Paul Wallace

@ptwall.bsky.social

474 Followers 1163 Following

Strategic comms @MinneapolisFed. Views are my own. Also active on Threads at https://threads.net/@ptwall.

Neel Kashkari at OIGI Conference.
Alene Tchourumoff at the ND Housing event at the Bismarck Event Center in Bismarck, North Dakota.
Chart. Top 3 challenges facing nonprofits in Montana, South Dakota, and North Dakota Sources: Federal Reserve Bank of Minneapolis, Montana Nonprofit Association, South Dakota Nonprofit Network, North Dakota Association of Nonprofit Organizations.
Chart. County level exposure in U.S. to Chinese retaliatory tariffs (September 2019) Note: County exposure to Chinese trade retaliation at its peak in September 2019. The exposure statistic is based on county share of employment in retaliation-targeted industries and the tariff levels on those industries. Counties with higher numbers are more exposed. Source: Data from TradeWarTracker.com (accessed July 1, 2025), using method in Waugh, “The Consumption Response to Trade Shocks: Evidence from the US-China Trade War,” 2019.
Q. It’s useful to reinforce why U.S. households also win when the global economy is strong. Why would we care about how other countries do? A. Linkages across countries are way more important than they were 50 years ago. To the extent that we live in a global economy in which companies sell products in the United States and abroad, anything that happens in the world affects U.S. workers directly. A reduction in activity in Europe, in China, in Latin America means lower exports and fewer jobs for Americans. It’s that simple. When there are financial tensions or financial crises abroad, the U.S. stock market and Americans’ wealth take a hit. Moments of global uncertainty are typically moments of global sell-off. What happens abroad has consequences for the well-being of Americans.
Chart. Establishment births and deaths in the U.S. and the Ninth District Note: Ninth District states include MN, MT, ND, SD, and WI. Source: Bureau of Labor Statistics, Business Employment Dynamics.
Changes in visitation at Ninth District National Park System parks Note: Parks that made significant changes to the method used to estimate visits in the 2019–2023 peare excluded. Changes to methodology can lead to significant changes in visits. Source: National Park Service