How Distressed Are Consumers? Reconciling Diverging Credit Card Delinquency Measures
A look at the implications of consumers’ credit card delinquency rising from 2022 to 2026 using data from New York Fed Consumer Credit Panel.
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Stripping STRIPs Trading Activity
A look at the trading activity of Separate Trading of Registered Interest and Principal of Securities (STRIPS) using FINRA’s TRACE transactions data.
Why Do Fewer Renters Expect to Move?
A look at how Americans’ declining moving rates hold for homeowners and renters alike using data from the New York Fed’s annual SCE Housing Survey.
AI’s Impact on Labor and Hiring
In this inaugural Street Level post, Research Director Kartik Athreya discusses recent work by New York Fed staff on artificial intelligence and the labor market. He examines how AI is transforming hiring practices, skil...
A Window into Bond Investors’ Uncertainty About R‑Star
A look at bond investors’ knowledge about r-star, the natural real rate of return which acts as a guide for monetary policy decisions.
The Strait of Hormuz closure: What happens to trade and shipping?
The Strait of Hormuz is a vital passage for world trade, notably for oil and fertilizers. Roughly 88 commercial vessels pass the strait per day, making it one of the world´s most critical maritime chokepoints.
Stablecoins and (Non)Crypto Shocks: A 2026 Update
A look at the continued growth of stablecoins since April 2025 and how shocks from outside the crypto industry can impact stablecoins’ reserve assets.
Nonbank Subsidiaries and the Hidden Fragility of Internal Capital Markets Reallocation
A look at the internal capital markets reallocation that occurred after Basel III and whether it reduced the risk for nonbank subsidiaries as a whole.
How Basel III Changes Where Capital Sits: Nonbank Subsidiaries as Equity Reservoirs
A look at how bank holding companies responded if their depository subsidiaries fell short of Basel III’s binding capital minimums, effective January 2015.
Capitalizing on Nonbanks: Regulatory Arbitrage Within Bank Holding Companies
A look at nonbank activity within bank holding companies and the balance-sheet features that make these subsidiaries a vehicle for regulatory arbitrage.
Effect of Tariffs on U.S. Small Businesses
A look at how the recent implementation of tariffs has affected small businesses nationally and regionally using the 2025 Small Business Credit Survey.
More Tariff Pass‑Through Is in the Pipeline
A look at whether businesses have finished adjusting prices due to changes in U.S. trade policy or if further tariff-induced price increases lie ahead.