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  • Federal Reserve System publishes annual financial statements

    The Federal Reserve System released the 2019 annual financial statements for the 12 Federal Reserve Banks, individually and combined, as well as for the Board of Governors. Read more.

  • Fraud and Scams Involving the Federal Reserve Name

    Be aware of fraud

    COVID-19 is creating unprecedented times, and consumers should be on guard to protect their money from fraudsters. Learn more.

  • The Cleveland Fed and COVID-19

    Read President Loretta J. Mester's statement and get resources. Learn more.

  • Manufacturing under Pressure

    The boom days of the past, the challenges of the present. The actions workers, companies, and communities are taking—and can take—to be resilient. Explore manufacturing in the heartland and why it matters in this three-part series.

  • Stay updated with our e-newsletter

    The latest Cleveland Fed Digest contains information about this Bank’s COVID-19 response, as well as research we’ve published recently. See it all.

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  • Credit Market Frictions, Business Cycles, and Monetary Policy: The Research Contributions of Charles Carlstrom and Timothy Fuerst

    Todd E. Clark Matthius Paustian Eric Sims

    Charles Carlstrom and Timothy Fuerst were prolific and prominent research economists who, until their untimely deaths a few years ago, were long-associated with the Federal Reserve Bank of Cleveland. Their myriad contributions include the incorporation of financial market imperfections into macroeconomic models and the study of optimal monetary policy. We provide an overview of their work and summarize a few key themes from a research conference held in their honor. Read More

  • Collaboration in Cuyahoga County Leads to Housing Funding

    Ken Surratt

    As a worldwide pandemic adds strain to already vulnerable LMI communities, one new program will create access to funding for home repairs and purchases. Read More

  • The CPI–PCEPI Inflation Differential: Causes and Prospects

    Wesley Janson Randal J. Verbrugge Carola Conces Binder

    The Federal Open Market Committee’s inflation target is stated in terms of the personal consumption expenditures price index (PCEPI). The PCEPI, like the consumer price index (CPI), measures inflation in the expenditures of households, but these indexes differ in purpose, scope, and construction. Notably, since the CPI is used as the reference rate for numerous financial contracts, one can derive implied longer-run CPI inflation forecasts from financial contracts. Such forecasts are widely reported. But if policymakers are to use these forecasts to guide their pursuit of the inflation target, they need to translate these CPI inflation forecasts into corresponding implied PCEPI forecasts. Since 1978, CPI inflation has averaged 0.3 percentage points above PCEPI inflation, but this differential has varied significantly over time. In this Commentary, we explain why, investigate a key historical episode, and provide an updated estimate of the likely differential going forward. Read More


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

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Our President

Loretta J. Mester