activity declined sharply in March, according to business executives responding to the Texas Manufacturing Outlook Survey. Mexico’s Economy Contracts in 2019; Outlook Worsens https://www.dallasfed.org:443/research/update/mex/2020/2002 Fri, 27 Mar 2020 09:37:00 EST More recent private forecasts see Mexico’s economy shrinking by as much as 4.0 percent as concerns intensify over the impact of the coronavirus (COVID-19) on global growth. Behind the Numbers: PCE Inflation Update, February 2020 https://www.dallasfed.org:443/research/pce/2020/pce2002 Fri, 27 Mar 2020 15:58:00 EST The headline, or all-items, PCE price index rose an annualized 1.1 percent in February after increasing an annualized 1.7 percent in January. Dallas Fed Energy Survey Results Point to Bleak Outlook for Oil Industry https://www.dallasfed.org:443/research/economics/2020/0326 Thu, 26 Mar 2020 08:00:00 EST The price of West Texas Intermediate (WTI) crude oil has plunged more than 50 percent since the start of the year as the coronavirus (COVID-19) pandemic has taken hold and OPEC has failed to agree on global supply cuts. Dallas Fed Energy Survey https://www.dallasfed.org:443/research/surveys/des/2020/2001 Wed, 25 Mar 2020 09:30:00 EST Activity in the oil and gas sector declined significantly in first quarter 2020, according to oil and gas executives responding to the Dallas Fed Energy Survey. Ability to Repay a Mortgage: Assessing the Relationship Between Default, Debt-to-Income https://www.dallasfed.org:443/research/economics/2020/0324 Tue, 24 Mar 2020 08:00:00 EST The Consumer Financial Protection Bureau has announced that it intends to change the definition of a “qualified mortgage.” Specifically, the CFPB proposes to reconsider the use of a borrower's debt-to-income ratio as a measure of the ability to repay a loan. Examinations of the Reserve Bank https://www.dallasfed.org:443/fed/financials/19financials Mon, 23 Mar 2020 11:00:00 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. Austin Economic Indicators https://www.dallasfed.org:443/research/indicators/aus/2020/aus2003 Fri, 20 Mar 2020 17:07:00 EST The unemployment rate remained below the state and national averages, and recent job growth was steady. Housing affordability increased, while recent home sales activity weakened. Austin Economic Indicators https://www.dallasfed.org:443/research/indicators/aus/2020/aus2004 Fri, 20 Mar 2020 17:07:00 EST Overall, data suggest the economy was strong in the months before the impact of the coronavirus. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2020/sa2003 Thu, 19 Mar 2020 19:08:00 EST This data show that the economy was strong prior to the sharply negative hit in March from the coronavirus. A Quantitative Evaluation of the Housing Provident Fund Program in China https://www.dallasfed.org:443/research/papers/2020/wp2008 Thu, 19 Mar 2020 18:50:00 EST This paper calibrates a heterogeneous-agent life-cycle model to quantify the effects of the Housing Provident Fund (HPF), the largest public housing program in China. San Antonio Economic Indicators https://www.dallasfed.org:443/research/indicators/sa/2020/sa2004 Thu, 19 Mar 2020 19:08:00 EST This data show that the economy was strong prior to the sharply negative hit in March from the coronavirus. Dallas-Fort Worth Economic Indicators https://www.dallasfed.org:443/research/indicators/dfw/2020/dfw2002 Wed, 18 Mar 2020 17:56:00 EST Homebuilding activity soared in January, and housing market indicators point to moderate price appreciation and stable affordability in fourth quarter 2019. Understanding the Exposure at Default Risk of Commercial Real Estate Construction and Land Development Loans https://www.dallasfed.org:443/research/papers/2020/wp2007 Tue, 17 Mar 2020 19:29:00 EST This paper models the determinants of exposure at default (EAD) for large U.S. construction and land development loans from 2010 to 2017. FOMC Press Conference Call https://www.dallasfed.org:443/news/releases/2020/200315powell Sun, 15 Mar 2020 00:00:00 EST Listen to audio from Chair Powell's March 15 FOMC press conference call. Global Perspectives: William Dudley on the Financial Crisis, the New York Fed and Misconceptions about the Fed https://www.dallasfed.org:443/research/economics/2020/0310 Tue, 10 Mar 2020 08:00:00 EST Dudley and Dallas Fed President Robert S. Kaplan discussed Dudley’s role during the financial crisis, his leadership of the New York Fed and popular misconceptions about the Fed. The Econometrics of Oil Market VAR Models https://www.dallasfed.org:443/research/papers/2020/wp2006 Fri, 06 Mar 2020 20:06:00 EST This paper explains how the workhorse models in the oil market literature have evolved, but also examines alternative oil market VAR models. How Does Immigration Fit into the Future of the U.S. Labor Market? https://www.dallasfed.org:443/research/papers/2020/wp2005 Thu, 05 Mar 2020 19:53:00 EST U.S. GDP growth is anticipated to remain sluggish over the next decade, and slow labor force growth is a key underlying reason. Admitting more immigrants is one way U.S. policymakers can bolster growth in the workforce and the economy. Marrying for Money Ends Up Reducing Income Inequality https://www.dallasfed.org:443/research/economics/2020/0303 Tue, 03 Mar 2020 08:00:00 EST The marriage market constitutes a way to ameliorate income inequality in the U.S. and to create bridges across the income ladder. The Effect of Immigration on Business Dynamics and Employment https://www.dallasfed.org:443/research/papers/2020/wp2004 Fri, 28 Feb 2020 20:53:00 EST This paper indicates that immigration increases the business growth rate by boosting business survival and raises employment by reducing job destruction. Dallas Fed Trimmed Mean PCE 2.1 Percent for 12 Months Through January https://www.dallasfed.org:443/news/releases/2020/nr200228pce Fri, 28 Feb 2020 00:00:00 EST The Trimmed Mean PCE inflation rate over the 12 months ending in December was 2.1 percent—increased from December—according to the Federal Reserve Bank of Dallas. Behind the Numbers: PCE Inflation Update, January 2020 https://www.dallasfed.org:443/research/pce/2020/pce2001 Fri, 28 Feb 2020 15:37:00 EST The headline, or all-items, PCE price index rose an annualized 1.2 percent in January after increasing an annualized 3.0 percent in December. El Paso Economic Indicators https://www.dallasfed.org:443/research/indicators/ep/2020/ep2002 Thu, 27 Feb 2020 14:58:00 EST The El Paso unemployment rate stood at 3.7 percent at the end of 2019, down from 4.2 in 2018 and 4.4 in 2017. Consumer Credit Trends for El Paso County https://www.dallasfed.org:443/cd/cct/20cctep Wed, 26 Feb 2020 16:28:00 EST This report uses Equifax data to analyze four major types of consumer loans: auto, credit card, mortgage and student. It is part of a series of Texas county reports.