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  • Occupational Mobility Explorer

    Cleveland and Philadelphia Feds launched a tool to help users discover opportunities for transferring skills from one occupation to a similar—but higher-paying—occupation in the same labor market. Explore now on the Philadelphia Fed website.

  • MCPI 2015-2

    December 2020 Median CPI Release

    The median Consumer Price Index rose 0.1% (1.7% annualized rate) in December. The 16% trimmed-mean Consumer Price Index rose 0.2% (1.8% annualized rate) during the month. Current Median CPI

  • President’s Speech:

    President Mester discusses “Moving Toward a Broad-Based Sustainable Economic Recovery in the U.S.” Read more

  • Make your voice heard

    You can influence the Fed’s work to change the way the Community Reinvestment Act is implemented. See the Q&A and calendar listings in our e-newsletter for details.

  • MCPI 2015-2

    The Fed’s response during the COVID-19 pandemic

    Just published, the seventh in a series of infographics explains another action the Fed is taking to support the economy. Read it.

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  • CRA, Racism & the Federal Reserve: A Midwest Perspective

    Emily Garr Pacetti

    The Community Reinvestment Act is up for its first significant revision in 25 years. It’s important we optimize this tool to address systemic disinvestment in lower-income and minority communities. Read More

  • How Well Does the Cleveland Fed’s Systemic Risk Indicator Predict Stress?

    Ben R. Craig

    A number of financial stress measures were developed after the financial crisis of 2007–2009 in the hope that they could provide regulators with advance warning of conditions that might warrant a corrective response. The Cleveland Fed’s systemic risk indicator is one such measure. This Commentary provides a review of the SRI’s performance from 2001 to 2020 and finds that it has performed well, providing a reliable, valid, and timely signal of elevated levels of financial system stress. Read More

  • Forward Guidance during the Pandemic: Has It Changed the Public’s Expectations?

    Wesley Janson Chengcheng Jia

    In responding to the COVID-19 crisis, the Federal Reserve has both lowered the federal funds rate and provided forward guidance. We study whether the forward guidance given with the April and June 2020 FOMC meetings altered the public’s expectations of future policy rates, GDP growth, and inflation. We find that forward guidance was effective in altering the public’s expectations about future policy rates if it was accompanied by an SEP but not expectations about economic fundamentals. We suggest that the difference might be explained by FOMC statements being interpretable in two different ways and the public not having a dominant view on which interpretation was intended. Read More


  • Median CPI
  • Inflation Nowcasting
  • Policy Rules
  • Systemic Risk
  • Predicted GDP Growth
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Program on Economic Inclusion Responding to Coronavirus Disease 2019 (COVID-19)

Tell the Fed what you think:

Modernizing the Community Reinvestment Act

Review the proposal and provide your comments by February 16, 2021

Learning Center and Money Museum Virtual Programming

Upcoming EventsSEE ALL

Our President

Loretta J. Mester

Candidate Recommendations

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To recommend a candidate to serve on one of the Federal Reserve Bank of Cleveland’s boards of directors, advisory councils, or other forms of engagement with the Federal Reserve Bank of Cleveland, complete and submit this form