In 2019 and 2020, the Federal Reserve undertook a comprehensive, multiyear review of its monetary policy strategies, tools, and communication practices. An important component of that review was Fed Listens, a series of events held around the country that engaged a wide range of contributors—employee groups and union members, small business owners, residents of low- and moderate-income communities, workforce development organizations, community colleges, retirees, and others—to hear about how monetary policy affects people’s daily lives and livelihoods. Since that time, and in recognition of the necessity to engage with people from a wide range of geographies and with a wide range of perspectives, we have broadened the scope of Fed Listens to become an ongoing process of consultation with the public.
On June 22, the Federal Reserve Bank of Cleveland hosted a Fed Listens session at Policy Summit 2023: Communities Thriving in a Changing Economy. Federal Reserve Governor Michelle W. Bowman and Cleveland Fed President Loretta J. Mester asked summit participants to share their insights on how the pandemic experience has re-shaped the economy and the workforce and what challenges and opportunities exist during this transition to a post-pandemic economy. The session was also livestreamed for viewing by the general public. The discussions focused on three questions: