Its geographical territory is by far the smallest in the system, and its population base is the second-smallest (next to the Federal Reserve Bank of Minneapolis).

[1] The Philadelphia Fed conducts research on both the national and regional economy.

It is a highly predictive report on the prospects for the Economy of the United States.

[3] The Federal Reserve Bank of Philadelphia also publishes the Livingston Survey and the Greenbook data sets.

[citation needed] The following people serve on the board of directors as of July 2023[update].