Speeches
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An Update on the Economy and the Federal Reserve’s Policy Response
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - POWER Series - CFA Society Chicago - Chicago, IL (via videoconference) - May 12, 2020 Read More
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Statement Regarding My Dissenting Vote at the Meeting of the Federal Open Market Committee Held on March 15, 2020*
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland — Statement Regarding My Dissenting Vote at the Meeting of the Federal Open Market Committee Held on March 15, 2020 Read More
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Remarks for the Panel: “Transparency and Communications”*
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland — The Shadow Open Market Committee Conference — Current Monetary Policy: The Influence of Marvin Goodfriend — New York, NY — March 6, 2020 Read More
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An Update on the U.S. Economy and the Federal Reserve’s Review of Its Monetary Policy Framework
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland — The Society of Professional Economists Annual Dinner — London, United Kingdom — March 3, 2020 Read More
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The Outlook for the Economy and Monetary Policy in 2020
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland — The Outlook for the Economy and Monetary Policy in 2020 — 36th Annual NABE Economic Policy Conference, Washington, DC — February 24, 2020 Read More
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Remarks for the Session: “Hall of Mirrors: Feedback Between Monetary Policy and Financial Markets”
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Panel Remarks at the 2020 U.S. Monetary Policy Forum Sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business — New York, NY — February 21, 2020 Read More
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Modernizing Our Payments System
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Fourth Annual Financial Literacy Day: Understanding Global Markets and Finance – Global Interdependence Center - University of South Florida, Sarasota-Manatee — Sarasota, FL — February 14, 2020 Read More
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Cybersecurity and Financial Stability
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Cybersecurity and Financial Stability – 2019 Financial Stability Conference – Financial Stability: Risks, Resilience, and Policy—Federal Reserve Bank of Cleveland and the Office of Financial Research—Cleveland, Ohio—November 21, 2019 Read More
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An Update on the Economic Outlook and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland- An Update on the Economic Outlook and Monetary Policy – Mellen Executive Speaker Series—John Carroll University—University Heights, Ohio—October 10, 2019 Read More
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Views on the U.S. Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Views on the U.S. Economy and Monetary Policy – The European Economics and Financial Centre, Distinguished Speaker Seminar, London, UK - July 2, 2019 Read More
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Improving Our Monetary Policy Strategy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Panel Remarks for “Strategies for Monetary Policy: A Policy Conference” - The Hoover Institution, Stanford University - Stanford, CA - May 3, 2019 Read More
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Perspectives on Cybersecurity, the Financial System, and the Federal Reserve
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - 2019 Ohio Bankers Day - Ohio Division of Financial Institutions - Columbus, OH - April 4, 2019 Read More
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Increasing Diversity, Inclusion, and Opportunity in Economics: Perspectives of a Brown-Eyed Economist
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Second Annual Women in Economics Symposium - Federal Reserve Bank of St. Louis - St. Louis, MO - February 29, 2019 Read More
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Transitions: The Economy, Monetary Policy, and Policy Communications
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Lyons Companies and the University of Delaware Alfred Lerner College of Business and Economics Center for Economic Education and Entrepreneurship - Newark, DE - February 19, 2019 Read More
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The Outlook for the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - University of Kentucky - Lexington, KY - February 13, 2019 Read More
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The Outlook for the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Financial Executives International and Xavier University – Cincinnati, OH – February 12, 2019 Read More
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Perspectives on the Economic Outlook and Monetary Policy in the Coming Year
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland – The 50 Club – Cleveland, OH – February 4, 2019 Read More
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Community Development and the Federal Reserve
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Opening Remarks at the Collaboration for Inclusive Economic Development: A Forum for Philanthropies, Policymakers, and Practitioners—Federal Reserve Bank of Boston-Boston, MA-November 29, 2018 Read More
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The Economic Outlook, Monetary Policy, and Normal Policymaking Now and in the Future
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Money Marketeers of New York University—New York, NY – October 25, 2018 Read More
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Community Banking and the Community Reinvestment Act
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - Community Banking and the Community Reinvestment Act – Community Banking in the 21st Century Research and Policy Conference—Federal Reserve Bank of St. Louis - St. Louis, MO – October 3, 2018 Read More
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A Practical Viewpoint on Financial System Resiliency and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland – A Practical Viewpoint on Financial System Resiliency and Monetary Policy – Third Annual ECB Macroprudential Policy and Research Conference-European Central Bank -Frankfurt, Germany–May 18, 2018 Read More
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Issues for U.S. Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland – Issues for U.S. Monetary Policy – Global Interdependence Center Central Banking Series with Banque de France – Paris, France – May 14, 2018 Read More
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Perspectives on the Economic Outlook and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland – Perspectives on the Economic Outlook and Monetary Policy – University of Pittsburgh Katz School of Business and Deloitte LLP – Pittsburgh, PA – April 19, 2018 Read More
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Why I Want You to Study Economics: Increasing Diversity, Inclusion, and Opportunity in Economics
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland — Why I Want You to Study Economics: Increasing Diversity, Inclusion, and Opportunity in Economics — Leaders, Executives, Entrepreneurs and Directors (LEED) Program — Central State University College of Business — Wilberforce OH — April 4, 2018 Read More
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The Economic Outlook, Monetary Policy, and Some Future Considerations for the Monetary Policy Agenda
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-The Economic Outlook, Monetary Policy, and Some Future Considerations for the Monetary Policy Agenda - The Julis-Rabinowitz Center for Public Policy and Finance - Princeton University - Princeton, NJ - March 26, 2018 Read More
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Remarks on the FOMC’s Monetary Policy Framework
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland- Remarks on the FOMC’s Monetary Policy Framework – Panel Remarks at the 2018 U.S. Monetary Policy Forum – The Initiative on Global Markets at the University of Chicago Booth School of Business – New York, NY-February 23, 2018 Read More
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Views on the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Views on the Economy and Monetary Policy–Government Affairs Breakfast Series–Dayton Area Chamber of Commerce–Dayton, OH-February 13, 2018 Read More
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The Outlook for the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-The Outlook for the Economy and Monetary Policy-The Council for Economic Education-New York, NY-January 18, 2018 Read More
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The Federal Reserve and Monetary Policy Communications
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-The Federal Reserve and Monetary Policy Communications-The Tangri Lecture-Rutgers University-New Brunswick, NJ-January 17, 2018 Read More
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Financial Stability Framework
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Panel Remarks for the International Banking, Economics, and Finance Association and American Economic Association Session,“Integrating Financial Stability with Monetary Policy”-Philadelphia, PA-January 6, 2018 Read More
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Monetary Policy Frameworks
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Panel Remarks for the National Association for Business Economics and American Economic Association Session, “Coordinating Conventional and Unconventional Monetary Policies for Macroeconomic Stability”-Philadelphia, PA-January 5, 2018 Read More
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Demographics and Their Implications for the Economy and Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Cato Institute's 35th Annual Monetary Conference: The Future of Monetary Policy-Washington, DC-November 16, 2017 Read More
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Guiding Principles for Financial Regulation
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland- Panel Remarks at “The Future of Global Finance: Populism, Technology, and Regulation” Conference-Columbia University-New York, NY Read More
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Views on the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-The Economic Club of Pittsburgh, the World Affairs Council of Pittsburgh, CFA Society Pittsburgh, and the Pittsburgh Association for Financial Professionals-Pittsburgh, PA Read More
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Perspectives on the Economic Outlook and Banking Supervision and Regulation
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Community Bankers Association of Ohio Annual Convention-Cincinnati, OH Read More
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The Federal Reserve System and Community Development: The Why, The How, and The What
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-2017 Policy Summit on Housing, Human Capital, and Inequality, Sponsored by the Federal Reserve Banks of Cleveland, Philadelphia, and Minneapolis-Cleveland, OH Read More
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The Economic Outlook and Some Longer-Run Issues
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Economic Club of Minnesota-Minneapolis, MN-May 18, 2017 Read More
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The Outlook for the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-The Chicago Council on Global Affairs-Chicago, IL-May 8, 2017 Read More
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Updates on the Economy and the Federal Reserve’s Payments System Improvement Initiative
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Federal Reserve Bank of Chicago and DePaul University’s Center for Financial Services 10th Annual Risk Conference-Chicago, IL-March 30, 2017 Read More
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The Economic Outlook and Monetary Policy Communications
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-University of Richmond Robins School of Business, Stanley S. Watts Lecture-Richmond, VA-March 21, 2017 Read More
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A Serenity Prayer for Monetary Policymakers
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland - The Global Interdependence Center, Central Banking Series, Singapore - February 20, 2017 Read More
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The National and Regional Economic Outlook and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-African American Chamber of Commerce of Western Pennsylvania, Annual Business Luncheon-Pittsburgh, PA-November 30, 2016 Read More
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Acknowledging Uncertainty
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Shadow Open Market Fall Meeting-New York, NY-October 7, 2016 Read More
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The Economic Outlook and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-Greater Cleveland Partnership Middle-Market Forum, Cleveland, OH-September 28, 2016 Read More
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Helping People and Communities Affected by Regional Economic Transitions
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland-2016 Kentucky Summit on Philanthropy-Kentucky Philanthropy Initiative-Lexington, Kentucky, September 1, 2016 Read More
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The U.S. Economic Outlook and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-Australian Business Economists-Sydney, Australia, July 13, 2016 Read More
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Monetary Policy and Financial Stability in the U.S.
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-The Sydney Banking and Financial Stability Conference-University of Sydney, Sydney, Australia, July 12, 2016 Read More
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The U.S. Economic Outlook and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-European Economics and Financial Centre Distinguished Speakers Seminar, London, U.K., July 1, 2016 Read More
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Five Points About Monetary Policy and Financial Stability
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-Sveriges Riksbank Conference on Rethinking the Central Bank’s Mandate, Stockholm, Sweden-June 4, 2016 Read More
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Recent Inflation Developments and Challenges for Research and Monetary Policymaking
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-The 47th Konstanz Seminar on Monetary Theory and Monetary Policy, Insel Reichenau, Germany-May 12, 2016 Read More
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The Outlook for the National and Regional Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-CABE, CFA Society, RMA-Cleveland, OH-April 6, 2016 Read More
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The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-New York Association for Business Economics, New York, NY-April 1, 2016 Read More
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Discussion of "Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective Macroprudential Policy?"
Discussion of "Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective Macroprudential Policy?" Read More
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The Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-Global Interdependence Center-Sarasota, FL-February 19, 2016 Read More
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A Monetary Policymaker's Lexicon
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-Market News International–New York, NY-February 4, 2016 Read More
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The U.S. Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-Remarks for the Panel Discussion, “The United States and the Global Economic Outlook”-National Association for Business Economics/American Economic Association Meetings-San Francisco, CA-January 3, 2016 Read More
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U.S. Payment System Improvement and the Federal Reserve
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-The Clearing House Annual Conference-New York, NY-November 18, 2015 Read More
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Perspectives on the Economy and Monetary Policy
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-The City Club of Cleveland-November 13, 2015 Read More
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Long-Run Economic Growth
Loretta J. Mester, President and Chief Executive Officer-Federal Reserve Bank of Cleveland-New York University Stern Center for Global Economy and Business-New York, NY-October 15, 2015 Read More
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Comments on "Microprudential Versus Macroprudential Supervision" by Paul Tucker
Loretta J. Mester-President and Chief Executive Officer-Federal Reserve Bank of Cleveland; 59th Economic Conference Macroprudential Monetary Policy Federal Reserve Bank of Boston, Boston, MA, October 2, 2015 Read More
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The Economic Outlook and Monetary Policy: Timing Isn’t Everything
Loretta J. Mester-President and Chief Executive Officer-Federal Reserve Bank of Cleveland-The Columbus Metropolitan Club-The Economic Outlook and Monetary Policy: Timing Isn't Everything Read More
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Community Development and Human Capital
Loretta J. Mester-President and Chief Executive Officer-Federal Reserve Bank of Cleveland-2015 Policy Summit on Housing, Human Capital, and Inequality-Sponsored by the FRBs of Cleveland, Philadelphia, and Richmond Read More
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Post-Crisis Financial System Regulation and Its Research Foundation
Cleveland Fed President Loretta J. Mester addressed the Financial Intermediation Research Society in Reykjavik, Iceland, May 25, 2015 Read More
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Consumer Credit: Suggested Directions for Policy-Relevant Research
Remarks at the Conference on Regulating Consumer Credit, A Joint Conference of the Federal Reserve Bank of Philadelphia and the Journal of Economics and Business, Philadelphia, PA Read More
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The Economic Outlook and Monetary Policy
Cleveland Fed President Loretta J. Mester addressed the Forecasters Club of New York in New York City on April 16. Read More
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Recent Developments in U.S. Monetary Policy: From Extraordinary Back to Ordinary
Cleveland Fed President Loretta J. Mester addressed the GIC Central Banking Series: Policies for the Post Crisis Era, at the Banque de France in Paris. Read More
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The Outlook for the Economy and Monetary Policy Communications
Loretta J. Mester discussed her outlook for the economy and monetary policy and offered some suggestions for improving Federal Reserve communications at the 31st Annual NABE Economic Policy Conference in Washington, DC. Read More
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Comments on “The Equilibrium Real Funds Rate: Past, Present, and Future.”
2015 U.S. Monetary Policy Forum, sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business - February 27, 2015 Read More
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The Outlook for the Economy and Bank Regulation
In a speech to the Ohio Bankers League, Loretta J. Mester discussed her outlook on the U.S. economy and monetary policy and offered some perspectives on banking supervision and regulation. Read More
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The Nexus of Macroprudential Supervision, Monetary Policy, and Financial Stability
2014 Financial Stability Conference: Measurement Challenges in Macroprudential Policy Implementation: Essential Data Elements for Preserving Financial Stability - December 5, 2014 Read More
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Forward Guidance and Communications in U.S. Monetary Policy
Imperial Business Insights Series, Imperial College, London, U.K. - November 20, 2014 Read More
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Forward Guidance in Extraordinary Times, in Normal Times, and Betwixt the Two
Money Marketeers of New York University, Inc., New York, NY - November 6, 2014 Read More
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The Economic Outlook, Monetary Policy, and Getting Back to Normal
CABE, CFA Society Cleveland, and RMA, Cleveland, OH - September 24, 2014 Read More
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The Economic Outlook, Monetary Policy, and Communications: Progress on Multiple Journeys
The Economic Club of Pittsburgh, CFA Society Pittsburgh, and the Pittsburgh Society of Investment Professionals, Pittsburgh, PA - September 4, 2014 Read More
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Inflation and Monetary Policy: Six Research Questions
2014 Inflation Conference: "Inflation, Monetary Policy, and the Public", The Federal Reserve Bank of Cleveland, Cleveland, OH - May 29, 2014 Read More
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The Federal Reserve: Policy Approaches Then and Now
This year the Federal Reserve is commemorating its 100th anniversary. Read More
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My Life at the Federal Reserve: Embracing Change and Collaboration
This year, the Federal Reserve commemorates its 100th anniversary, and I will complete my more-than-three decades of service to this remarkable institution. Read More
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Housing in the National Economy: A Look Back, a Look Forward
I had the honor of addressing this same conference four years ago, when the nation was just emerging from the financial crisis. Read More
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Reflections on What Works in Supporting the Economy
The financial crisis and recession delivered the most severe hit to America’s economy since the Great Depression. Read More
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Education Never Goes Out of Style
I can’t tell you how thrilled I am to be here today. It is a treat to be able to speak before an audience dedicated to a cause that I personally hold so dear. Read More
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In Pursuit of a Better Payments System
I am speaking today in my role as chair of the Federal Reserve’s Financial Services Policy Committee, which is responsible for directing the financial services operations of the Federal Reserve Banks. Read More
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Looking for Common Ground and New Solutions in Household and Consumer Finance
I am delighted to welcome you to our 11th Policy Summit, and I am particularly pleased to welcome our new partners from the Federal Reserve Bank of Philadelphia in sponsoring this signature conference. Read More
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Economic Outlook: What Matters Nationally and Locally
The Federal Reserve Bank of Cleveland and the Center for Community Solutions share the goal of promoting economic prosperity for our communities. Read More
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Financial Stability: Lessons from Monetary Policy
I reflected on the parallels between the evolution of monetary policy toward greater transparency over the last two decades and the evolution of financial stability policy toward greater transparency following the most recent financial crisis. Read More
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University of Toledo Commencement
It is a great privilege for me to be with you and share in this exciting day. Read More
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The Federal Reserve’s Role in Supporting the U.S. Economy
The title of this conference, "The Path to Economic Growth," strikes a chord with me as a monetary policymaker on the Federal Reserve's Federal Open Market Committee, or FOMC. Read More
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Managing Information, Uncertainty, and Risk in Monetary Policy
It is a pleasure for me to speak today to members of the CFA Society, the Risk Management Association, and the Cleveland Association for Business Economics. Read More
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Providing Balance While Managing Uncertainty
This month, I celebrate my 10th anniversary as president and CEO of the Federal Reserve Bank of Cleveland and as a participant on the Federal Open Market Committee, which is the Federal Reserve's policymaking arm. Read More
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Monetary Policy: From There to Here to Where?
I am very pleased to be with you in Tokyo today for this conference on the Global Financial Crisis: Lessons from Japan. Read More
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Collaborating to Improve the U.S. Payments System
The Financial Services Policy Committee is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks. Read More
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Reflections on Leadership from a Federal Reserve Policymaker
The United States is still struggling to fully recover from the worst recession since the Great Depression. Read More
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The Federal Reserve and Monetary Policy
I genuinely enjoy traveling throughout my District – which includes all of Ohio, western Pennsylvania, and portions of West Virginia and Kentucky – to meet with business and civic leaders, bankers, and the academic community. Read More
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Monetary Policy in Challenging Times
Communication is so important, especially in challenging times like these. Read More
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Community Development by the Numbers
I am very pleased to join Paul in welcoming you to the 2012 Policy Summit on Housing, Human Capital and Inequality, organized by the Federal Reserve Bank of Cleveland. Read More
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Monetary Policy, Economics and the Recovery
First, I will take a brief look at the extensive impact of the recession on the workforce and capital investment. Second, I will discuss my view on the cyclical and structural aspects of the recovery. Read More
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Communication - A Key to Value-Added Supervision
I know that my colleague Jim Bullard, president of the Federal Reserve Bank of St. Louis, joined you last year when you met in Louisville. Read More
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The Fed and the Economy: Lessons from Milton Friedman
My visit to Marietta has also included some time last evening with a great group of economics and business students and faculty members at Marietta College, and time with a number of area bankers this morning. Read More
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Keys to Growth for the Nation and the Region
When Jim Foster called with the invitation for me to launch this new City Club speaker series -- the Business Leaders Series -- I was honored and eager to get on board. Read More
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Prospects for the Nation and the Region
I truly benefit by learning directly from business and community leaders like you about what's happening on the front lines in communities across my district. Read More
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Creating Value in Distressed Neighborhoods
The last time I spoke at this annual luncheon in February of 2008, before the depths of the global financial crisis, northeast Ohio was already experiencing very high foreclosure rates. Read More
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The Long Road Back to Full Employment
Today I will share with you my outlook for the economy and inflation, and I will focus on why unemployment is remaining so stubbornly high. Finally I will share my thoughts on monetary policy in today's environment. Read More
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The Economic Outlook and the Progress of U.S. Households
Today, I want to talk about the state of the economy and why it is taking so long to fully recover from the recent recession. Read More
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U.S. Manufacturing and the Economic Outlook
The lobby of the Federal Reserve Bank of Cleveland has beautiful historic paintings that capture the story of our region in the 1920s. Read More
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The Evolving Financial Services Industry and the Outlook for U.S. Economic Growth
When I was preparing my comments for today, I was reminded that the Community Bankers Association of Ohio was founded in 1974 and at your first annual meeting, you welcomed about a dozen members to the table. Read More
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Labor Markets and Federal Reserve Policy
his afternoon as I talk about the economy, I will point out that the economic dislocations we have experienced and continue to experience are not without historic precedent, however scary and unfamiliar they might feel. Read More
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Perspectives on the Economic Outlook and Monetary Policy
Of course, the state of the economy is on everyone's minds these days. Read More
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Current Issues in U.S. Monetary Policy
In this session on central bank policy, I know that Salvatore (Salvatore Rossi, Chief Economist, Bank of Italy) and I will be covering a lot of the same ground even though circumstances differ within our countries. Read More
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The Economic Outlook, Oil Prices, and Monetary Policy
Pittsburgh is an important part of my District, and I always look forward to visiting here. Read More
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Remarks-University of Akron
Let me open today with a brief overview of my current outlook for the economic recovery and for inflation. Then I will be happy to join the discussion. Read More
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The Keys to Regional Growth
I am proud to have grown up in Akron, and I still live in the Akron area, so it’s an honor to speak to you about our regional economy—including all of its strengths and possibilities Read More
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The Recovery and Monetary Policy
If you have been following the news, you are aware that the Federal Reserve recently decided to purchase an additional $600 billion in Treasury securities over the next six months. Read More
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My Perspective on Current Monetary Policy
In my nearly eight years as president of the Federal Reserve Bank of Cleveland, I can't recall a policy action that has received as much attention and vigorous debate as the decision made at the Federal Open Market Committee meeting on November 3. Read More
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Remarks to the Women’s Economic Round Table
We have come through the deepest recession since the Great Depression and the pace of recovery has been slow. Growth continues to be weak. Read More
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Regulatory Reform: The New Face of Bank Regulation
These conventions are an ideal time to take a step back, look at the bigger picture, and cast an eye toward the future. Read More
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REO and Vacant Property Strategies for Neighborhood Stabilization: Reserve Bank Presidents’ Perspective
I support your efforts wholeheartedly, and I am delighted to see the new, comprehensive REO publication that so many of you have been involved with. Read More
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A Thank You Letter
Ohio Northern University's class of 2010, thank you for inviting me to share this day with you. It is an honor and a privilege to be part of your commencement ceremony. Read More
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Forecasting in Uncertain Times
My talk today is about forecasting in uncertain economic times. A very wise man named Yogi Berra once said “the future ain’t what it used to be.” Read More
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Regulatory Reform: Lessons from the Front Line
The Minsky Conference has long been known as a unique forum to discuss timely economic and financial issues, and this year is no different. Read More
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After the Storm
In Ohio, we have our snowstorms, and in Florida there are of course hurricanes to worry about. Read More
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When the Small Stuff Is Anything But Small
You’re all probably familiar with the famous quote "don’t sweat the small stuff—and it’s all small stuff." Some days, that's very good advice to follow. Read More
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Housing and the Federal Reserve
I am very pleased to be here today to participate in this 11th annual Ohio Housing Conference, but I wish we were coming together under different circumstances. Read More
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Economic Recovery and the Expansion Beyond
I’ve been with the Federal Reserve for more than 26 years now. At the risk of resorting to understatement, I can say with confidence that this past year has been unlike any other. Read More
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Steps Toward A New Financial Regulatory Architecture
Today, we are still in the midst of the greatest financial stress our economy has seen since the Great Depression. Read More
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Forces for Economic Recovery
I think we can all agree that economic concerns are now top-of-mind for almost everyone these days. Read More
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Economic Stress and Forces for Recovery
My last speech here in Columbus was in June of last year, to a group of bankers. Read More
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The Credit Crisis and the Role of the Federal Reserve
The last time I spoke at this forum was back in the spring of 2004, just about a year after I was named president and CEO of the Federal Reserve Bank of Cleveland. Read More
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Globalization and Monetary Policy
Central bankers share a common responsibility — keeping the purchasing power of our currencies stable. Read More
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Current Events in the Economy and Financial Markets
As you all know, financial markets have been undergoing a great deal of stress these past several months. Read More
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Outlook for the Economy and Inflation
The last time I spoke to the Money Marketeers was in spring of 2005, when our monetary policy issues were vastly different than those we are facing today. Read More
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Reflections on the Mortgage Market
We all know that over time, markets and policies undergo change, but some things will always remain constant. Read More
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A Policymaker’s Perspective on the Economic Outlook
This is a natural time to think about what may happen in the year ahead. Read More
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National and Regional Economic Conditions
I am the president and CEO of the Federal Reserve Bank of Cleveland. As part of my responsibilities, I also serve on the Federal Open Market Committee, or FOMC, which sets monetary policy for our nation. Read More
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Financial Innovation: Benefits and Challenges
Some of you, like me, have been around long enough to remember when the community affairs debate centered around increasing access to capital and credit markets and easing restrictions on lending. Read More
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Is Price Stability Attainable?
I have just arrived here from Frankfurt, where the Federal Reserve Bank of Cleveland sponsored a conference with the Deutsche Bundesbank on some of the challenges facing central bankers. Read More
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Commencement Address at John Carroll University
Reverend Niehoff, my fellow honorees, members of the Board of Trustees, administrators, faculty, and of course the members of the John Carroll University Class of 2007, it is a great honor for me to be here with you to share in this exciting day. Read More
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The Internationalization of National Currencies
must confess that when Governor Tuma suggested I speak on this panel, I was a little hesitant because of the exchange-rate issues that could arise. Read More
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A Policymaker's Perspective on Monetary Policy and the Economy
I am delighted to have this opportunity to share my thoughts on monetary policy and the economy. Read More
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Universities, Innovation and Economic Growth
Welcome to the second day of our two-day conference on Universities, Innovation, and Economic Growth. Read More
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Monetary Policy and the Economic Outlook
I want to explain some of the factors that I believe have shaped current policy decisions and some of the economic signposts I am watching for on the horizon. Read More
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An Overview of the Federal Reserve System
Today, I would like to give you some background on the Federal Reserve and the role we play in the economy. Read More
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Inflation, Inflation Expectations, and Monetary Policy
As a Federal Reserve policymaker, I constantly review the latest national and international economic statistics. Read More
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The Challenge of Concentrated Poverty
So often lately, I find myself in front of an audience speaking in very measured words about the economy and monetary policy. Read More
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Economic Conditions and Monetary Policy
As I am sure you are all very well aware, the Federal Reserve's policymaking body, the Federal Open Market Committee, or FOMC, will meet again at the end of this month to consider the course of U.S. monetary policy. Read More
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Notre Dame College Commencement Address
Today's ceremony marks a moment of pride, of hope, of challenge, of change . . . of departures and new opportunities. Read More
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Renewing our Regional Economy
Tonight, I will talk about a subject that I am sure is on all of our minds - renewing our region's economy. I will comment on the economic transitions we are facing in Northeast Ohio, and I will discuss the critical role that education can play in reinvigorating our region. Read More
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Economic Forecasts and Monetary Policy
Today I would like to share with you some of my thoughts about economic forecasts and monetary policy. Read More
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Early Childhood Education and Our Economic Future
My parents left their families and friends in Italy and moved my siblings and me to this country so that we would have better opportunities, especially opportunities for a good education. Read More
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Economic Conditions and Monetary Policy
In times like these, when consumers and businesses are focusing a lot of their attention on higher energy prices and reports of higher inflation. Read More
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Innovation and Education: Renewing the Northeast Ohio Economy
Today, I would like to talk with you about renewing the Northeast Ohio economy. Read More
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The Importance of Innovation to Our Regional Economy
At the Federal Reserve Bank of Cleveland, we spend a lot of time thinking about what factors drive economic growth and prosperity. Read More
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Our Future in Manufacturing
I am delighted to help CAMP celebrate 20 years of excellence in promoting entrepreneurship, innovation and manufacturing solutions in our region. CAMP understands our region's history, and CAMP is working hard to help move us toward a future of new vitality and development. Read More
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Achieving Success
I have found commencement to be one of those unique moments in life that brings profound and conflicting emotions. Read More
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The Power of Price Stability
I am beginning my third year as president and CEO of the Federal Reserve Bank of Cleveland and as a participant of the Federal Open Market Committee, the Federal Reserve's policymaking arm. Read More
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Expectations, Communications, and Monetary Policy
My remarks tonight will center on expectations, communications, and monetary policy. Read More
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Central Banks: Different Paths, Same Goal
As you know, I serve as president and CEO of the Federal Reserve Bank of Cleveland. Read More
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A Perspective on Monetary Policy
Since I became president of the Federal Reserve Bank of Cleveland two years ago, I have made a point of getting out to various communities within our region on a regular basis. Read More
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Education and Economic Development: Beginning a Dialogue
Good morning, everyone. On behalf of the Federal Reserve Bank of Cleveland, I would like to welcome you to Day 2 of our conference on education and economic development. Read More
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Building a Future as Bright as Our Past
The Federal Reserve Bank of Cleveland has an ongoing interest in understanding developments in the local economy so that these regional issues become a part of the national monetary policymaking process. Read More
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The Expansion in Perspective
I will share with you my perspective on the current economic expansion and the Federal Reserve's policy response. Read More
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A National Economic Perspective
Standing here today, I have a much better appreciation for why this part of the country has inspired so many songwriters and artists over the years. Read More
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A Perspective on Monetary Policy II
I could not begin my remarks this afternoon without offering a few words about the legacy of President Ronald Reagan, who is being honored and mourned across our nation today. Read More
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The Process of Policy
Thank you for that kind introduction, Ron. I’m proud to be a part of the Pilliod Lecture Series, and I’m glad to be here with all of you this evening. Read More
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The Nature of Economic Change
This afternoon, I want to talk to you about our economy and the nature of economic change. Read More
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Lifelong Learning: The Best Investment You Will Ever Make
President Collier, administrators, faculty, friends, family, and, most of all, graduates, it is truly an honor for me to share this very important day with you — a day that you will long remember. Read More
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Rising to the Challenges: Helping Ohio's Financial Institutions Manage Risk
I am pleased to have the opportunity to talk with you today about Ohio's banking industry and some of its aspects that have my heightened attention. Read More