An aerial view of the greater Boston area including Cambridge (R) as photographed on June 4, 2013 in Boston, Massachussets.
An aerial view of the greater Boston area including Cambridge (R) as photographed on June 4, 2013 in Boston, Massachussets. - 

The Federal Reserve system sometimes gives the impression that it flies at 37,000 feet over the economy. But in New England, the Fed has recently been spotted closer to the ground, coordinating a program to funnel grants to distressed cities in Massachusetts.

Boston Federal Reserve President Eric Rosengren joins Marketplace Morning Report host David Brancaccio to discuss the initiative, called the "Working Cities Challenge."

Click on the audio player above to hear more.

Follow David Brancaccio at @DavidBrancaccio