News from the Fed

  • Cleveland Fed researchers on FOMC projections; CPI vs PCE inflation; central bank independence
  • Cleveland Fed researchers look at the latest Summary of Economic Projections from the FOMC; differences in the CPI and PCE inflation measures; and Fed history since World War II. Read more
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  • Cleveland Fed Experts Review District Economy in Three Minutes
  • Your District. Your Data. Three economists from the Federal Reserve Bank of Cleveland analyze and summarize regional economic data in the Fourth District Metro Mix—there’s both a video and print/online component. Read more
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  • Cleveland Fed Estimates of Expected Inflation
  • The Federal Reserve Bank of Cleveland reports that its latest estimate of 10-year expected inflation is 1.87 percent. In other words, the public currently expects the inflation rate to be less than 2 percent on average over the next decade. Read more
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  • Median CPI up 0.2% in March
  • The Federal Reserve Bank of Cleveland reports the median Consumer Price Index rose 0.2% (2.6% annualized rate) in March. The 16% trimmed-mean Consumer Price Index also increased 0.2% (2.4% annualized rate) during the month.  (PDF)
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From President Pianalto

Sandra Pianalto, President and CEO, Federal Reserve Bank of Cleveland
Sandra Pianalto
President and CEO
Bio

All speeches

Consumer Help
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Cleveland Fed Experts Review Regional Economy in Three Minutes

Cleveland, Cincinnati, and Pittsburgh metro areas are profiled in Metro Mix updates, with print and video components.
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The Federal Reserve: Policy Approaches Then and Now

Speaking at the University of Dayton’s RISE 14, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto discussed the Federal Reserve’s monetary policy actions and how they have adapted and evolved over the Fed’s 100 year history.
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Loretta J. Mester Named President and Chief Executive Officer of the Federal Reserve Bank of Cleveland, Effective June 1, 2014

The Federal Reserve Bank of Cleveland announced that Loretta J. Mester has been appointed President and Chief Executive Officer, effective June 1.
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Career Opportunities

Learn more about the opportunities to make a difference with the Federal Reserve Bank of Cleveland.

  • CFSI
  • Inflation Expectations
  • Median CPI
  • Credit Easing

Cleveland Financial Stress Index
 
04/16: -0.339

0.526 increase
over the past seven days   

Chart.

Estimates of Inflation Expectations

Estimates of inflation expectations, the real interest rate, and the inflation risk premium. 

Median Consumer Price Index

Median Consumer Price Index

A more accurate measure of the underlying inflation trend. 

Median Consumer Price Index

Credit Easing Policy Tools

Compare the amounts of different assets on the Federal Reserve balance sheet, from T-bills to mortgage-backed securities. 

Median Consumer Price Index

Latest Economic Research

  • Cooperation, Conflict, and the Emergence of a Modern Federal Reserve 
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  • The Federal Reserve System is a model of an independent central bank, with the authority to resist political pressure and act in the long-term best economic interest of the country. But this has not always been the case. In the past—and not too distant past at that—US monetary policy has frequently yielded to other governmental requirements. Even for the modern Federal Reserve, independence is a nuanced, mutable and, ultimately, fragile concept, but one that is essential to maintain. Read more  (PDF)  
  • PCE and CPI Inflation: What’s the Difference? 
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  • Two oft-cited measures of inflation are the Consumer Price Index (CPI) and the Personal Consumption Expenditures (PCE) price index. Since 2000, the inflation rate as measured by the CPI has been about half a percentage point higher than PCE inflation. The differences in the two inflation rates can be explained largely by differences in the basket of goods and services that is used to calculate each index and the weights assigned to different prices in each basket. Read more  
  • Updated Policy Projections and Improvement in the Unemployment Rate 
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  • In March, the Federal Open Market Committee (FOMC) released its updated Summary of Economic Projections. According to our researchers, changes from December to March in where FOMC participants see the federal funds rate at the end of the next few years suggest that participants generally see a tighter policy environment over the next few years than they saw in December of 2013. The fact that the FOMC’s outlook for the unemployment rate generally improved from December to March and the outlook for inflation generally remained the same explains why there might have been some shifting in the expected path of the federal funds rate. Read more  
  • Which Poor Neighborhoods Experienced Income Growth in Recent Decades? 
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  • Why has average income grown in some poor neighborhoods over the past 30 years and not in others? We explore that question and find that low-income neighborhoods that experienced large improvements in income over the past three decades tended to be located in large, densely populated metro areas that grew in income and population. Residential sorting—changes in population and demographics within neighborhoods—could help to explain this relationship. Read more  (PDF)  

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