Below you’ll find analyses of Ohio and Kentucky imports and exports, what various contacts told us recently about regional business activity, and our colleague Ed Knotek’s economic outlook for 2026. New this month, you’ll find “Today’s Definition,” a section inspired by you, our subscribers. You told us you wanted simple explanations of economic concepts and the Federal Reserve’s role in the US economy. Reply to this email to let us know what you think.
The Cleveland Fed Digest team
Today's Definition
Beige Book ˈbāzh ˈbu̇k noun
1: A collection of real-world economic stories and observations from around the nation—gathered from businesses, banks, community organizations, and local contacts—that explains how the economy is functioning. Think of it as an economic weather report that helps you understand why prices at the grocery store or gas pump might be changing or why companies in your town might be hiring or laying off workers.
OUR COMMUNITIES
Conversations in the field inform regional executives
Julianne Dunn and Brian Anderson spend much of their time talking to business leaders in the Fourth District about these leaders’ lived experience of the economy.
A new almanac for understanding the regional economy
Explore more than 100 years of data on productivity, employment, and demographics to further your understanding of the structure and evolution of the economy of your metro area or rural region.
Regional economic conditions: Contacts see slight increase in business activity
Demand in the manufacturing and construction sectors contributed to the uptick, according to the Cleveland Fed chapter of the Beige Book, the Fed’s periodic assessment of economic conditions.
Our regional analysis team has several tools to keep tabs on the economy in the area we serve, including the Business Outlook and Trends Survey (BOTS).
The usually reliable predictive link between economic sentiment culled from contributors to the Beige Book and recessions has been shaky in recent years, possibly because contributors are feeling more uncertain about the outlook despite continued economic growth.
Do you work at a community or regional bank? We have info for you
Our new Resources for Community and Regional Banks pagefeatures information about everything from cybersecurity and emergency communications to consumer protection and the discount window.
Fed Talk presents the 2026 economic outlook and more
Cleveland Fed research director Ed Knotek offered his assessment of the health of the US economy, AI’s impact thus far, central bank independence, and more.
“Cautiously optimistic” about US economic prospects, Hammack sees Fed on hold for quite some time
Rather than trying to fine tune interest rates, “I’d prefer to err on the side of patience as we assess the impact of recent rate reductions and monitor how the economy performs,” Cleveland Fed president Beth Hammack said in a February 10 speech to the Ohio Bankers League in Columbus.
The Cleveland Fed’s Economic Scholars Program is a hybrid global research conference that encourages undergraduate students to share their work, network with peers, and explore employment opportunities with the Federal Reserve.
Small businesses look to address employee childcare challenges
Explore how small businesses can support employees’ childcare needs with practical strategies that boost workforce stability and productivity while addressing the broader economic impacts of childcare access.
The Fed has tools to help support economic mobility; have you checked them out?
Find out how the Fed’s occupational mobility explorer and CLIFF tools are helping jobseekers, employers, and workforce partners explore skills-based pathways and the financial impacts of career choices.
Editor's note: Our subscribers asked for more information about the people of the Federal Reserve.
Meet Kristin Hamblin, shared services senior manager with responsibility for leading team strategy, communications, and reporting for the Cleveland Fed’s Operations function. Kristin began her career as a consultant working in multiple industries where she focused on continuous improvement, lean production, and change management.
What’s a typical day for you?
Other than starting with an early morning workout, cup of coffee, and wrapping up by planning for tomorrow, every day is different. My days include meeting with Bank stakeholders such as our cash, facilities, and law enforcement teams to align activities; mapping upcoming operational priorities; meeting with my team to align upcoming content; or leading a call for a Federal Reserve System initiative.
What do you find rewarding about your job? I genuinely love engaging with others. I thrive on understanding different perspectives and learning about what others see as important. One of the most exciting aspects of my role is collaborative problem solving. When faced with a new challenge, decision, or opportunity, I love working with colleagues to navigate the situation, analyze the problem, brainstorm solutions, and develop a collaborative plan forward.
Where is the most exciting place you have traveled?
In my previous job, I had the opportunity to travel around the world for six weeks, training teams. The trip ended in Singapore and then Tokyo, where I got to spend time exploring and absolutely loved the cultures.
Whom do you admire most? My parents have been a constant source of inspiration for me. As working parents, they demonstrated an exceptional work ethic and passion for their careers. At home, they were always present, offering guidance and support. They continue to stand by me through every challenge and celebrate every success, no matter how small!
What is your favorite part of the day? After a day at work, I look forward to our family dinner, where we each go around the table and share the best and worst parts of our day, our “peaches” and “pits.” It’s the top of my “peach” list.
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Federal Reserve Bank of Cleveland, 1455 E 6th St, Cleveland, OH 44114, US
