News from the Fed

  • Information Regarding Recent Federal Reserve Actions
  • Comprehensive list of links to information related to recent Federal Reserve actions, including links to press releases, Federal Register notices, and other related information. Read more

  • Sharing Story on Budget Bests Earns Student $500
  • Daniel James Welsh, a senior at Larry A. Ryle High School in Union, Kentucky, is the winner of the Cleveland Federal Reserve Bank’s 2009 creative writing contest for high school students. Read more

  • FOMC Statement
  • Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Read more

  • Cleveland Fed Policy Summit: Link to video interviews/presentations
  • A recent Policy Summit hosted by the Federal Reserve Bank of Cleveland was marked by lively debate over topics as varied as whether the country should promote home ownership as much as it has in the past, whether the Community Reinvestment Act should be expanded to include more organizations or become more limited in scope, and whether there should be more or less government involvement in returning the housing industry to health. Read more

  • President Pianalto Addresses Economic Recovery and the Expansion Beyond
  • In remarks at an equity investment conference in Louisville, Kentucky, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed four forces that will help pull the U.S. economy out of its steep decline and why several long-standing imbalances within the economy will likely cause the recovery to proceed slowly. She also described some structural changes in the labor market and the drivers that will lead the country again to long-term prosperity. Read more

  • Federal Reserve, OCC, and FDIC release results of the Supervisory Capital Assessment Program
  • The results of a comprehensive, forward-looking assessment of the financial conditions of the nation’s 19 largest bank holding companies (BHCs) by the federal bank supervisory agencies were released on Thursday. Read more

  • Cleveland, Pittsburgh Neighborhoods Similar, But Untangling Foreclosure Crisis May Prove Elusive
  • The neighborhoods of North Collinwood on Cleveland’s east side and Braddock, a Pittsburgh borough overlooking the Monongahela River, are statistically similar. Why, then, is the foreclosure rate in North Collinwood (20.75 percent) nearly four times as high as the foreclosure rate in Braddock (5.2 percent)? It may be differences in the state regulatory environments. Read more

  • Cleveland Fed Offers Mortgage Foreclosure Resource Center
  • This online resource will serve both as a central portal for the Federal Reserve Bank of Cleveland’s work on foreclosure, as well as a means of sharing tools and resources available nationally and regionally with homeowners and community development groups dealing with this issue. Read more

Consumer Help

Features

Cleveland Fed Policy Summit: Link to video interviews/presentations

A recent Policy Summit hosted by the Federal Reserve Bank of Cleveland was marked by lively debate over topics as varied as whether the country should promote home ownership as much as it has in the past, whether the Community Reinvestment Act should be expanded to include more organizations or become more limited in scope, and whether there should be more or less government involvement in returning the housing industry to health. Read more

President Pianalto Addresses Economic Recovery and the Expansion Beyond

In remarks at an equity investment conference in Louisville, Kentucky, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed four forces that will help pull the U.S. economy out of its steep decline and why several long-standing imbalances within the economy will likely cause the recovery to proceed slowly. She also described some structural changes in the labor market and the drivers that will lead the country again to long-term prosperity. Read more

Breaking the Housing Crisis Cycle
The 2008 Annual Report of the Cleveland Fed

In its annual report, released today, the Federal Reserve Bank of Cleveland documents how the housing crisis cycle unfolded differently in its district than it did in other parts of the country. The Cleveland Fed also is proposing a multi-faceted approach to breaking the cycle that focuses on the interconnected nature of the problems that led to the crisis. Get video and audio clips, ready-made for your use! Read more

"Power to the People": Cleveland Fed Exhibit Explores Regulatory Reform, Features Freedom Riders Portraits

Regulatory reform in our financial system is currently the focus of much public debate. Over the years, public activism has helped to shape many of the rules that we live by—from trust-busting in the Progressive Era to desegregating public transportation to enforcing truth in lending. The Federal Reserve Bank of Cleveland is presenting a special exhibit that explores how the public contributes to regulatory reform. Read more

Median Consumer Price Index

Median Consumer Price Index

Credit Easing Policy Tools

Credit Easing Tools

Latest Economic Research

  • The Employment Situation, June 2009
  • Yoonsoo Lee and Beth Mowry
  • The decline in nonfarm payroll employment picked up pace again in June, as losses were a greater-than-expected 467,000. Cumulative employment losses in this recession now total 6.5 million, setting total employment back to its level in 2000.Payroll losses in June were broadly spread across goods-producing industries (223,000) and service-providing industries (244,000). The unemployment rate crept up from 9.4 to 9.5 percent. Read more

  • Real GDP: First-Quarter 2009 Final Estimate
  • Brent Meyer
  • The final estimate for real GDP growth in the first quarter of 2009 came in at −5.5 percent, 0.2 percentage point above the preliminary estimate and 0.6 percentage point higher than the advance estimate. A downward revision to real imports (which adds to real GDP growth) was the largest change from the previous estimate, adding 0.5 percentage point to real GDP growth. Read more

  • Consumer Credit Markets
  • Timothy Bianco and Ozgur Emre Ergungor
  • Signs so far suggest that Fed programs designed to revive consumer credit markets are having a positive impact. The market for consumer asset-backed securities (ABS), which effectively shut down in September 2008, has returned to pre-crisis levels after the Fed lent $25 billion to investors against their ABS portfolios. With the Fed’s purchase of mortgage-backed securities (MBS) and Treasury bonds, Treasury yields as well as the spread between Fannie Mae MBS and Treasury securities have declined in recent months. Read more

  • Gross Domestic Product Growth across States
  • Kyle Fee
  • The Bureau of Economic Analysis recently released its annual report documenting patterns of gross domestic product growth across states. Real GDP growth slowed in 38 states in 2008, which included the Fourth District’s dismal numbers. Read more

  • The Yield Curve, June 2009
  • Kent Cherny and Joseph G Haubrich
  • Since last month, the yield curve has become noticeably steeper, with long rates rising dramatically. The difference between short and long rates, the slope of the yield curve, has achieved some notoriety as a simple forecaster of economic growth. Read more

  • A Global Fiscal Crisis?
  • Owen F Humpage and Michael Shenk
  • The financial crisis and accompanying recession have had a severe impact on government budgets, raising the specter of huge government debt burdens down the road. Large government debt burdens are not just a fiscal problem. They can become a monetary problem, too. Read more

  • May Price Statistics
  • Brent Meyer
  • The CPI rose at an annualized rate of 1.2 percent in May, rebounding somewhat after two consecutive overall decreases. Still, its 12-month growth rate slipped even further into the red, falling from −0.7 percent in April to −1.3 percent in May. Read more

  • Replacing the Dollar with Special Drawing Rights--Will It Work This Time?
  • Owen F Humpage
  • The head of China’s central bank is calling for countries to replace the U.S. dollar as an international reserve currency with something called SDRs. Created by the IMF way back in 1969 for that purpose, SDRs never caught on. While SDRs may be declared an official international reserve asset today, they are not likely to become the world’s key international currency anytime soon. In the meantime, countries in China’s current predicament--acquiring more dollars than they think prudent--could avoid such risks in the future by allowing their currencies to appreciate. Read more  (PDF)

  • Understand and Follow the Fed’s New Credit-Easing Tools with our Balance-Sheet Charts
  • The Federal Reserve has introduced a number of new monetary policy tools to restore credit market functioning. These tools have changed the size and the composition of the assets on the Fed’s balance sheet. We have created a set of charts that show the growth of different assets over time, both traditional ones and those that have been added as new tools have been introduced. Read more