Federal Reserve Bank of St. Louis
Coverage of Federal Reserve Bank of St. Louis in the Nexus archive.
- Fed study: AI’s slow productivity story fits a century-old historical pattern
A Federal Reserve Bank of St. Louis study analyzing 490,000 corporate earnings calls found no measurable productivity gains from AI yet, but suggested AI may be creating structurally invisible gains by making outputs cheaper and less valuable. The study noted 95% of AI-related productivity discussions in earnings calls focus on future expectations, with executives generally optimistic about AI's impact.
- No, Miami isn’t more expensive than New York. But it may be less ‘affordable’
The Bureau of Economic Analysis (BEA) data indicates Miami's cost of living surpassed New York City's for the first time, but Manhattan's median real estate prices remain significantly higher. Affordability in Miami has declined due to rising costs for housing, transportation, insurance, and education, outpacing wage growth. New York City added more jobs than Miami in recent years, maintaining its economic edge despite slower percentage growth.
- The Needle: GOP Wants Control of D.C., Ben Folds Testifies for Kennedy Center, 65 Percent Disapprove of Trump D.C. Projects, Record Numbers Have Left the Workforce, and a New Tool Tracks Private Jet Pollution
Republicans in Congress introduced a bill to restrict D.C.'s tax authority, Ben Folds testified about the Kennedy Center's decline under President Donald Trump, a poll shows 65% disapproval of Trump's D.C. projects, and a record number of Americans have left the workforce.
- The $124 trillion Great Wealth Transfer is more than just cash: More U.S. businesses are now being inherited than bought, BofA finds
More U.S. businesses are being inherited than purchased, according to Bank of America's Private Bank Study of Wealthy Americans. By 2026, 23% of businesses among wealthy Americans are projected to be inherited versus 11% purchased, marking a shift in the Great Wealth Transfer, which involves $36 trillion to $124 trillion in assets moving to younger generations over two decades.
- 'Big Short' star Michael Burry says buying a home is rarely a good investment — but may still be worth it
Michael Burry, known for his role in 'The Big Short,' argues that residential real estate typically offers mediocre investment returns compared to the S&P 500, citing a 4.5% after-tax return over 50 years. He emphasizes that the primary value of homeownership lies in lifestyle and quality of life rather than financial gain, noting housing has lagged behind stock market growth over the past 25 years.
- Elon Musk’s wealth could double the economy of his native South Africa as world’s first trillionaire
Elon Musk could become the world's first trillionaire, with his wealth surpassing double South Africa's GDP. The article compares his potential $1 trillion fortune to metrics like 200 round trips to the moon and $122 for every person on Earth.
- What Elon Musk's trillion would mean in real terms
Elon Musk could become the world's first trillionaire due to SpaceX's market performance. The article explores the implications of $1 trillion through comparisons like 200 round trips to the moon, $122 per person globally, and double South Africa's GDP. It also highlights growing wealth inequality as a concern.
- Fed's Musalem Says Rate Hike Probability Is Greater Than Zero
Federal Reserve Bank of St. Louis President Alberto Musalem stated during a central banking conference in Iceland that the central bank is missing on the inflation side of its mandate. He also indicated the probability of a rate hike is greater than zero.
- Ex-Fed Official Evans on What's Next for Monetary Policy
Ex-Fed official James Bullard discusses potential shifts in monetary policy as the Federal Reserve evaluates economic conditions. He highlights ongoing debates about interest rate adjustments and inflation targeting.
- Fed’s Musalem Says Risks Are Shifting More Toward Inflation
Alberto Musalem, president of the Federal Reserve Bank of St. Louis, expects the US economy to bounce back strongly early next year and advises caution on additional interest-rate cuts. He made this statement during a Bloomberg Television interview in Washington, DC. The economy's strong rebound is anticipated for early next year.