Annual Report 2023
Federal Reserve Bank of St. Louis
Prices, Wages and Workers:
The Recent U.S. Inflation Experience
Our People, Our Work
St. Louis Fed employees
The people of the Federal Reserve Bank of St. Louis serve the public by promoting a healthy economy and strong financial system for all. From the Bank’s head office in St. Louis to our branches in Little Rock, Louisville and Memphis, we represent the Eighth Federal Reserve District and the nation in all we do.
This section of our annual report brings to life our mission and work on behalf of the Fed’s Eighth District in 2023.
In August, the St. Louis Fed formally launched the search process to hire its 13th president and CEO. This followed the Bank’s announcement in July that Jim Bullard was stepping down after 15 years as Bank president to head Purdue University’s business school and that, in accordance with the Federal Reserve Act, First Vice President and Chief Operating Officer Kathy O’Neill was appointed by our board of directors as interim president and CEO.
After a robust, transparent and inclusive national search, consistent with the Federal Reserve Act and upon the approval of the Board of Governors, the St. Louis Fed’s Class B and C directors appointed Alberto Musalem the Bank’s next president and CEO, effective April 2, 2024.
The process to name a new president and CEO was one of the many developments at the St. Louis Fed in 2023. Below, read more about the Bank’s impact in support of the Eighth District.
All numbers are as of Dec. 31, 2023, unless otherwise noted.
Providing Thought Leadership through Scholarly Economic Research
among all research institutions worldwide
among all U.S. research institutions
in research productivity among all central bank research departments worldwide
page views of the St. Louis Fed’s research content by people in 193 countries
data series in FRED®, the St. Louis Fed’s free economic database
items in FRASER®, the St. Louis Fed’s historical digital library
Innovating in the Classroom
In November, the St. Louis Fed hosted its 21st annual Professors Conference, which provided more than 100 faculty with a venue to learn about innovative teaching methods in economic education and to share their own ideas about economics curricula. The conference featured demonstrations, videos and other presentations, including a panel discussion led by St. Louis Fed Senior Economic Education Specialist Mary Clare Peate (left).
Fostering Financial Stability and Soundness
state member banks and 458 bank, financial, and savings and loan holding companies supervised by the St. Louis Fed
in improper and stopped payments identified by the Bank in its role as fiscal agent to the U.S. Department of the Treasury and its Do Not Pay program
currency notes inspected, and 862 million notes deemed fit for circulation
notes removed from circulation and shredded, which equals 127 tons composted
suspected counterfeit notes withdrawn from circulation
hours spent by internal auditors reviewing St. Louis Fed operations1Hours do not include time spent on training, administrative work and special projects.
Community Bank Research
The St. Louis Fed hosted the 11th annual Community Banking Research Conference in October. Sponsored by the Federal Reserve System, the Conference of State Bank Supervisors and the Federal Deposit Insurance Corp., the event brought together community bankers, academics, policymakers and regulators to discuss the latest research on community banking. The event featured panel discussions, paper presentations, new research and a keynote speech by Federal Reserve Gov. Michelle Bowman.
Empowering Communities through Education and Outreach
bankers, regulators and other industry participants engaged in information sessions about financial and regulatory developments
people registered for 38 events led by the Bank’s Community Development department to promote economic resilience, mobility and equity
attendees at presentations requested through the St. Louis Fed’s public speakers bureau
attendees at St. Louis Fed public dialogue and outreach events
educators trained at 167 economic education workshops, webinars and conferences
active engagements in the Bank’s Econ Lowdown economic education curriculum
college and five high school interns, with 11 college interns offered full-time employment
high school seniors in the St. Louis Fed’s student board of directors program
Exploring the Economy Hands-on
The St. Louis Fed’s award-winning Economy Museum welcomed 12,453 visitors, including 132 educational, community and business groups, in 2023. The free museum features more than 100 games, exhibits, currency displays and videos for visitors to explore and learn more about the economy and the important role they play in it.
page views of the Bank’s website, stlouisfed.org
page views of On the Economy and Open Vault, which offer frequent economic analyses and explainers spotlighting timely topics
page views of the FRED® Blog, which provides analysis on key data found in FRED
total downloads of the Timely Topics and Women in Economics podcast series
subscribers to the Bank’s various publications, blogs and newsletters
Presidential Search Public Engagement Forum
In September, the St. Louis Fed hosted a virtual Public Engagement Forum to provide information about its presidential search and answer the public’s questions. Taking part in the live Q&A event were Jim McKelvey and Carolyn Chism Hardy, chair and deputy chair of the search committee, respectively; Tom Daniels, a representative of the executive search firm supporting the search; and François Henriquez, St. Louis Fed executive vice president, chief administrative officer and general counsel. The event was moderated by Karen Branding, St. Louis Fed senior vice president for External Engagement and Corporate Communications, and corporate secretary. Throughout the search process, there were more than 7,900 page views of the Bank’s Presidential Search webpages and 509 downloads of the job description posted there.
Cultivating Inclusion
of all inner-city, majority-minority and all-girls high schools across the Fed’s Eighth District contacted and offered support from the St. Louis Fed’s Economic Education team
of the Bank’s workforce engaged in employee-led resource groups, which are focused on African Americans, Asians, Latino/Hispanic Americans, women, people with disabilities, military veterans, the LGBTQ+ community and young professionals
Being an Ally
In June, the Bank’s Central Pride employee resource group organized a human pride flag display for employees to show support of the LGBTQ+ community during Pride month. The 2023 display featured the 11 colors of the progress pride flag to embrace the diversity of the Bank’s community and allies.
Doing Good for the Sake of Good
pounds of waste recycled and 234,441 pounds composted, reflecting the Bank’s ongoing commitment to sustainability
in employee donations made to the United Way of Greater St. Louis
Making an Impact
St. Louis Fed employees in 2023 raised $23,420 to help support St. Louis-area food banks. The Bank also organized a volunteer activity for employees at an Operation Food Search warehouse in the St. Louis region. The nonprofit, which was founded in 1981, distributes more than $30 million in food and other items each year to 330 community partners in 42 Missouri and Illinois counties.
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