How will the economy evolve this year? What metrics do economists follow to help them track that evolution? Find out here.
How is postpandemic migration changing urban neighborhoods?
See how migration trends impact age, credit risk, income, homeownership, and the ethnic mix of urban neighborhoods nationally and and in the region the Cleveland Fed serves in this District Data Brief.
Consumers still have excess savings from the pandemic
But, how do researchers define “excess savings,” and how do consumer saving and spending habits impact inflation? Read more in this Economic Commentary.
Workforce
High turnover in childcare sector holds back broader workforce
Turnover among childcare workers was 65 percent higher than in a typical job in 2022—while attrition among preschool and kindergarten teachers was on par with the typical occupation. Find out more about this important part of the labor force.
For the ninth time in a row, the Bank has earned the top score on the Human Rights Campaign Foundation’s Corporate Equality Index, a national tool to assess corporate policies regarding LGBTQ+ workplace equality and supports. Learn more.
Inflation
Mester: FOMC to continue collecting data before making any decisions on future interest rate cuts
Monetary policymakers are looking for more evidence that inflation is convincingly headed back to the Fed’s 2 percent target before making any decisions about future interest rate cuts, Cleveland Fed President Loretta J. Mester told a banking conference in Columbus. Read her speech.
Ever wonder why what people expect inflation to do is so important?
Differences in spending patterns and differences in price increases for goods and services lead households to experience different inflation rates. Learn more about the unequal effects of inflation on households from this Conversations on Central Banking event hosted by the Center of Inflation Research.
Banking
Managing financial stability risks key to monetary policy
While speaking in Chicago, Cleveland Fed President Loretta J. Mester said achieving the Federal Reserve’s dual mandate goals of stable prices and maximum employment depends on a stable financial system. She also offered recommendations for increasing the resilience of the banking system. Read her remarks.
Stress in banking sector has little impact on inflation decline
Editor's note:Our subscribers asked for more information about people of the Federal Reserve, so we introduce this new feature: Day in the Life.
Meet Stephanie Posar, a banking analyst on the surveillance team in the Supervision and Regulation Department of the Federal Reserve Bank of Cleveland. (The surveillance team conducts data-driven assessments of risks at supervised institutions, analyzes the impact of the macroeconomic environment on institutions in the region the Cleveland Fed serves, and assesses overall risks to financial system stability.) Stephanie started at the Bank as an intern in 2017 and joined the Bank full time in 2018. She is an active member of Somos Uno, one of the Bank’s employee resource groups, and says she feels it’s important to support and uplift Latinx and Hispanic individuals at the Bank.
What do you find rewarding or enjoyable about your job?
Working with great people, continually learning new things, and seeing our work in action. Recently, the surveillance team held a FedTalk event discussing the resiliency of the banking system. It was rewarding to see our work shared to educate the public.
What do you do to unwind or relax after your workday?
I live in downtown Cleveland and walk to and from work, and that’s a nice way to decompress after a day in the office. Once I’m home, I usually take my dog, Francie, for a walk, scroll through TikTok, and call my mom before commencing with my evening plans.
Where is the most exciting place you have traveled?
The most exciting place I have traveled to is Puerto Rico. Since I was young, my mom always instilled in me a sense of pride that we are Puerto Rican because my grandmother was originally from Puerto Rico and moved to Cleveland as an adult. I was always aware of my Hispanic heritage, but visiting the island as an adult has allowed me to understand this part of my identity more. Being in Puerto Rico was special because I caught a glimpse of the life my grandmother had growing up, something I was never able to discuss with her when she was alive. Since my grandmother is no longer with us, it is important to me to carry on this part of my culture by keeping her traditions, learning new things about Puerto Rican culture, and connecting with individuals from the community.
How do you like to spend a rainy day?
I always appreciate a rainy day and take it as a sign to take a step back from my normal activities. I will usually spend the time watching movies, especially musicals. Some of my favorites are Bye Bye Birdie, In the Heights, and The Wizard of Oz.
OUR COMMUNITIES
Economic Inclusion
Welcome, new Community Advisory Council members
Six new members who reflect the diverse needs of our region by geography, demographics, and sector join a group of community leaders that informs the Cleveland Fed about emerging economic and social issues in our region.
Community development (at a Reserve Bank?)
The Cleveland Fed and the 11 other Reserve Banks in the Federal Reserve System each have a Community Development team working to promote the economic advancement of people and communities. Learn more about what the Cleveland Fed’s team does.
The challenges of affordable homeownership
Our multimedia story features homebuyers, housing experts, and Cleveland Fed researchers discussing the state of affordable homeownership. Now available in audio format, too.
Identifying “banking deserts”
In areas without bank branches—commonly known as “banking deserts”—accessing financial services can be a challenge. Identifying banking deserts may help inform solutions for better meeting the needs of residents of these communities. Check out the dashboard.
Workforce
Regional labor force participation rates lower than the nation’s
The fraction of people working or available for work in states served by the Cleveland Fed—Ohio, Kentucky, Pennsylvania, and West Virginia—is lower than that of the US. Key reasons for the lag include older populations and higher disability rates.
People and Households
Increase in visits to food banks prompts look at food insecurity
Inflation and the expiration of pandemic aid are examined as potential causes for rising food insecurity in the region in this Notes From the Field.
ON THE CALENDAR
March 4–7
2024 National Interagency Community Reinvestment Conference
2024 Economic Scholars Program (Hybrid event providing undergraduate students the opportunity to share their original research. Deadline to submit a research proposal or participate as a discussant or session chair is March 13.)
