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  • MCPI 2015-2

    October 2019 Median CPI Release

    The median Consumer Price Index rose 0.2% (2.3% annualized rate) in October. The 16% trimmed-mean Consumer Price Index rose 0.3% (3.6% annualized rate) during the month. Current Median CPI

  • 2019 Small Business Credit Survey Open Now

    Are you a small business owner with fewer than 500 employees? We want to hear from you! Take our survey (it should take you only 10 minutes).

  • Courage to Succeed: Women’s Conference 2019

    More than 150 diverse and talented women convened at the Cleveland Fed to discuss, engage, and reflect on having the courage to succeed in today’s complex professional landscape. Learn more.

  • Delivered direct: Work that informs

    You’re here on our homepage today, but you might not be tomorrow. Subscribe to our e-newsletter to ensure you still see our latest. Missed October’s issue? It's here.

  • Opportunity Occupations: Joining the Workforce

    New short film from the Fed explores good jobs not requiring a bachelor's degree. Meet Jaime Pearson and learn about her opportunity occupation in Toledo, Ohio. Watch now.

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  • Have Stress Tests Impacted Small-Business Lending?

    Yuliya Demyanyk

    The Federal Reserve conducts stress tests of the largest bank holding companies to ensure that the banking system has sufficient capital to stay financially sound in the event of worsening economic conditions. Some groups have raised concerns that the stress tests will reduce lending to small businesses. This article describes recent research investigating the impact of the stress tests on small-business lending. It finds that the banks that are most affected by stress tests have reduced their small-business credit, but aggregate credit to small businesses has not fallen. Read More

  • Challenges with Estimating U Star in Real Time

    Murat Tasci

    Although the concept of the natural rate of employment, NAIRU, or “U star” is used to measure the amount of slack in the labor market, it is an unobservable quantity that must be estimated using data currently available. This Commentary investigates the degree to which our estimates of U star at various points in the current business cycle have changed as real-time data have been revised and as more data points have accumulated. I find that the availability of additional data has contributed to a significant change in our estimates of U star at earlier points in the business cycle, a result that suggests we might have been underestimating the level of labor market slack during some of the recent recovery period. In retrospect, our updated estimates of U star suggest labor markets were not as tight as we thought they were then. Read More

  • Toledo—Conditions Continue to Improve

    Joel Elvery Julianne Dunn

    Economic conditions in the Toledo metro area continue to improve. The unemployment rate has fallen, and employment levels are holding relatively steady. The housing market is a particularly bright spot, with rising residential building permit numbers, growing home prices, and median home values that exceed their prerecession peak. Read More


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