“I thought it was the most valuable conference I’ve attended in a long time . . . with a visible emphasis on value for participants,” said one attendee of our most recent biennial community development conference.
How the Fed thinks about stable prices and maximum employment
Former senior Fed officials discussed the evolution of monetary policy and the challenges of communicating with the public about it in the latest installment of our Conversations on Central Banking series.
The Fed’s lower-profile policy tool: the balance sheet
Updated weekly, these interactive charts track levels of balance sheet assets that are used to support the functioning of financial markets and to augment the Fed’s main policy tool, the federal funds rate.
New reports highlight businesses’ payments challenges, the struggles startup firms face, and longer-term trends in small business performance and financing outcomes.
Nine of the 18 metro areas in the Cleveland Fed’s region have recovered jobs lost since the start of the pandemic, but the region’s employment recovery trails that of the overall United States.
Researchers used a natural language processing model to tease out more information about the business cycle from the Beige Book, the Fed’s report of anecdotal information about the US economy.
Editor's note: Our subscribers asked for more information about the people of the Federal Reserve.
Meet Steve Klemencic, a manager in the Cleveland Fed’s Cash Department. He’s responsible for paying and receiving operations and has worked for the Bank for 16 years.
As one of the managers overseeing cash operations, Steve is responsible for providing guidance to a team of a dozen employees. He works with this team to support its role in the daily processing of millions of dollars and the balancing of books to the penny. While no two days are the same, each requires teamwork to address challenges and keep cash processing moving forward.
How do you wrap up your workday? At the end of every day, I make sure that we are balanced down to the penny. Once verification is done, the closing process for the day can move ahead. This includes verifying that currency is properly stored in the vault and that the room is clear. I end the day the same way I began it: by checking in with the team and reviewing emails.
What are some challenges of your job? Cash operations is demanding, both mentally and physically. The need to be perfect requires great attention to detail since the Bank handles millions of dollars. There are strict processes and procedures to be followed. Also, I’m constantly on my feet, bending over, pushing and pulling containers that can weigh up to 1,400 pounds, and picking up heavy bags of currency or coin. A workout is built into the job!
What do you find rewarding or enjoyable about your job? The work is very rewarding because it impacts the public. However, the most fulfilling parts of the job are the people I work with and our working together to get the job done. No two days are the same in operations, and there are often challenges that need to be addressed. Working as a team to solve a problem is very rewarding.
How do you spend your time outside of the Bank? When I’m not working, I spend time with my daughter. I’m a proud cheer and dance dad! My daughter even got me to do a father dance at a recent recital. I also enjoy family time that includes playing games, building with LEGO bricks, and taking nature walks.
How do you like to spend a rainy day? I love to sit on the porch with my wife and daughter waiting for a storm to roll in.
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Federal Reserve Bank of Cleveland, 1455 E 6th St, Cleveland, OH 44114, US
