The latest quarterly Survey of Firms’ Inflation Expectations (SoFIE) shows that business executives expect consumer price index (CPI) inflation will be 4.3 percent over the next year, down from 5 percent in April. Let SoFIE explain.
Postpandemic wage growth mainly driven by inflation, new research shows
High inflation—not a tight labor market—appears to have been the main driver behind high postpandemic wage growth. Read the Economic Commentary.
Two Cleveland Fed measures show inflation continues to slow
The median consumer price index (CPI) reading for July increased 6.1 percent year over year, down from a 6.4 percent increase in June. The trimmed-mean CPI for July rose 4.8 percent year over year, down from a 5 percent rise in June. See the data.
Small Business
Attention small business owners! Fed Small Business Credit Survey wants to hear from you
The 2023 national survey is in the field and seeking responses from leaders of businesses with 0 to 499 employees. Take the survey here.
Economic Inclusion
Teaching STEM is challenging but offers a significant payoff
Successfully learning topics related to science, technology, engineering, and mathematics (STEM) can lead to better-paying jobs. Read about efforts to promote STEM.
The damage from childhood exposure to violence and the support of nurturing relationships
Providing nurturing relationships during adolescence can help moderate the toxic stress triggered by exposure to violence, a Cleveland Fed researcher and coauthor find in a study focused on Black males. Read their findings.
Business Advisory Councils offer cross section of economic views
The Cleveland Fed’s eight Business Advisory Councils aim to ensure that perspectives collected on the regional economy represent the views of a wide range of stakeholders. See who’s advising us.
Outreach
Free financial literacy curriculum guide availablefor high school educators
Our new guide has resources, lessons, and activities aligned with Ohio’s high school Model Financial Literacy Curriculum and is completely free to use.
Recording available: Public event on the historic Cleveland Fed building
If you missed our most recent FedTalk, watch the recording to learn more about our 100-year-old headquarters, why the US central banking system exists, and why it’s structured the way it is.
Everything you missed at this year’s Policy Summit in one place
Were you unable to attend our June conference? No worries—check out everything you missed, including event recordings, slide decks, and speaker details, on the event page.
Housing
Will your city’s population recover from the pandemic?
This District Data Brief and related Regional Policy Report unpack the trends and policy implications of new migration estimates that enable researchers to analyze whether urban neighborhoods and metro areas will return to their prepandemic growth patterns.
Question: How is the Fed’s structure, determined more than 100 years ago, helpful in tackling financial issues of today?
Owen: When the Federal Reserve was set up after the banking panic of 1907, there were two things that drove its regional structure. First, the country was not thought of as a completely integrated economy or financial structure. The East Coast was industrial with large established banks, the Midwest was a rapidly developing industrial area, and the West was agricultural, and so part of the reason for the Fed’s being structured with 12 regional Reserve Banks was to account for differences in the regions. Regional Reserve Banks would know what was going on in their regions, and if banks wanted to borrow from the Fed, regional Reserve Banks would be better able to judge the creditworthiness of borrowers.
A lack of trust is the second factor that drove the Fed’s structure…
Read the entire Q&A, in which Owen Humpage, who studies the origins of the Fed, identifies three benefits of the Fed’s structure that are as relevant today as they were decades ago.
September 26
Keys to Opportunity in the Housing Market: Research on Strategies for Preserving and Expanding Rental Housing Affordability
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