House price increases before the Great Recession were likely fueled by expectations of continued price growth, while current house price rises have been driven by increased demand.
A tale of 2 house-price booms: current vs. before the Great Recession
House-price increases before the Great Recession were likely fueled by expectations of continued price growth, while current house-price rises have been driven by increased demand. Read what researchers think this means for future house prices.
Inflation
Cleveland Fed president sees interest rates moving down later this year
If the economy performs as expected, policymakers would be able to start gradually dropping rates sometime later this year, Cleveland Fed President Loretta J. Mester said in virtual remarks to a European economics think tank. Read her other thoughts about the US economy.
Markets get it: Rate-setting committee is data-dependent
Certain kinds of economic news have more impact on a key Treasury bond yield than on the expected movement of Fed-set interest rates. Researchers explain how this shows that investors likely understand that policymakers are focused more on trends in the economy than on its day-to-day fluctuations.
Center for Inflation Research videos expand reach
Learn about deflation, stagflation, and more ‘flations in these seven 5-minute videos, now featured on the St. Louis Fed’s Econ Lowdown resource platform for teaching high school economics and personal finance.
Researchers, call for papers now open
The Center for Inflation Research and the European Central Bank will co-host their annual Inflation: Drivers and Dynamics conference on October 24–25 in Cleveland. Researchers now can submit papers.
Workforce
Increases in disabled and foreign-born workers studied
Do higher prices lower workers’ share of profits? Not always
Researchers challenge the conventional wisdom that higher price markups come at the expense of labor’s share of income. Read their explanation.
DAY IN THE LIFE
Editor's note:Our subscribers asked for more information about the people of the Federal Reserve, so we introduce this new feature: Day in the Life.
Meet Karolina Oryszak, a senior implementation specialist in the Treasury Services Department of the Federal Reserve Bank of Cleveland. She provides onboarding for federal government agencies to use electronic financial services offered by the US Treasury, specifically Pay.gov and the Mobile program.
What do you find rewarding or enjoyable about your job?
I find it enjoyable to have the opportunity to enhance the efficiency and day-to-day operations of federal government agencies by offering them the ability to collect payments. We joke in Treasury Services that no one likes paying the government, so we may as well make the experience the best it can be. The ability to facilitate a smooth process through online payment services not only benefits the government, but also the American public. I find that part of my job very rewarding.
What surprised you the most about the Bank?
For me, the most surprising aspect about the Bank is its unique culture. It’s remarkable to have balance between a serious professional environment and a relaxed atmosphere, one where people are welcome to be their true selves. It’s rare to see a place that values both the work that is done and a comfortable atmosphere for the employees doing the work.
What do you want other people to know about you?
One of the first things I tell people about me is that I was born and raised in Bedzin, Poland. When I was 19 years old, I won a scholarship to complete my degree at the University of Akron. Even though I had never officially planned to leave Poland for America, I've been here for 16 years and have grown to love Ohio like it’s my home.
How do you spend your time outside of the Bank?
Outside of work, I cherish spending time with my four-and-a-half-year-old daughter and my fiancé, Jesse. To counterbalance the computer screen time at work, you’ll often find me outdoors, exploring the hiking trails and biking routes of the nearby Metroparks.
OUR COMMUNITIES
Economic Inclusion
Opioid misuse: Friends matter
Having a best friend who reported a serious injury treated with opioids in the previous year increases a person’s probability of misusing the painkillers. Read how researchers made the link.
Outreach
Cleveland Fed shares research, insights in FedTalks
FedTalks are an ongoing series of free hour-long webinars, soon available for listening on podcast platforms, that feature experts discussing topics from the economic outlook and banking system resilience to the opioid crisis and the unbanked. Browse previous FedTalks and suggest topics for new ones.
Beige Book: Business activity edged up in recent weeks
Business activity in the region served by the Cleveland Fed has edged up in recent weeks and is expected to continue to rise slightly. Get the details.
April is Financial Literacy Month, and we have something to mark the occasion!
Debt-related driver’s license suspensions may squeeze Ohio workers
An analysis of driver’s license suspensions for unpaid debts suggests that these suspensions could be knocking a sizeable chunk of workers out of the state’s labor force. Learn more.
Pay for high earners in Cleveland Fed’s big metro areas lagged the nation
Higher-income workers in the four largest metro areas of the Cleveland Fed’s region—Cincinnati, Cleveland, Columbus, and Pittsburgh—saw smaller wage gains than their national counterparts from 2019 to 2022, according to new research. See what else has changed for the region’s wages and occupation mix as the pandemic reshaped the production of goods and services.
People and Households
“We are often told ‘it takes a village,’ but we find ourselves without our village”
Work–life balance remains a struggle for women, especially mothers, who cite challenges such as paying for housing, the widening wage gap, and an erosion of supportive communities. Read accounts of women offering their perspectives and considering solutions.
