Unpaid debt could prevent 1.7 million Ohio drivers from being able to commute to their jobs or get a job that requires a driver’s license. Learn more in this infographic.
New reports examine home lending trends in the region by race and income
Increased home purchase loans to Black borrowers in select counties in the region contributed to higher Black homeownership rates, but the gap with white homeownership rates remained large, a survey of mortgage data shows. Higher interest rates, increased house prices, and slower income growth made borrowing more expensive for all groups. Read more.
Workforce
Essential skills: hard to teach but important in the workplace
Our latest FedTalk webinar highlighted so-called essential "soft" skills, the personal traits that can make a difference in finding employment and getting promotions. Watch or read the discussion.
Too much debt to drive?
Unpaid debt could prevent 1.7 million Ohio drivers from being able to commute to their jobs or get a job that requires a driver’s license. Learn more in this infographic.
Does self-employment live up to expectations?
Many workers without a four-year degree turn to self-employment, including gig work, with the hopes of earning extra income and gaining agency over their work. But is the reality of self-employment living up to the dream? Read more in Worker Voices.
Industry
Dips in manufacturing and finance-related sectors weaken Ohio’s growth
Ohio’s economic growth was about average during the first two years of the pandemic but waned after that due to contractions in manufacturing and in the combined finance, insurance, and real estate sector—the state’s largest industries— new research reveals. Find out how other parts of Ohio’s economy have performed in the current business cycle.
Does the Beige Book help predict recessions?
Regional-level anecdotal information collected from Reserve Bank directors and interviews with business contacts and other sources may be useful in predicting recessions, according to a new report. Learn how researchers used machine-learning technology to tease out the forecasting power of the regional insights.
Outreach
Group tours are back at the Bank—come visit us!
Community and professional groups of 10–35 visitors (18 years or older) are welcome to visit our Bank building (a national historic landmark!) for guided tours. Advance scheduling is required. Individuals and families can still visit the Education and Learning Center during the days and hours it is open to the public.
Board of Governors accepting applications for Community Advisory Council
Do you know an expert in affordable housing, employment and labor, financial services and technology, small businesses, or other consumer and community development areas? Encourage them to apply to join the Federal Reserve Board’s council by May 31.
OUR NATION
Inflation
Cleveland Fed president: Monetary policy in good place to manage risks
With labor markets and economic growth in good shape, the Fed can afford to wait to make sure inflation is on a sustainable course back to 2 percent before lowering interest rates, Cleveland Fed president Loretta J. Mester said in an April 2 speech in Cleveland. Read her remarks.
Our latest ’flation explainer: disinflation
Take a look at our new stop-motion video that explains disinflation, which is a slowing in the rate of inflation. And while you’re at it, check out other inflation resources from the Bank’s Center for Inflation Research.
Still time to submit a paper!
The call for papers for the annual Inflation: Drivers and Dynamics Conference continues through May 15. Here’s how to submit a paper for the October 24–25 conference, set to be cohosted in Cleveland by the Center for Inflation Research and the European Central Bank.
Banking
Banks built bigger cushions after the global financial crisis
On average, banks increased their cushions to well above required minimums before changes to banking standards required them to keep more money in reserve against losses, researchers found. Read about banks’ post-crisis response.
Fifty years ago: A large bank failed when interest rates rose
The beginning of the Great Inflation in the late 1960s led to the failure of the Bank of the Commonwealth in 1972. As with the 2023 failures of Silicon Valley Bank and First Republic, Commonwealth failed because it loaded up on long-duration fixed-rate securities that dropped in value when interest rates rose. Read how the failures were similar and how they differed.
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 Tracey Mason, our assistant vice president who oversees the Community Development Department’s community outreach and engagement, strategic planning, communications, and operations. She is also responsible for the Bank’s Community Advisory Council.
What do you find rewarding or enjoyable about your job?
For more than 25 years, I have been working with families in need, and I love working in the Community Development Department because it affords me the opportunity to positively impact the lives of so many individuals and communities across our District. Hosting Policy Summit is one way the Community Development Department carries out this work. With help from colleagues throughout the Bank, I had the incredible opportunity of leading last year's event. Themed Communities Thriving in a Changing Economy, Policy Summit 2023 focused on research and best practices related to workforce development, small businesses, and other topics associated with creating an inclusive economy.
How do you spend your time outside of the Bank?
I enjoy spending time with family and friends and am actively involved with my sorority, Delta Sigma Theta Sorority, Incorporated. You’ll often find me planning a family gathering or volunteering for a community activity or event. After work, I typically spend time at the gym, participating in cardio or weightlifting classes. I also enjoy going to concerts, traveling, and attending sporting events.
What is your greatest accomplishment?
It may be cliché to say, but my children are one of my greatest accomplishments. They’re beautiful human beings inside and out. Both of my children enjoy family time, traveling, meeting new people, and exploring new things. My other greatest accomplishment was launching Cuyahoga County’s age-friendly and livable communities initiative, which seeks to create equitable communities that are safe, secure, and affordable and that have access to transportation, housing, healthcare, community services, and recreation. The goal is for all residents to live well and be able to age in place with dignity and respect.
Who inspires you?
My grandmother and mom are my greatest inspirations. They were both social service servants who taught me the importance of community involvement. From a very young age, I volunteered with my grandmother at the local food pantry. And I often sat in the corner playing with toys or reading a book while she was actively engaged in several civil rights meetings. Today, at the age of 70, my mother is the executive director of a local nonprofit organization serving residents in Lorain County. She remains dedicated to service and is a selfless leader and an advocate for others.
ON THE CALENDAR
May 14
FedTalk: Assessing the Safety and Soundness of Banks: How the Cleveland Fed Supervises Financial Institutions
