Taylor Swift's economic impact catches eye of Fed

Performances by the famous American pop singer Taylor Swift in various cities across the United States have significantly impacted local economies, drawing attention from the Federal Reserve.

In its latest brown paper release, the central bank stated, "Despite the slowing recovery in tourism in the region overall, May was the strongest month for hotel revenue in Philadelphia, in large part due to an influx of guests for the Taylor Swift concerts."

According to the Common Sense Institute, Swift's tour in the US is expected to generate $4.6 billion in direct consumer spending.