WASHINGTON, Jan. 18 -- The U.S. Department of Defense issued the following news: * * * Austin Thanks Service Members, Families During Farewell Address Chairman of the Joint Chiefs of Staff Air Force Gen. CQ Brown, Jr., hosted an Armed Forces Farewell Tribute honoring Secretary of Defense Lloyd J. Austin III today at Joint Base Myer-Henderson Hall, Virginia. Austin spoke from the heart to service members and their families and reflected on 45 years of military service during his speech. Upon more PR

WASHINGTON, Jan. 14 -- The U.S. Department of Defense issued the following news: NAVY RQ Construction LLC, Carlsbad, California (N69450-25-D-0011); Centerra Integrated Services LLC, Herndon, Virginia (N69450-25-D-0012); Islands Mechanical Contractor Inc., Middleburg, Florida (N69450-25-D-0013); Hasen JV*, New Braunfels, Texas (N69450-25-D-0014); and King & George LLC, Fort Worth, Texas (N69450-25-D-0015), are awarded a combined $249,000,000 firm-fixed-price, indefinite-delivery/indefinite-qua more PR

WASHINGTON, Jan. 18 -- The U.S. Department of Defense issued the following news: * * * Contracts for Jan. 17, 2025 NAVY Lockheed Martin, Rotary and Mission Systems, Moorestown, New Jersey, is awarded a $280,418,928 cost-plus-fixed-fee, cost-plus-incentive-fee, and cost type modification to previously awarded contract N00024-23-C-5101 for combat systems engineering efforts of the planned modernization and new combat system capabilities selection for international partner Canadian Royal Navy  more PR

WASHINGTON, Jan. 18 -- The FBI issued the following news release on Jan. 17, 2025: A former CIA analyst pleaded guilty today to retaining and transmitting Top Secret National Defense Information to people who were not entitled to receive it, information which was publicly posted on a social media platform in October 2024. According to court documents, Asif William Rahman, 34, of Vienna, was an employee of the CIA since 2016 and had a Top-Secret security clearance with access to Sensitive Compa more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following economic brief (No. 24-39) in December 2024 by Marco Cipriani, Thomas M. Eisenbach and Anna Kovner entitled "Anatomy of the Bank Runs in March 2023". Here are excerpts: * * * Runs have plagued the banking system for centuries and returned to prominence with the bank failures in early 2023. In a traditional run -- such as depicted in classic photos from the Great Depression -- depositors line up i more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following economic brief (No. 25-03) in January 2025 by Zhu Wang entitled "Buy Now, Pay Later: Market Impact and Policy Considerations". Here are excerpts: * * * "Buy now, pay later" (BNPL) programs have become a popular form of consumer payment. It is a type of short-term financing that allows consumers to make purchases and pay for them in installments, typically interest-free. In practice, BNPL services more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following economic brief (No. 25-02) in January 2025 by Nicolas Morales entitled "Supply Chain Resilience and the Effects of Economic Shocks". Here are excerpts: * * * Supply chains have long been integral to the U.S. economy, allowing firms to capitalize on specialization and efficiency. However, recent developments like the COVID-19 pandemic, global geopolitical tensions and increasing climate risk have  more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following economic brief (No. 24-40) in December 2024 by Matthew Wells entitled "The Center for Advancing Women in Economics: A Conference Recap". Here are excerpts: * * * Economists from the Richmond Fed, research universities and other institutions met in Richmond for the Center for Advancing Women in Economics (AWE) conference in November. Women researchers presented papers on a variety of topics, inclu more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following economic brief (No. 25-01) in January 2025 by Chen Yeh entitled "Will the Pandemic Surge in Employer Business Formation Last?" Here are excerpts: * * * Business applications -- or applications for employer identification numbers (EINs) -- surged at the beginning of the pandemic, more than doubling prepandemic levels of the early 2000s. While not every entrepreneur filing for an EIN is guaranteed  more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 24-17) in December 2024 by Azamat Abdymomunov, Zheng Duan, Anne Lundgaard Hansen and Ulas Misirli entitled "Designing Market Shock Scenarios." Here are excerpts: * * * We propose an approach for generating financial market scenarios for stress testing financial firms' market risk exposures. This approach can be used by industry practitioners and regulators for their stress scenar more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 24-16) in December 2024 by Munseob Lee, Claudia Macaluso and Felipe F. Schwartzman entitled "Minority Inflation, Unemployment, and Monetary Policy." Here are excerpts: * * * Our paper addresses the heterogeneous effects of monetary policy on households of different races. The cyclical volatility of real income differs significantly for households of different races and income lev more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 25-01) in January 2025 by Gaurav Khanna and Nicolas Morales entitled "The IT Boom and Other Unintended Consequences of Chasing the American Dream." Here are excerpts: * * * We study how US immigration policy and the Internet boom affected not just the US, but also led to a tech boom in India. Students and workers in India acquired computer science skills to join the rapidly growi more PR

RICHMOND, Virginia, Jan. 18 (TNSres) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 24-15) in December 2024 by Andreas Hornstein, Francisco Ruge-Murcia and Alexander L. Wolman entitled "The Relationship Between Inflation and the Distribution of Relative Price Changes." Here are excerpts: * * * Monthly U.S. inflation from 1995 through 2019 is well explained by statistics summarizing the monthly distribution of relative price changes. We document this relationship more PR

RICHMOND, Virginia, Jan. 18 -- Gov. Glenn Youngkin, R-Virginia, issued the following news release: * * * Governor Glenn Youngkin Decries President Biden's Clemency for the Killers of a Virginia Police Officer RICHMOND, VA - Governor Glenn Youngkin today released the following statement after President Joe Biden announced the clemency of violent criminals Ferrone Claiborne and Terence Richardson, two men who admitted to being responsible for the brutal killing of Officer Allen Gibson, a Sussex more PR

ARLINGTON, Virginia, Jan. 18 -- The U.S. Navy's Office of Naval Research issued the following news release: A favorite childhood memory for Dr. Sandra Chapman was visiting the USS Arizona Memorial in Pearl Harbor with her father. They hung out at the memorial so often that they memorized lines to the movie playing prior to the boat ride to the memorial. So it's appropriate that Chapman -- a program officer in the Office of Naval Research's (ONR) Warfighter Performance Department -- is passiona more PR