Federal Reserve Bank of Atlanta
What Is the Federal Reserve Bank of Atlanta?
The Federal Reserve Bank of Atlanta is one of 12 Federal Reserve Banks, and addresses the 6th district in the U.S. Its region incorporates the states of Alabama, Florida, Georgia, as well as parts of Tennessee, and the southern counties of Mississippi and Louisiana. The bank keeps up with branch offices in Birmingham, Jacksonville, Miami, Nashville, and New Orleans.
The bank has developed two widely utilized economic instruments: the GDPNow and the Wage Growth Tracker.
Understanding the Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Atlanta, one of 12 reserve banks inside the federal reserve system, executes the central bank's monetary policy by auditing price inflation and economic growth, and by regulating the banks, bank holding companies, and savings and loan holding companies an inside its area. It gives cash to banks inside its district, and screens electronic deposits. Many market participants realize the Atlanta Fed for its creative research department.
One-dollar bank notes printed by the Federal Reserve Bank of Atlanta are denoted by the letter 'F' addressing the 6th district; 'F' is likewise the sixth letter of the alphabet.
Raphael W. Bostic got down to business on June 5, 2017, as the fifteenth president and chief executive officer of the Sixth District, Federal Reserve Bank of Atlanta. In 2020, he fills in as an alternate voting member of the Federal Open Market Committee. Bostic is an economist and a former teacher of public policy at the University of Southern California.
The Atlanta Fed's GDPNow Tool
The GDPNow is a running estimate of real gross domestic product (GDP) growth during the current quarter, instead of the official GDP numbers which are delivered by the U.S. Bureau of Economic Analysis (BEA) with a huge delay that can impact policy choices. As such many market participants closely follow the GDPNow estimates.
The Wage Growth Tracker
The Atlanta Fed's Wage Growth Tracker measures the nominal wage growth of U.S. people. Utilizing micro data from the Current Population Survey (CPS), it tracks the median percent change in the time-based compensation on a moving year basis. The Atlanta Fed refreshes the data month to month. It's important to note that the Atlanta Fed Wage Growth Tracker plots just the median percent of a singular's wage growth north of a year. That means, first, that it doesn't follow genuine wages; and second, by definition it just thinks about persistently employed people. In that capacity, a few economists, quite Jared Bernstein, accept the Wage Tracker exaggerates wage growth since consistently employed people will normally receive pay increases, or what Bernstein calls the "experience premium."
The leader of the Federal Reserve Bank of Atlanta, alongside the leaders of the 11 different banks and the seven governors of the Federal Reserve Board, meet like clockwork to set interest rates. This is alluded to as the Federal Open Market Committee (FOMC).
Features
- Headquartered in Atlanta, GA, branch banks are situated at Birmingham, AL; Jacksonville and Miami, FL; Nashville, TN; and New Orleans, LA.
- The Atlanta Fed serves the Sixth Federal Reserve District, which covers the states of Alabama, Florida, and Georgia; 74 counties in the eastern 66% of Tennessee; 38 wards of southern Louisiana; and 43 counties of southern Mississippi.
- The Federal Reserve Bank of Atlanta contains one of twelve reserve banks in the Federal Reserve System.
- The Atlanta Fed likewise has the Fed's GDPNow and Wage Growth Ticker instruments.
