FedTalk

Join us as Federal Reserve Bank of Cleveland Research Director Edward Knotek provides an economic outlook for 2025. Knotek highlighted a broad array of indicators such as consumer spending, the labor market, and inflation to provide a snapshot of the economy and insight into what the Cleveland Fed team of economists look to in order to better understand the economy. Speaker Ed Knotek, Senior Vice President and Director of Research, Federal Reserve Bank of Cleveland Moderator Russell Mills, Senior Regional Officer, Pittsburgh Branch, Federal Reserve Bank of Cleveland

According to a 2021 study by the Federal Deposit Insurance Corporation (FDIC), 4.5 percent of American households do not have a bank account, and 14.1 percent are considered underbanked. New research being conducted within the Federal Reserve System and in academia looks at existing barriers to financial inclusion and the importance of trust in banking and payments choices. Why are people unbanked and underbanked in the US?How do we define underserved in digital payments and banking services?How does trust affect adoption of and access to digital payments and banking services?What do we know about people’s trust in financial institutions and nonbanks? Join us for a FedTalk to better understand these topics. (And before you do, watch, listen, or read the transcript of the first FedTalk we hosted about financial inclusion and the unbanked.) Speakers Paola Boel, Vice President, Federal Reserve Bank of ClevelandTerri L. Friedline, Professor of Social Work, University of MichiganFumiko Hayashi, Vice President, Federal Reserve Bank of Kansas City Moderator Lisa A. Nelson, Assistant Vice President, Federal Reserve Bank of Cleveland

Being connected to the digital world is critical to everyday life. This is especially true in the employment arena with online job applications and remote work being the new norm. But large segments of the country are without broadband coverage. Join us for a conversation about the importance of broadband access. We will look at challenges to getting connected in rural and urban areas, developing digital skills, and building the infrastructure needed for broader access.

Small businesses are foundational to the growth and prosperity of local communities and a cornerstone of the American economy. Small businesses drive innovation, job creation, and economic growth. According to the Fed’s “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey,” small businesses continue to face challenges including increased operating expenses, attracting and retaining qualified talent, and access to credit. This FedTalk program will feature a discussion among Fed researchers and community leaders on current growth trends versus decline in small businesses, barriers to financing, talent strategies, and resources and support available to business owners.

The childcare sector has long faced workforce challenges that affect working parents and the broader economy. With high turnover and constraints on the supply fueled by how the industry is financed, providers often struggle to offer care parents can access. Engaging employers is gaining momentum as a strategy for addressing constraints on the childcare market. Join us at our next FedTalk where we will learn from experts about supply constraints along with motivations and opportunities for employers to engage in ways that could improve workforce stability and productivity.

Long-term care can be expensive. As society ages, thinking about how to pay for care if needed is becoming a priority for many of us. Unfortunately people often find out too late that Medicare and Medicaid don’t cover all the costs. How can we protect ourselves financially against this risk? What is the current state of the private long-term care insurance market? How are Americans thinking about long-term care? And how is public policy tackling this issue? Join us for a FedTalk about long-term care insurance in the United States.

Do you ever wonder how financial regulators like those with the Federal Reserve Bank of Cleveland assess the safety and soundness of our financial system? Join panelists from our Supervision, Credit Risk, and Statistics function for our May 2024 FedTalk about the Federal Reserve’s supervision role. From community banks to the largest banks and those in between, learn how the Federal Reserve Bank of Cleveland works to promote stable and efficient financial institutions. Speakers take audience questions following the presentation.

Join the Federal Reserve Bank of Cleveland for a conversation on how various community and education entities can collaborate to prepare the next generation of workers to effectively navigate the career landscape. Research has shown that students are lacking essential “soft” skills that prepare them for the workplace. With this growing matter of concern it’s more important now than ever to discuss how we can come together and support the development of our youth.

We start 2024 exploring some key indicators that economists will be watching with Federal Reserve Bank of Cleveland Research Director Ed Knotek. As research director, Knotek leads a team of economists who conduct research and analysis of economic conditions to inform monetary policy decisions and improve understanding of our economy. What indicators best reflect the path of inflation? How should we think about labor market strength and the health of the economy? How does what the public thinks will happen with inflation influence the economy’s trajectory? Following the presentation, Knotek takes audience questions.

According to a 2021 study by the Federal Deposit Insurance Corporation (FDIC), 4.5 percent of American households do not have a bank account. What do we know about why people do not hold bank accounts? What is the economic impact of not being part of the banking system? How successful have programs been at increasing the number of people who have bank accounts? Join us for a FedTalk to better understand the challenges faced by the unbanked and explore potential solutions.

How a country’s wealth is divided among its population, also called wealth distribution, is a product of multiple factors including income, household savings, and asset returns. Recent measures reveal the wealthiest 1 percent of American households typically holds more than 30 percent of the country’s wealth—an imbalance that is significant and of particular interest to economists. What causes wealth inequality and why does wealth distribution matter to economists and policymakers? Join the Federal Reserve Bank of Cleveland for a conversation about new ways to study wealth distribution and a question-and-answer session about the impact of wealth distribution and inequality in the United States.

The United States relies on its banking system for the smooth flow of money through the broader financial system and the economy at large. The Federal Reserve regulates and supervises banking institutions to ensure resilience in the financial system and to promote financial stability. Join the Federal Reserve Bank of Cleveland for a conversation about what the Federal Reserve learned during the financial crisis of 2008 that has contributed to a more resilient banking system that can withstand economic shocks such as the one experienced during the COVID-19 pandemic. Following the presentation on the evolution of banking conditions since 2008, a panel takes audience questions.

Join the Federal Reserve Bank of Cleveland for a program that explores why the US central bank exists and why it’s structured the way it is. A banking panic in 1907 is only one part of the Fed’s origin story to come from economist emeritus Owen F. Humpage, who explores the monetary, banking, and political developments that led to the creation of the Federal Reserve System. Questions arose then, in the early 1900s, about whether a decentralized system or centralized structure was best, and whether bankers or government should manage that system. The structure of the Federal Reserve System that emerged from the debates and compromises resembled nothing the world had ever seen. Architect Tom Veider also presents his research about the history of the Federal Reserve Bank of Cleveland’s building and its connections to Cleveland’s architectural past. After both presenters delve into the past, they take present-day audience Q&A.

Many lower-wage workers are familiar with the benefits cliff. This cliff occurs when an increase in a worker’s earned income causes a disproportionately greater loss of critical public assistance, from housing to childcare and healthcare benefits. A cliff can be prompted by a modest raise or a worker taking a new job with higher pay, or by someone rejoining the workforce after some time away. Sometimes the cliffs can be anticipated; often they are difficult to discern until a worker gets notice that they’ve lost a key benefit. It can be a disincentive to workers taking a job or wanting to advance in their career. In this FedTalk, learn how the benefits cliff impacts individuals and families, employers, policymaking, and the economy overall. Also learn about how some community organizations are working with state agencies and policymakers to make progress on the benefits cliff issue.

There are no quick fixes or one-size-fits-all solutions to the post-pandemic hiring and retention challenges reported by employers, particularly among lower wage workers or workers without a 4-year college degree. Learn about new research from the Federal Reserve Bank of Philadelphia on employers’ hiring and retention strategies before and after the pandemic, specifically focused on manufacturing and leisure/hospitality firms in the Northeast (PA, NJ and DE). Then hear about local research conducted with firms and workers in Northeast Ohio, and initiatives designed to strengthen the connection between lower wage workers and good jobs far into the future. Panelists discuss: What strategies such as greater flexibility or higher pay have employers tried and which have proven most effective? How might firms’ experience in Ohio differ from the Northeast or other regions of the US? Are there observable differences by employer size or industry? What strategies seem to have the greatest staying power as the economic environment shifts?

Today’s evolving economic conditions are influencing high school students from diverse communities to increasingly pursue working while attaining certifications and other post-secondary skills instead of pursuing full-time higher education. Join us as panelists provide insights on the decisions young adults who have yet to enter the professional world are making and the impacts those choices may have on the labor market, employers, and employees. Following the discussion, panelists take audience questions.

Whether it’s high or low, inflation is an ever-present factor in our daily lives, and bringing it down from today’s high levels is a top priority for the Federal Reserve System. But what does the Federal Reserve do to lower inflation? Join us for a conversation with economists from the Federal Reserve Banks of Cleveland, Atlanta, and St. Louis about inflation measures, the Fed’s tools for controlling inflation, and how expectations about inflation impact its actual trajectory, among other topics.

To kick off our 2023 FedTalk season, Senior Vice President Bruce Fallick, who leads the Cleveland Fed’s microeconomics research team, shares his views on the year ahead. We look at the current monetary policy landscape and the latest inflation data. Other topics include the labor market and the prospects for labor force growth in the year ahead. Following the presentation, Craig Sylvera, Research Economist with the Cleveland Fed’s Program on Economic Inclusion, moderates a discussion with Fallick and opens the floor to audience questions.