Supervision, the discount window, and emergency lending are among the tools regulators use to keep financial institutions on solid footing. Unsure what these mean?
On May 29, the Cleveland Fed announced the appointment of Beth Hammack as its next president and chief executive officer. “Beth Hammack is the ideal leader to build on the great work already underway at the Cleveland Fed to promote a healthy economy and financial stability within the region and on the national stage,” said Heidi Gartland, chair of the presidential search committee and the Cleveland Fed’s board of directors. Learn more about Hammack and the search process that led to her selection.
OUR NATION
Inflation
Short Fed policy statements may get stuck in “Hotel California,” Mester says
In calling for fuller explanations of monetary policy, Cleveland Fed president Loretta J. Mester said the shift to shorter policy statements has given added significance to each word. The result is what she termed a “Hotel California” problem: “We are reluctant to change particular words because of the possible signal that doing so may send.” Read Mester’s recommendations for central bankers to “use your words and connect the dots.”
Mester: Frustration with inflation overshadows improved US economic metrics
Despite a strong labor market and lower inflation, many people are not very happy about the economy because wages still aren’t matching increased prices and housing costs, Cleveland Fed president Loretta J. Mester said in a speech in Wooster, Ohio. Find out why she’s hopeful for improvements.
Survey: CEOs expect inflation to increase
CEOs and other top executives reported in April that they expect inflation to be 3.8 percent over the next 12 months, up from 3.4 percent in January, according to the Cleveland Fed’s Survey of Firms’ Inflation Expectations. Get more details.
Economy might need more time to return to 2 percent inflation goal
Unless the US economy gets a boost from outside forces such as productivity gains or further improvements in supply chains, reaching the Fed’s inflation target “could well take several years,” according to new research using a Bank-developed economic model. Find out what else the model shows.
New housing inflation measure highlights Center for Inflation Research’s 2023 work
Bank economists helped develop a new tenant rent index produced by the US Bureau of Labor Statistics that provides policymakers with an early read on overall housing inflation. Learn about the rent index research and other accomplishments in the Center for Inflation Research’s 2023 annual report.
Conversations on Central Banking highlights monetary policy communications
Two former Reserve Bank presidents, a former Fed governor, and the former head of an international central bank discussed the challenges central bankers face when communicating views on interest rates and inflation to the public. Hear what they had to say.
Mester praised for contributions to monetary policy communications
Cleveland Fed president Loretta J. Mester has contributed to the evolution of Federal Open Market Committee communications by advocating for measures to increase public understanding of monetary policy, Fed Vice Chair Philip N. Jefferson said in a May speech at the Bank. Watch as Jefferson discusses president Mester’s longstanding efforts to improve policy communications.
Small Business
Chartbooks offer multidimensional insights into small businesses
A new series of 43 chartbooks drawn from the 2023 Small Business Credit Survey can be used to compare and analyze small businesses by size, owner demographics, geography, use of credit, and other characteristics. Get the details in the 2024 Firms in Focus.
Outreach
Student economists run the show
More than 160 college students participated in the Bank’s third annual Economic Scholars Program. Watch as undergraduates discuss the research papers of their peers.
Bank hosts national high school finance competition
At a time when financial literacy education has assumed increased importance in high schools, 35 teams of students from across the country gathered at the Cleveland Fed to compete in the Council for Economic Education’s annual National Personal Finance Challenge. Read about what it took to win and check out these free financial literacy resources.
People and Households
What’s happening to the population of urban neighborhoods since the pandemic?
Cleveland and Cincinnati are the only metro areas nationally in which the number of people leaving urban neighborhoods is now lower than it was at any point during the 2010–2019 prepandemic period. Find out about other trends in urban neighborhood migration.
Workforce
Getting started in the world of work
There’s a lot more than education or training needed to climb the career ladder. Check out tips, advice, opportunities for mentoring, and free programs.
Banking
How does the Federal Reserve support safe, stable banking? Latest FedTalk explains
Supervision, the discount window, and emergency lending are among the tools regulators use to keep financial institutions on solid footing. Unsure what these mean? Read or listen as regulators explain these tools and how they’re deployed to maintain the soundness of the financial system.
Oh, and… make our FedTalks part of your regular podcast rotation
Listen to our public event series, which tackles topics including lowering inflation and the benefits cliff, during your next commute, neighborhood walk, or kitchen deep clean. Visit our FedTalk webpages and press “play.”
OUR COMMUNITIES
People and Households
Decline in affordable housing strongly noted in Community Issues Survey
Seventy-one percent of respondents said affordable housing is getting harder to find, the highest share since the survey began in 2018. Learn more.
Beige Book: Contacts expect slower regional growth in the months ahead
Reduced expectations for interest rate cuts in the near future contribute to contacts' belief that the economy in the region served by the Cleveland Fed will expand more slowly than it has in recent months. Learn more.
Workforce
Early childhood ed cited as key to achieving potential, boosting families’ economic participation
Research shows that children who attend quality early childhood education (ECE) programs are less likely to need extra help later in school and their parents have more flexibility in finding and keeping employment, according to Cleveland Fed Community Advisory Council member Jamie Remp. Read more about how high-quality ECE benefits the economy.
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 Amanda Dunn, senior resource analyst in the Supervision, Credit Risk, and Statistics (SCS) Department. She has spent her career at the Bank supporting banking supervision teams through strategic planning, data acquisition, and communications. Recently, Amanda became a cochair of the COOL (Communities for Overcoming Obstacles in Life) employee resource group, for which she has helped lead discussions and build a community for people experiencing or supporting others through life’s challenges such as grief, difficult diagnoses, long-term caretaking, living and working with a disability, and more.
What do you find rewarding or enjoyable about your job?
One experience that stands out is being an employee resource group cochair. As a member and then a cochair of COOL, I’ve watched employees support one another through their life challenges and build their network of allies. It’s fulfilling to see these connections being made.
What do you do to unwind or relax after your workday?
Unwinding after work typically involves a dance party with my little one. Her music tastes are eclectic.
What has surprised you the most about the Bank?
I knew some basic facts about the Federal Reserve System—the stuff you’d find in a textbook, like core functions of monetary policy and the discount window. It wasn’t until I started working here that I understood the breadth of work and responsibilities the Fed has, including supporting the US Treasury, supervision, and community development.
How do you spend your time outside of the Bank?
When not on the clock, I enjoy spending time with my family. We visit the zoo and local parks frequently. I have my library card number memorized, so you can probably guess that I’m a bookworm, too. I’m also an amateur stargazer and was excited to witness (and capture on camera) my first fireball recently.
ON THE CALENDAR
June 26 (tomorrow!)
The Cost of Longevity: Long-term Care Insurance in the US