On February 8, 2010, the Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed on the Board website.
2009 in Review—A strengthening global economy and increased petroleum consumption firmed oil prices throughout 2009. Prices averaged $62 in 2009, swinging from a low of $34 in February to a high of $81 in late October. Natural gas prices declined for most of 2009 but gained traction later in the year. Prices bottomed out at just below $2 in September before rising to more than $6 at year-end.
Regional Data Support Signs of Recovery—Continuing improvement in the regional economy supports the prospects of a mild recovery. Notably, Texas real GDP increased at a 3.3 percent annualized pace in the third quarter. In addition, total nonfarm employment increased in both October and November and fell slightly in December. Overall, from September to December, jobs were essentially unchanged.
Several economic indicators point to a stabilizing Texas economy, yet employment remains weak. Texas house prices held steady in the third quarter, and the number of housing permits rose in December. Real Texas exports have increased two quarters in a row. Texas factory activity expanded in January, with the production index climbing further into positive territory.
The conference organizers welcome submissions of theoretical and empirical contributions for the conference "Microeconomic Sources of Real Exchange Rate Variation" to take place September 24–25 at Vanderbilt University. Relevant topics include
The ESP Conference is a one-day undergraduate economics research conference. The event provides students the opportunity to share and gain feedback on their original research. It not only provides a forum for students already doing research but also aims to inspire others to create and pursue their own research agenda.
This year's housing summit will focus on North Texas' need for a regional housing plan. Following up on the success of last year's event, the summit will bring thought leaders together, including CEOs for Cities President Carol Coletta, who will discuss success formulas for cities as the event's keynote speaker. Attendees will also hear details of the North Texas 2050 Plan, which we hope stimulates dialogue and awareness of the expected housing growth.
As part of its recognition of the first decade of the euro, the European Commission has joined with the Federal Reserve Bank of Dallas to invite economists and scholars from the United States and Europe to discuss some of the results of this monumental change in the global economy.
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