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Supporting Small Business Owners of Color
At the Fed’s virtual Racism and the Economy: Focus on Entrepreneurship event, Philadelphia Fed President Patrick T. Harker emphasized the economic importance of small businesses and the barriers that limit minority entrepreneurs from accessing capital. Harker said that’s why the Philadelphia Fed is helping “to spark an equitable small business recovery and to strengthen support for small business owners of color.”
Innovative Pathways to an Equitable Workforce Recovery
At the launch event for Workforce Realigned: How New Partnerships Are Advancing Economic Mobility, Philadelphia Fed President Patrick T. Harker discussed innovative programs, such as a unique “pay for success” job training model that the Philadelphia Fed helped to pioneer. Workforce partnerships to reboot economic mobility are the subject of a new book and podcast series from the Federal Reserve Banks of Atlanta and Philadelphia and Social Finance.
The Economy, Inflation, and Forbearance
President Harker delivered a virtual speech to the Women in Housing & Finance on his economic outlook. “At the Fed, we’re planning to keep the federal funds rate low for long, but it may be time to at least think about thinking about tapering our $120 billion in monthly Treasury bond and mortgage-backed securities purchases,” said Harker. “This is not something we are going to do suddenly, though. We need to follow the playbook we had after the Great Recession; that is, start to taper the bond purchases slowly. We will remove accommodation carefully and methodically as the economy ...