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Chicago Fed Letter

Lamont Black, Makaylah Brookshire, Louie Christopoulos, Alexandra Dumitriu, Andrew Edwards, Courtney Markovich, Kristin Rhodes, and Brian Wolfe

The Chicago Fed’s Supervision and Regulation Department and DePaul University’s Center for Financial Services held their tenth annual risk conference on March 29–30, 2017. The conference brought together financial industry professionals, academics, and regulators to discuss the rapid pace of technological innovation in financial services, as well as the uncertainty of the changing economy through the lens of risk management.

Ross Cole, Luojia Hu, and Sam Schulhofer-Wohl

Average wages are a closely watched economic indicator. The growth rate of average wages can help tell us, for example, how workers’ living standards are changing, whether employers face rising costs that they might pass through to consumer price inflation, and whether the labor market is tight or has room to improve further. In the realm of monetary policy, the last two applications are particularly important because they can help people assess the outlook for the Federal Reserve’s “dual mandate” of price stability and maximum employment.

Scott Brave and David Kelley

This article introduces improvements to the adjusted National Financial Conditions Index (ANFCI). Compared with the previous version, the new ANFCI uses an enhanced estimation procedure with a broader set of macroeconomic adjustment variables and produces a longer time series history.

Rebecca Lewis and Ning Yu

The People’s Bank of China (PBOC) and the Federal Reserve Bank of Chicago sponsored the Symposium on OTC Derivatives in Shanghai on May 23, 2017, in conjunction with CCP12, a global association of major central counterparties (CCPs). The conference focused on current risk management and regulatory issues facing CCPs.

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