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37-528: The Hu. Hotel is a luxury boutique hotel in Downtown Memphis, Tennessee , United States, located in the historic former Tennessee Trust Bank building. Built in 1905, the 14-story Tennessee Trust Building was among downtown Memphis ' first "skyscrapers." The building's architects, the firm of Charles 0. Pfeil (1871–1952) and George M. Shaw (1870–1919) were noted at the time for designing buildings with ornate, classical styling and massing. The building

74-481: A database of hundreds of thousands time series from national, international, private and public sources. Data series include interest rates, gross domestic product and its components, GDP and gross national product together, employment and population, consumer price indexes, monetary aggregates and Treasury constant maturity. FRED and the other free online data services—ALFRED, CASSIDI and FRASER—are collectively, with other research sites, accessed several million times

111-609: A wide range of national and international audiences. In the 1960s, the St. Louis Fed garnered a reputation as a maverick in the Federal Reserve System because of its espousal of monetarism . Spurred by bank president Darryl Francis and research director Homer Jones , the bank's economists published research showing a direct relationship between the growth of money and inflation. Monetarist theories have since been adopted widely. St. Louis Fed economists previously released

148-652: A year. Writing at Business Insider , Joe Weisenthal called FRED "The most amazing economics website in the world." The bank also maintains the Research Papers in Economics (RePEc) database, a listing of economics authors and the Economics Departments, Institutes and Research Centers in the World (EDIRC) databases. Former Palestinian Prime Minister Salam Fayyad once served on the staff of

185-869: Is a park system along the Mississippi River that connects the Mississippi River Greenbelt Park in the north, to Tom Lee Park in the south. Points of interest along the riverfront Companies headquartered in Downtown include: Former headquarters: Downtown Memphis is zoned to the following Shelby County Schools (formerly Memphis City Schools ) campuses: Downtown is served by major highways and interstates, public bus and trolley service by MATA , commercial bus service by Greyhound , and passenger train service by Amtrak . Interstates I-40 , I-55 , I-69 and I-240 all run directly through downtown, providing direct access to

222-613: Is a popular regional destination for entertainment, dining, and tourism and includes attractions such as Beale Street , FedExForum , AutoZone Park , and the Peabody Hotel . Downtown Memphis is located on the banks of the Mississippi River . The Memphis Riverfront stretches from the Meeman-Shelby Forest State Park in the north, to T. O. Fuller State Park in the south. The River Walk

259-892: Is also located in Downtown Memphis. These include the Memphis City Hall , and the Federal Building, located on North Main Street, in the Civic Center Plaza (corner of Main Street and Washington). Downtown Memphis also contains the Memphis branch of the Federal Reserve Bank of St. Louis . Downtown Core is the heart of the central business district and includes the majority of office space, retail, entertainment and dining spaces. It

296-465: Is designed to increase participation of minority- and women-owned businesses in Bank procurement needs, further diversify the St. Louis Fed's workforce at all levels, and support financial literacy efforts at inner-city, girls' and majority-minority high schools. When the Federal Reserve System was established in 1914, the chief executive officers of the regional banks were known as Governors. The position

333-500: The Burgundy Books , patterned after the Federal Reserve System's Beige Book , as an economic snapshot of the four zones in the district (Little Rock, Louisville, Memphis and St. Louis). The Burgundy Books collected data and anecdotal feedback from numerous sources to help track the district's consumer spending, commercial and residential real estate, manufacturing and industrial activities, banking data and more. Publication

370-641: The St. Louis Cardinals , and the Memphis Grizzlies NBA team. Downtown is the oldest part of the city and includes the riverfront and the bluffs overlooking the Mississippi River . The founders of Memphis dedicated the riverfront to the public "now and forever" as long as the public use continued. The land overlooking the riverfront was originally planned to become a "public promenade" to be called Mississippi Row . The upper riverfront became

407-566: The United States Secret Service . The St. Louis Fed holds several events annually for educators, civic and business leaders, bankers and more throughout the district. These include the "Dialogue with the Fed" events for the public, in which St. Louis Fed experts discuss economic matters such as the federal deficit, the financial crisis and unemployment; and "Economic Briefings", where a Fed economist or other expert discusses

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444-747: The steamboat Sultana in 1865 near Memphis was one of the worst marine disasters in history. There are several historic residences downtown, particularly in the Victorian Village neighborhood. Other historic homes include the Hunt-Phelan House (1830), the Magevney House (ca. 1835) and the Burkle Estate (1849). The Burkle home and the Hunt Phelan House (533 Beale Street) were reputed to have been part of

481-740: The Board of Governors in Washington, D.C., make up the United States' central bank . Missouri is the only state to have two main Federal Reserve Banks ( Kansas City also has a bank ). Located in downtown St. Louis , the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois , Indiana , Kentucky , Mississippi ,

518-599: The District and beyond; economic education; and community development resources. The following people serve on the board of directors as of January 1, 2023 . (Chair) (Deputy Chair) Congress gave the Federal Reserve responsibility for setting monetary policy under the Federal Reserve Act of 1913 so that actions taken by the central bank would be free from political concerns. Along with

555-578: The Eighth District serve on the St. Louis Fed's Community Depository Institutions Advisory Council (CDIAC), which meets twice a year to advise the St. Louis Fed president on the credit, banking and economic conditions facing the members' institutions and communities. The chairman of the St. Louis Fed's CDIAC represents the Eighth District at the Board of Governors' CDIAC meetings, held twice annually. Banking-related publications include quarterly banking performance data, tailored to bank executives in

592-570: The Eighth District. Executives from organizations throughout the district serve on the St. Louis Fed's Community Development Advisory Council, which was created to keep the St. Louis Fed's president and community development staff informed about development issues and to suggest ways the bank might support local development efforts. The executives are all experts in community and economic development and represent nonprofit organizations, financial institutions, universities, local governments and foundations. Community Development holds many events throughout

629-596: The Eighth District. The publication Central Banker was discontinued in 2014. As part of Banking Supervision and Regulation, the St. Louis Fed's Community Development department provides financial institutions and others with information on the Community Reinvestment Act (CRA), community and economic development, and issues related to credit access. The department also facilitates partnerships between lenders and their communities and seeks to generate economic development and affordable housing throughout

666-717: The Federal Reserve Bank of Cleveland became the Fed's single paper check processing and adjustments site and the Federal Reserve Bank of Atlanta became the Fed's single electronic check processing site. The St. Louis Fed provides currency and coin handling services for the Eighth District and beyond, which includes helping to ensure that depository institutions have enough currency and coin to meet public demand through currency ordering and depositing services. The St. Louis Fed also checks currency for fit status (money that can still be circulated), destroys notes that can no longer be circulated and reports counterfeit money to

703-664: The Federal Reserve Bank of St. Louis, where he did early research on the American Divisia Monetary Aggregates . The St. Louis Fed's Econ Lowdown provides a variety of free online tools for K-16 educators nationwide, including online courses, audio and video podcasts, apps, personal finance chats, and PDF and interactive whiteboard versions of lesson plans. The economics topics covered include basic concepts such as opportunity cost and supply and demand to more complex topics such as comparative advantage and monetary policy . In personal finance,

740-489: The North End Terminal. Amtrak 's City of New Orleans passenger train runs through Downtown Memphis three days a week, stopping at Central Station . 35°08′20″N 90°03′27″W  /  35.1389°N 90.0575°W  / 35.1389; -90.0575 Federal Reserve Bank of St. Louis Memphis Branch The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with

777-774: The U.S. Treasury with a number of functions. The Treasury Division includes the Treasury Relations and Support Office (TRSO), which manages the Federal Reserve System's overall relationships with the U.S. Department of the Treasury's Bureau of the Fiscal Service and Office of Fiscal Assistant Secretary. The St. Louis Fed's Treasury Division supports the following U.S. Treasury programs: Debt Management Services, Fiscal Accounting Operations, Information and Security Services, Payment Management, Revenue Collections Management, and Treasury Security Services. It also serves as

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814-436: The area from adjacent areas as well as the region as a whole. The new Interstate 22 is about 10 miles away from Downtown. Downtown also serves as the western termination point for U.S. Route 78 as well as U.S. Route 72 , and is directly located along U.S. Route 51 , U.S. Route 61 , U.S. Route 64 , U.S. Route 70 , and U.S. Route 79 . MATA operates the North End Terminal, its primary hub for Memphis public bus service, at

851-515: The corner of Main Street and A.W. Willis Avenue. The majority of fixed bus routes operates by MATA terminate at the North End Terminal, therefore bus accessibility in the area is very high. The MATA Trolley is a heritage streetcar system that operates three lines in downtown along Main Street, Riverside Drive, and Madison Avenue. It consists of twenty four stations and, in 2021, had a daily ridership of approximately 650. Connections between MATA public bus and Main Street trolley line can be made at

888-521: The current local and national economy. The St. Louis Fed also features research symposiums, educator workshops and special presentations on topics such as the cost of higher education and recession demographics. As with all Federal Reserve banks, the St. Louis Fed established an Office of Minority and Women Inclusion (OMWI) in January 2011, as called for by the Dodd-Frank Act. The St. Louis OMWI

925-522: The eastern half of Missouri and West Tennessee . It has branches in Little Rock , Louisville and Memphis . Its building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924. The Eighth District serves as a center for local, national and global economic research, and provides the following services: supervisory and regulatory services to state-member banks and bank holding companies; cash and coin-handling for

962-507: The money and reserves in the banking system. The Federal Reserve is considered the "lender of last resort" for financial institutions, and the St. Louis Fed is tasked with ensuring adequate liquidity in financial markets by making loans to depository institutions through the "discount window" and allowing the prudent use of intraday credit. The St. Louis Fed processes bank applications for acquisitions and new activities. Twelve senior executives of banks, thrift institutions and credit unions in

999-504: The offering administrator for the Fed's Term Deposit Facility . Beginning in the mid-2000s, the Federal Reserve consolidated its check-handling services as the number of paper checks fell rapidly in favor of check cards, debit cards and electronic bill payments. The most recently completed payments study (released in late 2010) revealed that more than three-quarters of noncash payments in America were done electronically. On March 3, 2010,

1036-603: The other 11 regional Feds, the St. Louis Fed helps guide the nation's economy by participating on the Federal Open Market Committee. Advised by the research division staff, President James Bullard contributes informed opinions about national and district conditions, and participates in FOMC decisions concerning monetary policy, including setting the federal funds rate . The St. Louis Fed supervises state-member banks and bank holding companies , and, since

1073-629: The passage of the Dodd-Frank Act , savings and loan holding companies. The Banking Supervision and Regulation division, led by senior vice president Carl White, is tasked with assessing the safety and soundness of financial institutions' assets and operations, the effectiveness of their risk management practices, and their compliance with laws and regulations governing activities and consumer protection. Examiners collect and verify data from financial institutions to ensure an accurate accounting of financial institutions' conditions, as well as data on

1110-502: The site of the river landing where steamboats were loaded with cotton and other goods in the 19th and early 20th centuries. Between 1844 and 1886 the river landing was paved with limestone and granite cobblestones brought in from the upper Midwest . This created what is today the largest intact Mississippi River landing still in existence, and is listed on the National Register of Historic Places . The explosion of

1147-560: The tallest buildings in the city. The tallest building in Memphis, 100 North Main , is located at the heart of downtown along Main Street at Adams Ave and rises to 430 ft (131m). Some notable and/or historic downtown buildings are: Downtown Memphis consists of 4.5 million square feet (418,000 square meters) of office space, around 1 million square feet (93,000 square meters) of retail space, 3,456 hotel rooms, and 13,400 housing units. The administrative core of Memphis and Shelby County

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1184-736: The topics include earning income, taxes, budgeting, saving, banks and credit cards. Economic education staff provide conferences for K-16 educators. Economic Education publishes a newsletter, Page One Economics . Another newsletter, Inside the Vault, was retired in 2015. Another publication, In Plain English, is a multimedia online course on the structure and functions of the Federal Reserve System. Many materials, including personal finance online courses and personal finance chats, are available in Spanish as well as English. The St. Louis Fed supports

1221-617: The underground railroad by which escaped slaves made their way to freedom prior to the Civil War. In 1959, the Memphis Downtown Airport was opened on Mud Island , which at that time was called City Island. The one-runway airport could be reached by a pontoon-boat ferry and was used mostly by businessmen and shoppers. The Downtown Airport was closed in 1970. It was replaced in the 1990s by the new urbanist Harbor Town development. The Downtown Memphis skyline contains

1258-430: The year, covering such topics as the impact and possible solutions to foreclosures and vacancies, neighborhood revitalization, rebuilding household balance sheets, and reaching the unbanked and underbanked . Publications include Bridges , a quarterly publication for community organizations and leaders. The St. Louis Fed's research division, led by executive vice president Carlos Garriga, produces economic research for

1295-731: Was added to the National Register of Historic Places in 1982. In 2002, Unison Hotel Co. acquired the deteriorating structure and converted it into an upscale 110-room boutique hotel, the Madison Hotel. In 2016, the hotel was sold to the Chicago-based Aparium Hotel Group, which renamed it the Hu. Hotel in 2018. Downtown Memphis, Tennessee It is home to the Memphis Redbirds , the AAA affiliate of

1332-655: Was constructed with a large underground vault , which is currently re-purposed as the hotel gym. The scroll pattern on the west facade of the Tennessee Trust Building is visible on other downtown Memphis buildings from the era designed by Shaw & Pfeil. For instance, the firm's Memphis Fire Engine House #1 (1910) and the Memphis Police Station (1911) are on the National Register of Historic Places. The Tennessee Trust Building

1369-556: Was discontinued after 2015. Research publications include the Review , a journal of national and international economic developments, particularly focusing on their monetary aspects; Economic Synopses , short essays and reports on the economic issues of the day; and The Regional Economist , a magazine with articles written largely by economists but for readers who, for the most part, aren't economists. The St. Louis Fed's research division maintains FRED (Federal Reserve Economic Data) ,

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