Federal Reserve Bank of Cleveland

Last Friday, I had the pleasure of introducing Federal Reserve Bank of Cleveland President Beth Hammack to the wonderful community of Erie, PA. Our visit included a walking tour of downtown Erie, where we met small business owners to discuss economic conditions and learned about the innovative public-private partnerships that are fueling Erie's exciting redevelopment projects. Did you know that most of your favorite baked sweet goods are produced in Erie at JTM Foods, LLC ? Beth and I had the opportunity to tour the production facility and meet with employees to hear their perspectives on the economy and how they are managing higher prices for everyday essentials. Finally, our day concluded with a Fireside Chat where I had the opportunity to interview Beth about the current state of the economy. We also had the chance to ask questions of public, private, and civic leaders about the biggest opportunities and challenges in the Erie region. Thank you to Business Advisory Council members Kyle Hinsdale and Brandon Mendoza and the Erie Regional Chamber and Growth Partnership team for your assistance in organizing this wonderful day and to the dozens of community leaders, business owners, and residents for taking time to share their candid perspectives on the economy. Every city in the Fourth Federal Reserve District has its own story, and it's important for us to listen and understand what's happening in each community we serve.

What does the future of economics look like? I saw it firsthand at the Federal Reserve Bank of Cleveland 's Economic Scholars Program—and it's incredibly bright. The conference is entirely run and managed by undergraduate students from across the country and the world. They present their own research papers, act as discussants for each other's work, and moderate sessions. It gives them a real view into what a career in research actually looks like. While this event serves many purposes, I’ll admit that the Cleveland Fed has a selfish reason for hosting it. Since economics is at the center of much of the Fed’s work on behalf of the American public, we want to invest in emerging talent who will advance the field of economics. Thanks to all participants and congratulations to our presenters. And to our research, events, and AV teams: you make this program a success year after year.

Impactful community investment isn’t just about money; it’s about taking banking out of the ivory tower and solving problems on the ground. In the Federal Reserve Bank of Cleveland 's latest community development report, Merissa Piazza Ph.D. shows through firsthand accounts how CDFIs foster development in low- and moderate-income communities. Research like this matters because it helps inform the broader conversation about critical issues impacting these communities. Check out this report now and read firsthand insights from our CDFI contacts across the Fourth District: https://clefed.org/3Qlo5Eg Charlie Corrigan Averi Frost Stephanie Hightower (She/Her) Steve Fireman Inna Kinney Derrick R. Clay Brendon Cull Michael Stevens Michael Corey Seleshi Asfaw Lisa Nelson David A. Jackson