News from the Fed

  • President Pianalto offers a Fourth District perspective on REO
  • In a speech at the REO and Vacant Property Strategies for Neighborhood Stabilization Summit, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed the weak housing market in her region and some of the ideas that have emerged from the Bank’s research and outreach efforts related to the housing crisis. She concluded by describing a new proposal to use the Community Reinvestment Act’s flexibility to channel more resources to REO disposition. Read more
  • REO & Vacant Properties: Strategies for Neighborhood Stabilization
  • On September 1, the Federal Reserve is hosting a national summit and releasing a companion publication aimed at fighting the rising tide of foreclosures and helping to stabilize neighborhoods most at risk of decline. Listen live, download the publication, and check out the latest Drawing Board video here. Read more
  • Is U.S. Federal Debt Too Large?
  • Lately, there has been much talk about the perils of the growing government debt, but according to Federal Reserve Bank of Cleveland economist Pedro Amaral, that fear may be misguided. Amaral argues that growth in entitlement spending from programs such as Social Security and Medicare could be more problematic than current increases in Federal appropriations. Read more  (PDF)
  • FOMC Statement
  • Information received since the Federal Open Market Committee met in June indicates that the pace of recovery in output and employment has slowed in recent months. Read more

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From President Pianalto

Sandra Pianalto, President and CEO, Federal Reserve Bank of Cleveland
Sandra Pianalto
President and CEO
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REO & Vacant Properties: Strategies for Neighborhood Stabilization

On September 1, the Federal Reserve is hosting a national summit and releasing a companion publication aimed at fighting the rising tide of foreclosures and helping to stabilize neighborhoods most at risk of decline. Listen live, download the publication, and check out the latest Drawing Board video here. Read more

2009 Annual Report: Putting Systemic Risk on the Radar Screen

The Federal Reserve Bank of Cleveland’s 2009 Annual Report essay stresses the importance of defining and measuring systemic risk in order to help contain future economic crises. The essay advocates using the "Four Cs" to gauge systemic risk: contagion, concentration, correlation and context. Read more  (PDF)

President Pianalto discusses "Forecasting in Uncertain Times"

In a speech to the Economic Club of Pittsburgh, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed why and how the Bank develops its economic forecasts and why the role of judgment becomes paramount for forecasting during uncertain times such as these. She concluded the speech with her current economic outlook. Read more

Spring Issue of Forefront

In the latest issue of Forefront, researchers at the Federal Reserve Bank of Cleveland propose changes to the Community Reinvestment Act (CRA) to make it a more effective tool for improving conditions in low-income neighborhoods in our post-crisis era. Read more  (PDF)

The Drawing Board: Federal Reserve Independence

This installment of the Cleveland Fed’s Drawing Board video series (really bad drawings, real simple explanations) focuses on how the Federal Reserve operates and why it?s structured the way it is. The Fed is in the news a lot these days, and we hope the video helps people understand the complicated institution a little better. Read more

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Median Consumer Price Index

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Latest Economic Research

  • Inflation: Soft but Stable?
  • Brent Meyer
  • We have experienced a dramatic disinflation—a slowing in the growth rate of inflation—over the past couple of years. With most measures of inflation reporting in at very low rates, speculation abounds that disinflation will eventually give way to deflation. A quick glance at the most recent report on consumer prices might splash some cold water on that discussion. But then, a deeper dig through the report reveals details that might support continued low rates of inflation. Read more
  • Where Does the Mortgage Market Go from Here?
  • Yuliya Demyanyk and Matthew Koepke
  • In the first quarter of 2010, it appeared that the mortgage market was running out of steam. Mortgage originations increased in the second quarter, however, demonstrating that there still is demand for mortgages. Read more
  • Is U.S. Federal Debt Too Large?
  • Pedro S Amaral
  • U.S. federal debt has grown to levels that have not been seen since the aftermath of the Second World War. Many economists argue there is plenty to be worried about when it comes to what this implies for the U.S. economy. This Economic Commentary explains that recent increases in debt are typical of the growth seen historically in times of crisis, but entitlement growth is a different story. Unchecked, it will impair our ability to respond to crises and economic downturns in the future. Read more  (PDF)
  • Small Business Lending
  • Robert Sadowski
  • Although the U.S. economy stabilized in the middle of 2009 and is now expanding at a moderate pace, many small business owners who want to take advantage of growth opportunities report having difficulty obtaining credit for equipment purchases, operating capital, or committing to strategic acquisitions. From the perspective of the firm owner, bankers appear to be reluctant to lend regardless of credit history or ability to repay. In turn, bankers say that while lending standards remain tight, they have the capital and are anxious to lend, but demand is low. Bankers often cite as evidence the use of credit lines, which is well below historic norms. Read more

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