What did President Beth Hammack learn during her stops in Erie and Zanesville? And how are local firms navigating tariff impacts? This issue of Cleveland Fed Digest explores real economic conditions some may be experiencing right now in the Fourth District (find out what this District is in “Today’s Definition”). Our latest work also digs into why wage gains may not have benefited lower-wage workers as much as some previous research has suggested and what business leaders expect for inflation ahead.
What are you seeing in your business or community? Reply and tell us.
The Cleveland Fed Digest team
OUR COMMUNITIES
Making the rounds President Beth Hammack visited Columbus, Zanesville, Marietta, Athens, Jackson, Clyde, Sandusky, Cincinnati, Erie, and West Mifflin in recent weeks, part of her ongoing effort to understand how local businesses and workers experience the US economy.
Did you know that you can also listen to our story about the importance of soft skills in the job market? Visit the multimedia soft skills story, pick a chapter, and click “Listen to the story.”
What prompted Congress to create the Federal Reserve? Our July 16 Fed Talk, virtual and in person, explores the crises that led lawmakers to set up our nation’s unique central bank.
Business conditions survey focuses on tariff impacts What share of firms in our region have paid tariffs? Have they been paying them directly or indirectly? Have they sought refunds?
Service providers describe deteriorating economic conditions Financial well-being and the availability of affordable housing continued to decline in our latest survey of nonprofits and government agencies that focus on the needs of low- and moderate-income households in the Cleveland Fed’s region.
News 5 visits our Cash Department The local TV station highlighted the Cleveland Fed’s role as a collector, distributor, and sorter of currency used to supply commercial banks.
Regional business activity up moderately: Beige Book anecdotal roundup Continued moderate growth is expected in the months ahead, with contacts noting increases in demand for commercial building and manufactured goods driven by data center development.
Why the Fed aims for 2 percent inflation Remember the song that goes, "It takes two to make a thing go right. It takes two to make it outta sight”? Cleveland Fed president Beth Hammack sang this refrain to a Cleveland audience in early June as she explained why the Fed’s 2 percent inflation objective isn’t theoretical; it’s practical. And why getting inflation back to 2 percent will make the economy “outta sight.”
Conversations on Central Banking: The Case for Central Bank Independence Why are independence and accountability cornerstones of sound monetary policymaking for the Fed and other central banks?
Latest edition of Survey of Firms’ Inflation Expectations (SoFIE): Business execs’ inflation expectations moved up CEOs and other senior leaders queried in the second quarter of 2026 now expect CPI inflation to clock in at 3.7 percent over the next 12 months, up from 3.1 percent when they were queried in the first quarter of the year.
US firms’ inflation expectations re-anchored in 2025, sort of After weakening during the 2021–2022 inflation surge, the anchoring of firms’ inflation expectations recovered somewhat but remained weaker in 2025 than their prepandemic average.
For many, cash remains king An annual survey by the Fed reveals generational and demographic trends in payments: Households earning less than $25,000 per year and adults 55 and older relied more on cash in 2025 than others.
July 16 Fed Talk: The Crises That Led to the Fed’s Creation: Monetary Policy in American History (Optional Bank tour after the program for those in person!)
Editor's note: Our subscribers asked for more information about the people of the Federal Reserve.
Meet Nathalie McClune, a UX designer for the Cleveland Fed. During her time at the Bank, Nathalie has been recognized for her contributions to Federal Reserve System innovation projects and an award-winning multimedia storytelling piece.
What’s a fun fact about you that not many people know?
I like to rock climb and have been doing it for about four years. I’ve climbed in the Dolomites in northern Italy and, closer to home, in West Virginia and Kentucky.
What made you apply for your current role?
I had been wanting to transition from graphic design to user experience (UX) design. Graphic design focuses on creating visually compelling elements, while UX design centers on shaping intuitive, user-friendly products such as websites and apps. The role I’m in now seemed like the perfect opportunity to make that goal a reality. Plus, I had heard great things about the Cleveland Fed.
What is the most interesting part of your job?
Problem solving. I spend a lot of time thinking about how designs will function and what the user experience will be like on various screens, like a laptop or mobile device. I make design mockups and walk through them to see how they function. I then make tweaks until the functionality is smooth. I also love that I still get to do graphic design and animation work here and there.
How do you stay motivated when faced with a challenge?
I usually break all of my projects down into small tasks and just keep chipping away at my to-do list. It makes large projects more manageable when I focus on one small part at a time.
Do you have any advice for someone considering a career in your field?
I would suggest gaining inspiration from many different media. In college, I was able to try animation, oil painting, paper making, screen printing, and book binding along with my standard classes. I think practicing a wide variety of skills has helped me to think outside the box when it comes to design.
Today's Definition
Fourth Federal Reserve District
noun
The region the Cleveland Fed serves is called the Fourth Federal Reserve District, and contrary to what the name of our Bank might lead people to infer, the Cleveland Fed actually serves all of Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky.See the boundaries of all 12 Federal Reserve Districts and the Reserve Banks that serve them.
Each Reserve Bank serves a region of the country in a variety of ways, including supervising financial institutions to ensure they’re operating in a safe and sound manner, distributing cash to commercial banks so they have it on hand for customers, and researching and reporting local economic conditions.
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Federal Reserve Bank of Cleveland, 1455 E 6th St, Cleveland, OH 44114, US
