Cleveland Fed
@clevelandfed.bsky.social
Official account of the Federal Reserve Bank of Cleveland, serving the Fourth District since 1913.
The Survey of Regional Conditions and Expectations total business conditions diffusion index increased by 6 points to 8, while the total expected business conditions diffusion index fell by 22 points to 4. Results were calculated from the 10.30–11.6 survey clefed.org/SORCE
Survey of Regional Conditions and Expectations (SORCE)
SORCE indexes are based on our survey of business and community leaders and provide a timely summary of economic activity in our region, which includes all of Ohio and parts of Pennsylvania, Kentucky, and West Virginia. Released twice each quarter.
clefed.org
November 13, 2025 at 8:02 PM
The Survey of Regional Conditions and Expectations total business conditions diffusion index increased by 6 points to 8, while the total expected business conditions diffusion index fell by 22 points to 4. Results were calculated from the 10.30–11.6 survey clefed.org/SORCE
Our Education and Learning Center is closed today.
We will be open again tomorrow during our normal hours, 9 am –2 pm. Plan your visit: clefed.org/visit
We will be open again tomorrow during our normal hours, 9 am –2 pm. Plan your visit: clefed.org/visit
November 11, 2025 at 1:13 PM
Our Education and Learning Center is closed today.
We will be open again tomorrow during our normal hours, 9 am –2 pm. Plan your visit: clefed.org/visit
We will be open again tomorrow during our normal hours, 9 am –2 pm. Plan your visit: clefed.org/visit
What do CEOs think inflation will be? The Survey of Firms’ #Inflation Expectations (SoFIE) shows they expect CPI inflation will be 3.3% over the next year. See the update: clefed.org/SoFIE
November 10, 2025 at 5:47 PM
What do CEOs think inflation will be? The Survey of Firms’ #Inflation Expectations (SoFIE) shows they expect CPI inflation will be 3.3% over the next year. See the update: clefed.org/SoFIE
New Economic Commentary: Forecasting US Recessions in Real-Time Using Regional Economic Sentiment https://clefed.org/47O7M7U
Forecasting US Recessions in Real-Time Using Regional Economic Sentiment
Measures of regional economic sentiment, extracted from the Beige Book using natural language processing methods, consistently delivered reliable real-time forecasts of US recessions from the mid-1980...
clefed.org
November 10, 2025 at 2:29 PM
New Economic Commentary: Forecasting US Recessions in Real-Time Using Regional Economic Sentiment https://clefed.org/47O7M7U
President Hammack spoke recently at the @EconClubNY about balancing both sides of the dual mandate right now, saying monetary policy is “barely restrictive, if at all, and it’s not obvious to me that monetary policy should do more at this time.” https://clefed.org/3LoRICg
Balancing Act: The Dual Mandate on an Economic Tightrope
Beth M. Hammack—President and Chief Executive Officer—Federal Reserve Bank of Cleveland—The Economic Club of New York—New York, New York
clefed.org
November 6, 2025 at 9:30 PM
President Hammack spoke recently at the @EconClubNY about balancing both sides of the dual mandate right now, saying monetary policy is “barely restrictive, if at all, and it’s not obvious to me that monetary policy should do more at this time.” https://clefed.org/3LoRICg
President Hammack argues for a “mildly restrictive stance for our policy rate to ensure that inflation returns to 2 percent in a timely fashion.” https://clefed.org/3LoRICg
Balancing Act: The Dual Mandate on an Economic Tightrope
Beth M. Hammack—President and Chief Executive Officer—Federal Reserve Bank of Cleveland—The Economic Club of New York—New York, New York
clefed.org
November 6, 2025 at 5:50 PM
President Hammack argues for a “mildly restrictive stance for our policy rate to ensure that inflation returns to 2 percent in a timely fashion.” https://clefed.org/3LoRICg
“I don’t see elevated inflation as a purely transitory phenomenon that I should look through,” Pres. Hammack says in @EconClubNY speech. Inflation is coming from several directions, has been elevated for 4.5 years, & cited large, dynamic & ongoing tariffs. https://clefed.org/3LoRICg
Balancing Act: The Dual Mandate on an Economic Tightrope
Beth M. Hammack—President and Chief Executive Officer—Federal Reserve Bank of Cleveland—The Economic Club of New York—New York, New York
clefed.org
November 6, 2025 at 5:42 PM
“I don’t see elevated inflation as a purely transitory phenomenon that I should look through,” Pres. Hammack says in @EconClubNY speech. Inflation is coming from several directions, has been elevated for 4.5 years, & cited large, dynamic & ongoing tariffs. https://clefed.org/3LoRICg
Pres. Hammack shares that 4th District business leaders are deciding which costs to pass on to customers. No one wants to be the first to raise prices, leaders told her, but given cost pressures several said they will likely have to early next year. https://clefed.org/3LoRICg
Balancing Act: The Dual Mandate on an Economic Tightrope
Beth M. Hammack—President and Chief Executive Officer—Federal Reserve Bank of Cleveland—The Economic Club of New York—New York, New York
clefed.org
November 6, 2025 at 5:30 PM
Pres. Hammack shares that 4th District business leaders are deciding which costs to pass on to customers. No one wants to be the first to raise prices, leaders told her, but given cost pressures several said they will likely have to early next year. https://clefed.org/3LoRICg
President Hammack says she sees inflation as the more pressing concern right now, saying that monetary policy is “barely restrictive, if at all, and it’s not obvious to me that monetary policy should do more at this time.” https://clefed.org/3LoRICg
Balancing Act: The Dual Mandate on an Economic Tightrope
Beth M. Hammack—President and Chief Executive Officer—Federal Reserve Bank of Cleveland—The Economic Club of New York—New York, New York
clefed.org
November 6, 2025 at 5:14 PM
President Hammack says she sees inflation as the more pressing concern right now, saying that monetary policy is “barely restrictive, if at all, and it’s not obvious to me that monetary policy should do more at this time.” https://clefed.org/3LoRICg
During a speech at the @EconClubNY, Pres. Beth Hammack explained with inflation being too high and the labor market showing signs of softening, balancing both sides of the Fed’s dual mandate right now is like walking a tightrope. https://clefed.org/3LoRICg
Balancing Act: The Dual Mandate on an Economic Tightrope
Beth M. Hammack—President and Chief Executive Officer—Federal Reserve Bank of Cleveland—The Economic Club of New York—New York, New York
clefed.org
November 6, 2025 at 5:08 PM
During a speech at the @EconClubNY, Pres. Beth Hammack explained with inflation being too high and the labor market showing signs of softening, balancing both sides of the Fed’s dual mandate right now is like walking a tightrope. https://clefed.org/3LoRICg
The deadline is rapidly approaching for responses to the #SmallBusinessCreditSurvey! For-profit #SmallBusiness owners, the Federal Reserve wants to hear from you. Share your experiences today: https://bit.ly/4mNMeih
November 6, 2025 at 3:51 PM
The deadline is rapidly approaching for responses to the #SmallBusinessCreditSurvey! For-profit #SmallBusiness owners, the Federal Reserve wants to hear from you. Share your experiences today: https://bit.ly/4mNMeih
TODAY: Our next Fed Talk starts at 3 pm ET. Learn all about the Cleveland Fed’s new Business Outlook and Trends Survey. Register now and pose your questions to our panel of researchers: https://clefed.org/47JjNwH
November 5, 2025 at 2:49 PM
TODAY: Our next Fed Talk starts at 3 pm ET. Learn all about the Cleveland Fed’s new Business Outlook and Trends Survey. Register now and pose your questions to our panel of researchers: https://clefed.org/47JjNwH
Join us on 11/5 at 11 am ET for our next Conversation on Central Banking event: “Alternative Measures of Inflation”. Panelists will discuss alternative ways of measuring inflation to complement the official published statistics. Register to attend: https://clefed.org/437qvKq
November 4, 2025 at 3:21 PM
Join us on 11/5 at 11 am ET for our next Conversation on Central Banking event: “Alternative Measures of Inflation”. Panelists will discuss alternative ways of measuring inflation to complement the official published statistics. Register to attend: https://clefed.org/437qvKq
Topics of research in our latest Inflation Research Digest: #inflation turning points, impact of postpandemic US immigration surge on inflation, lessons on inflation since the #pandemic, and more. See the latest issue and subscribe: https://clefed.org/4msolMD
November 3, 2025 at 8:15 PM
Topics of research in our latest Inflation Research Digest: #inflation turning points, impact of postpandemic US immigration surge on inflation, lessons on inflation since the #pandemic, and more. See the latest issue and subscribe: https://clefed.org/4msolMD
New Economic Commentary: Has the Market’s Perception of the FOMC’s Reaction Function Changed since the Onset of the COVID-19 Pandemic? See the report: https://clefed.org/43Gl9WC #EconTwitter
Has the Market’s Perception of the FOMC’s Reaction Function Changed since the Onset of the COVID-19 Pandemic?
A monetary policy reaction function typically describes how a central bank’s policy rate responds to changes in economic fundamentals, such as inflation and labor market conditions, and other factors....
clefed.org
November 3, 2025 at 3:26 PM
New Economic Commentary: Has the Market’s Perception of the FOMC’s Reaction Function Changed since the Onset of the COVID-19 Pandemic? See the report: https://clefed.org/43Gl9WC #EconTwitter
Are you interested in local economies? Join us this Wednesday, November 5 for a conversation about the Business Outlook and Trends Survey and the key role it plays in illuminating economic trends across the Fourth District. Register here: https://clefed.org/47JjNwH
November 3, 2025 at 12:52 PM
Are you interested in local economies? Join us this Wednesday, November 5 for a conversation about the Business Outlook and Trends Survey and the key role it plays in illuminating economic trends across the Fourth District. Register here: https://clefed.org/47JjNwH
Are you interested in local economies? On 11/5 the Cleveland Fed hosts a Fed Talk about its newer Business Outlook and Trends Survey. Learn more about how this survey explores insights on labor markets, prices, and demand for regional goods and services. https://clefed.org/47JjNwH
November 3, 2025 at 12:30 PM
Are you interested in local economies? On 11/5 the Cleveland Fed hosts a Fed Talk about its newer Business Outlook and Trends Survey. Learn more about how this survey explores insights on labor markets, prices, and demand for regional goods and services. https://clefed.org/47JjNwH
The Cleveland Fed Digest makes sure you’ve got the latest research and analyses by the Federal Reserve Bank that serves you and the region. Subscribe today! https://www.clevelandfed.org/publications/cleveland-fed-digest
November 1, 2025 at 2:03 PM
The Cleveland Fed Digest makes sure you’ve got the latest research and analyses by the Federal Reserve Bank that serves you and the region. Subscribe today! https://www.clevelandfed.org/publications/cleveland-fed-digest
Don’t miss it! On November 5 there will be a Cleveland Fed Conversations on Central Banking webinar from 11:00 am-11:45 am, and you’re invited! Discover insights from expert panelists on economic trends. Register here: http://clefed.org/437qvKq
October 30, 2025 at 9:09 PM
Don’t miss it! On November 5 there will be a Cleveland Fed Conversations on Central Banking webinar from 11:00 am-11:45 am, and you’re invited! Discover insights from expert panelists on economic trends. Register here: http://clefed.org/437qvKq
The Cleveland Fed Digest makes sure you’ve got the latest research and analyses by the Federal Reserve Bank that serves you and the region. Subscribe today! https://www.clevelandfed.org/publications/cleveland-fed-digest
October 30, 2025 at 3:43 PM
The Cleveland Fed Digest makes sure you’ve got the latest research and analyses by the Federal Reserve Bank that serves you and the region. Subscribe today! https://www.clevelandfed.org/publications/cleveland-fed-digest
The Occupational Mobility Explorer can help employers and workforce development professionals cast the widest net possible when looking for workers to fill crucial jobs. Learn how: http://bit.ly/4pxXMrL
October 30, 2025 at 2:26 PM
The Occupational Mobility Explorer can help employers and workforce development professionals cast the widest net possible when looking for workers to fill crucial jobs. Learn how: http://bit.ly/4pxXMrL
Are you interested in local economies? Join us on November 5 for a conversation about the Business Outlook and Trends Survey and the key role it plays in illuminating economic trends across the Fourth District. Register here: https://clefed.org/47JjNwH
October 29, 2025 at 7:42 PM
Are you interested in local economies? Join us on November 5 for a conversation about the Business Outlook and Trends Survey and the key role it plays in illuminating economic trends across the Fourth District. Register here: https://clefed.org/47JjNwH
Our internships for summer 2026 are now open! View the available opportunities and learn more about the program: https://t.co/Hpl1ZdgyKZ https://t.co/MRdd3JIGXY
October 29, 2025 at 2:45 PM
Our internships for summer 2026 are now open! View the available opportunities and learn more about the program: https://t.co/Hpl1ZdgyKZ https://t.co/MRdd3JIGXY
Our Education and Learning Center is closed this week. We will be open next week during our normal hours, Monday through Wednesday, from 9 am–2 pm. Plan your visit: clefed.org/visit
October 29, 2025 at 12:15 PM
Our Education and Learning Center is closed this week. We will be open next week during our normal hours, Monday through Wednesday, from 9 am–2 pm. Plan your visit: clefed.org/visit
Of the small businesses that do not have any paid employees besides the owner(s), how many are expecting to hire employees in the next 12 months? The Small Business Credit Survey’s latest report shares these data: https://clefed.org/43kogmS
October 28, 2025 at 4:14 PM
Of the small businesses that do not have any paid employees besides the owner(s), how many are expecting to hire employees in the next 12 months? The Small Business Credit Survey’s latest report shares these data: https://clefed.org/43kogmS