Issue #3 | May 30, 2017
Recently, from the Cleveland Fed
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President Mester: No reason to think economic expansion cannot continue
Speaking in Minneapolis in May, Cleveland Fed President and CEO Loretta J. Mester said, “The economic expansion will celebrate its eighth birthday next month—that’s 56 in dog years—which is long by historical standards. Of course, expansions don’t die from old age, and there is no reason to think that this one cannot continue.” Read the full speech.
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We’re not in Kansas, but if tornadoes strike, banks will adjust
After a natural disaster such as a hurricane, tornado, or flood, banks in the affected area experience a sharp rise in the demand for loans as property owners look to repair the damage, a researcher finds. To meet the increased loan demand, small banks strategically adjust their lending behavior in 3 ways. Find out how.
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Employment gains in Pittsburgh prove elusive
Employment in the Pittsburgh metro area has remained relatively flat since 2012, according to a senior regional officer. The area’s unemployment rate rose during 2016, though it improved in January. For more on the metro area’s economic conditions, see Metro Mix.
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We asked, they answered
We could tell you what’s in store and why you want to be at the 2017 Policy Summit on Housing, Human Capital, and Inequality this June. We figured we’d let others do the talking instead. Read the Q&As.
Graphic of the Month
Explore the features of this new tool
A new infographic explains how to navigate millions of Home Mortgage Disclosure Act records using the Home Mortgage Explorer, a tool developed by the Federal Reserve Banks of Philadelphia and Cleveland to illuminate lending trends across the nation from 2010 to 2015.
By the Numbers
Question:
The 2017 Policy Summit on Housing, Human Capital, and Inequality—the 13th one—is June 22 and 23. Why organize the Policy Summit?
Mary Helen:
It was convened originally with the idea that policy discussions shouldn’t be limited to Washington DC—they should be something that people in different regions have access to and a voice in. An example is the foreclosure crisis: Many solutions being designed at the time were based on what was occurring on the 2 coasts and not on the experience of the weak housing markets in places including our region.
We did play a part in giving voice to the fact that the differences required different policy solutions. Here, we needed more tools to reclaim distressed property and address blight and vacancy in the wake of subprime lending and the incidence of mortgage fraud. Land banks are a good example.
One of our roles as a community development function is convening. We get people together, expose them to the most recent research, and give them an opportunity to discuss and debate the issues that are particularly relevant to them at the time.
Mary Helen Petrus
leads the Cleveland Fed’s Community Development Department as acting community development officer. The team conducts applied research, analyzes data and trends, and informs stakeholders of best practices and policies impacting the economic well-being of lower-income communities and individuals. The department is planning the 2017 Policy Summit.
On the Calendar
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June 22 & 23
2017 Policy Summit on Housing, Human Capital, and Inequality (Cleveland, OH)
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Summer touring, had me a blast
Spend some vacation time visiting the Learning Center and Money Museum!
Admission is free. Open Monday–Thursday, 9:30 am–2:30 pm.
From around the Federal Reserve System
Deconstructing the economic recovery
The Atlanta Fed just released its annual report, Recession to Recovery: A Decade in Perspective, which tells the story of the nation’s economic recovery in 4 parts: cyclical recovery, monetary policy, secular trends, and headwinds.
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