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Federal Reserve Bank of Philadelphia
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In remarks to the Forecasters Club, Federal Reserve Bank of Philadelphia President and CEO Charles I. Plosser discusses the recent steps taken by the Federal Reserve to improve the transparency of monetary policy. He also outlines four interrelated dimensions to a stronger monetary policy framework.

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We've posted fourth quarter statistics on regional house prices released by the Federal Housing Finance Agency (FHFA). On a quarter-to-quarter basis, the FHFA’s purchase-only house price index rose in Delaware in the fourth quarter; New Jersey’s and Pennsylvania’s indexes fell.

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Our Real-Time Data Research Center has updated the business conditions index with information on initial jobless claims for the week ending 2/11/2012.

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Responses from manufacturing firms polled for the Federal Reserve Bank of Philadelphia’s Business Outlook Survey suggest that regional manufacturing activity continued to expand in February. The general activity index, the survey’s broadest measure of manufacturing conditions, increased to 10.2 this month from 7.3 in January.

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Survey respondents noted a decline in financial factors facing LMI households, but the decline is less than in past surveys. The availability of jobs, as suggested by our index, is somewhat encouraging. But, overall, the survey indicates that there continues to be significant challenges for these households and the organizations that serve them.

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In a speech today at the University of Delaware's Center for Economic Education and Entrepreneurship, our President and CEO Charles I. Plosser said the U.S. economy is continuing to grow at a moderate pace. However, he cautioned against an accelerationist approach to monetary policy, one that calls for policy to do more and more in an attempt to reach our objectives faster.
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