Minneapolis Fed

@minneapolisfed

We serve the public by pursuing a growing economy and stable financial system that work for all of us. Serving the Ninth Federal Reserve District.

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Minneapolis Fed@minneapolisfed· 24d

U.S. trade in AI-related products has grown by 73% from 2023, compared with only 3% for non-AI-related products. Mike Waugh's (@TradeWarTracker) research in our new QR "moves beyond GPUs and chipsets and provides a more complete picture" of AI trade. https://bit.ly/4vm4m6z

Minneapolis Fed@minneapolisfed· 25d

Reflection from a train. Glacier, #Montana Thanks to Nancy P. for this week's employee photo submission for our Views from the Ninth photo series, sharing the beauty of the Ninth Federal Reserve District.

A tranquil landscape featuring a serene lake reflecting a range of mountains in the distance, partially covered with snow. The sky above is filled with soft, colorful clouds.

Minneapolis Fed@minneapolisfed· 27d

What keeps developing countries from adopting technologies? In our latest Quarterly Review, Francisco Buera builds an integrated model to show how small distortions are amplified by coordination failures across firms--and considers the policy implications. https://bit.ly/4wXlWPY

Minneapolis Fed@minneapolisfed· 27d

Economic activity in our district is up. But this time Joe & Ron go deep on the farm sector, where we've been relaying hard times for a while. Researching this latest Beige Book, we heard farmers are making some tough calls just to stay in business. Full #BeigeBook report: https://bit.ly/38gH0aC

Minneapolis Fed@minneapolisfed· 28d

Canonical models of sovereign borrowing prescribe short-term loans to discipline countries in crisis. But "official" lenders like IMF have different incentives than private. Our @cristinarellano.bsky.social & Leonardo Barreto model the modern reality of sovereign default. https://bit.ly/4fgibOJ

A banner from the Federal Reserve Bank of Minneapolis. It reads, "Official creditors and partial default transform dominant model of sovereign debt." There is a label "NEW" next to the words "RESEARCH BRIEF." The design features a blue background and diagonal gray stripes.

Minneapolis Fed@minneapolisfed· 29d

Even with flat sales and soft employment over the past year, nearly 250 professional and technical services firms across the Ninth Federal Reserve District expressed cautious optimism in our June 2026 survey. Learn more in a new article by Joe Mahon. https://bit.ly/4gjoRNc

A group of people is gathered around a table in a modern office setting. Papers and a laptop are on the table. Large windows and a plant are in the background.

Minneapolis Fed@minneapolisfed· Jul 14

Nonemployer firms were less likely than employer firms to be profitable but showed stronger optimism about future revenue growth, according to the latest Small Business Credit Survey. View the 2026 Chartbook on Nonemployer Firms: https://bit.ly/4wmw9V8

Bar chart titled "Profitability, end of 2024 (% of firms)" shows profitability projections for nonemployer firms and employer firms.

Minneapolis Fed@minneapolisfed· Jul 12

Thanks to Edyth H. for this week's Views from the Ninth employee photo submission! Sunset over Turtle Lake in Underwood, #Minnesota taken on the 250th anniversary of the U.S.A.

A serene lakeside view at sunset with pink and orange clouds reflecting on the water. A small paddleboat is on the lake near a dock with boats. A sandy beach area is in the foreground with a deck chair and a table. Trees line the distant shore.

Minneapolis Fed@minneapolisfed· Jul 10

Rising input prices, scarce skilled labor, and tougher competition for fewer projects put pressure on the district’s construction landscape, especially for residential and commercial builders. @erickgarcialuna.bsky.social’s new article explains: https://bit.ly/4w9RdhB

Minneapolis Fed@minneapolisfed· Jul 10

Interested in learning more about the Minneapolis Fed? We’ll be at the #MinnesotaStateFair again this year in the Education Building. Make plans to grab your preferred food-on-a-stick 🍡 and come see us. Learn more about what you can do at our booth here: https://bit.ly/3k5Dp5O

Stylized text with lightbulbs reading "Fed at the Fair" in colorful letters, followed by "Education Building" on a dark blue radial background.

Minneapolis Fed@minneapolisfed· Jul 9

Regional Economic Conditions: Midyear Update July 17, 9-9:45am CT How is the economy performing this year so far, and how are businesses in the region feeling about the rest of the year? Join us for an economic check-in at midyear. Register here: https://bit.ly/3QQ6pRY

Two people in business attire are smiling, standing against a background displaying colorful charts and graphs.

Minneapolis Fed@minneapolisfed· Jul 8

Remote work rates still vary widely across the country, according to a recent analysis. D.C., MA, & CO have the highest remote rates in the country, while states like MS, AL, & AK have some of the lowest. Haley Chinander explains more about recent remote work trends: https://bit.ly/4fhtLck

Illustration of five simple house outlines on a green background with faint building shapes in the back. Each house has a yellow square inside, representing windows.

Minneapolis Fed@minneapolisfed· Jul 7

The hemp boom may have sprouted quickly, but its shelf life proved short. High‑maintenance floral varieties and tumbling CBD prices have left many Ninth District growers deciding the crop simply isn’t worth the extra cultivation hand‑holding. Learn more: https://bit.ly/4eFKMNk

A lush field of cannabis plants under a colorful sunset, with an open landscape and silhouetted trees in the background.

Minneapolis Fed@minneapolisfed· Jul 6

Our recent webinar outlines takeaways from a recent survey of construction firms in our district. During the Q&A portion, @erickgarcialuna.bsky.social and Haley Chinander fielded a question about the effect of current state regulations and policies. (View full event: https://bit.ly/49J2EDX)

Minneapolis Fed@minneapolisfed· Jul 5

Thanks to Cara K. for this week's Views from the Ninth employee photo submission, taken in Duluth, #Minnesota. 📸

Minneapolis Fed@minneapolisfed· Jul 4

Happy 4th of July! Wishing everyone a fun, safe, and relaxing holiday.

A festive "Happy 4th of July!" graphic with red and white text. Red stars decorate the top and bottom, and colorful fireworks are in the corners against a dark blue background.

Minneapolis Fed@minneapolisfed· Jul 2

Why do some nations adopt technologies needed to develop while others languish? One literature has focused on distortions that impede adoption. Another highlights coordination problems. In our new Quarterly Review, Francisco Buera works toward a synthesis. https://bit.ly/4wXlWPY

Minneapolis Fed@minneapolisfed· Jul 1

Research, insights, and event information. Sign up today for the Economic Research Newsletter and receive a quarterly email with the latest from our Research Division. https://bit.ly/4cYJw3C

Minneapolis Fed@minneapolisfed· Jun 29

How are recent policy changes like zoning reforms and rent stabilization affecting Saint Paul’s housing market? Results are mixed, according to data from our new Saint Paul Housing Dashboard—and according to perspectives of property owners and managers. https://bit.ly/4x8zqsl

A view of two three-story, sixplex apartment buildings that are under construction on a compact urban lot in St. Paul, Minnesota, on a clear spring day. The buildings appear mostly completed except for siding and exterior finishes. They are partially wrapped in white Tyvek sheeting and the site is crowded with stacks of construction materials and temporary security fencing.

Minneapolis Fed@minneapolisfed· Jun 29

The calm before the storm. This week's Views from the Ninth employee photo submission was captured at Round Lake in McGregor, #Minnesota. 📸 credit: David L.

Minneapolis Fed@minneapolisfed· Jun 26

Has #ICE activity in our region impacted the workforce in the construction industry? Listen to @erickgarcialuna.bsky.social 's response to an audience question here. (View the full event: https://bit.ly/49J2EDX)

Minneapolis Fed@minneapolisfed· Jun 26

Regional outreach surveys give us a direct line to businesses and employers throughout our district. The insights they share—stories, concerns, and day‑to‑day experiences—help us better understand how the economy is affecting people in our region. Become a survey participant: bit.ly/4kKn9mC

A graphic features a quote from a Twin Cities roofing subcontractor about challenges in the industry, with a background of blue sections, a construction worker silhouette, and a megaphone image. The sidebar reads "Voices from the Ninth District."

A construction worker wearing a hard hat and safety vest is holding a clipboard. Next to this figure, a person holds a megaphone in front of lot with construction machinery. Overlaid is a text box with a quote about rising rates and labor costs from a North Dakota general contractor. The background features a construction site framework. Text on the side reads, "Voices from the Ninth District."

Illustration featuring a silhouette holding a megaphone, with a quote: 'We had a slow ending in 2025 and start to 2026, but we proposed on a lot of [Requests for Proposals] over the past 4 months and we have the largest backlog of work we've had in many years.' Attributed to a Michigan Upper Peninsula general contractor. The phrase 'VOICES FROM THE NINTH DISTRICT' is vertically placed on the left.

A digital collage featuring a figure in a blue outfit with hands on hips, standing in front of dynamic geometric shapes and a stack of cardboard boxes. A hand holds a megaphone in the lower-right corner. On the left, vertical text reads "Voices from the Ninth District." Overlaid is a quote discussing future billing expectations in 2025 from a Minnesota architecture and design firm.

Minneapolis Fed@minneapolisfed· Jun 26

TODAY: President Kashkari will be participating in a panel discussion this morning 10:30-11:30am CT at the Aspen Ideas Festival. You can view this event live on our website: https://www.minneapolisfed.org/live

Minneapolis Fed@minneapolisfed· Jun 24

What is causing the stop-and-go attitude some Ninth District construction firms are facing in the current environment? @erickgarcialuna.bsky.social and Haley Chinander address audience Q&A in our recent Regional Economic Conditions event. Full event recording: https://bit.ly/49J2EDX

Minneapolis Fed@minneapolisfed· Jun 24

Minnesota’s child care sector is still in crisis, recent survey results show. Providers, especially those in the Twin Cities, continue to face rising costs, declining enrollment, and new policy-related disruptions. @tuuyentran.bsky.social explains: https://bit.ly/4epIRex

Three children sit on the floor playing with educational toys like an abacus and stacking rings in a classroom. An adult kneels beside them, engaging with their activities. Shelves with educational materials are visible in the background.

Minneapolis Fed@minneapolisfed· Jun 22

Minneapolis Fed@minneapolisfed· Jun 21

Thanks to Steve C. for this week's employee photo submission for Views from the Ninth, taken at Beartooth Highway from Rock Creek Vista Point in #Montana.

A scenic view of a winding road through a green valley surrounded by rugged, snow-capped mountains in Montana. Sparse trees frame the foreground under a cloudy sky.

Minneapolis Fed@minneapolisfed· Jun 19

Stock prices seem to have soared out of proportion to earnings & capital investment. Is this a bubble? A puzzle? Possibly neither say @heathcote.bsky.social Fabrizio Perri and Andrew Atkeson. Using macroeconomic instead of financial data, stock values make much more sense. https://bit.ly/4dWXwgJ

A graphic from the Federal Reserve Bank of Minneapolis titled "From price-to-earnings to 'free cash flow'". It mentions a shift in perspective making stocks look less overpriced. There is a "New Research Brief" label.

Minneapolis Fed@minneapolisfed· Jun 19

If not for demand for materials related to AI data centers, U.S. trade deficit would have been 16% smaller last year. In our new Quarterly Review, Mike Waugh (@TradeWarTracker) uses AI to sort 18K+ product codes to track AI-related imports & exports. https://bit.ly/4vm4m6z

Minneapolis Fed@minneapolisfed· Jun 18

Regional Economic Conditions: Professional Services How are businesses in the services sector handling the current economy? Join Joe Mahon for a webinar discussing the latest results from recent survey done in partnership with MN DEED. Register here: https://bit.ly/4ehNSWh