As a community-engaged bank, the SF Fed seeks out real-time information on economic conditions by engaging with and learning from businesses, community organizations, and local leaders. These conversations are one of the many inputs into the decisions and monetary policymaking at the Federal Reserve as we pursue our mission.
Here’s a snapshot of a recent outreach in Honolulu, Hawai’i, from Stephen DeLay, Regional Executive at the Federal Reserve Bank of San Francisco.
At the Federal Reserve Bank of San Francisco, we listen to the perspectives of communities, businesses and non-profit organizations from around our district to better understand local economic and financial conditions. The real-time insights gathered through conversations with regional leaders help us better understand the economic experiences of all Americans and consider them in the formation of monetary policy.
On a recent trip to Honolulu, I spoke with a number of leaders to gain insights into how they are helping their organizations navigate the current economic landscape. These leaders provided views into a variety of sectors, including automotive, banking, consumer retail, healthcare, manufacturing, media, ocean transportation, and public utilities.
Many were grappling with the uncertainty associated with tariffs and thinking through the best way to manage issues like capital expenditure, staffing and cost control. The conversations also provided critical insights into local labor market conditions, consumer demand, tourism, and challenges associated with the high cost of housing and insurance in the region.
A highlight of my visit included a meeting with leaders at Matson, Inc. and a tour of their shipping facilities. Matson, Inc. is a provider of ocean transportation and logistics services throughout the Pacific. They shared about the complexity of the operations and how their container storage layout increases their efficiency. I left with a deeper understanding of the challenges associated with changing tariffs and the importance of Matson’s operations to the health of the local economy.
During the latter part of my visit, I connected with the Chamber of Commerce Hawai’i to provide a presentation to its members about how the Federal Reserve works on behalf of the American people. I touched on the roles and responsibilities of the Federal Reserve, our dual mandate and inputs to monetary policy, and current economic conditions as highlighted in our FedViews publication. This was a great opportunity to share the Fed’s work with a highly engaged audience and to help them understand the relevance of the Federal Reserve to their daily lives.
My time with the Chamber also included a roundtable with a handful of members to hear about local economic conditions. These leaders represented a nonprofit organization, a local bank, and telecommunications company. The conversation highlighted concerns about a variety of issues; most notably, rising homeowners’ insurance costs, the outflow of workers from Hawai’i, inflation pressures, and potential negative community impacts associated with declines in funding.
Visits like this are a routine part of the Federal Reserve Bank of San Francisco’s process for understanding the different economic experiences of the people we serve. The information we gather provides us with valuable, timely data that helps inform and shape monetary policy for the country.
Related:
The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.