The Federal Reserve Bank of Cleveland today announced that it has begun the search for the Bank’s new first vice president and chief operating officer.

The first vice president and chief operating officer is the second-ranking official of the Cleveland Reserve Bank, with responsibility for overseeing a broad range of services to financial institutions, the U.S. Treasury, and other stakeholders. The position also directs the Bank’s operations and risk management, has executive oversight of the Transforming Tax Collections program, and is accountable for fostering a corporate culture that embraces diversity, equity, inclusion, and opportunity.

Gregory L. Stefani, who has served as first vice president and chief operating officer with the Cleveland Fed since 2011, announced in May that he plans to retire from the Bank by January 31, 2022.

Dwight Smith, chair of the Bank’s board of directors, said, “As Greg demonstrated during his exemplary tenure, the position...

Are there well-paying jobs for people without a four-year college degree? If so, what (and where) are these jobs? The Cleveland Fed, in partnership with Atlanta and Philadelphia Feds, finds out. Read more.

Senior Policy Analyst

Kyle Fee conducts applied research and outreach related to economic development, workforce development, neighborhood development, and economic geography in the Fourth District.

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Every year in a normal economy, we see the prices for most everyday goods and services go up. This process, known as inflation, affects everyone: workers, businesses, people on fixed incomes, lenders and borrowers. But how much do you know about this important phenomenon in our economy?

Join us for a FedTalk featuring Robert Rich, senior economic and policy advisor and director of the Center for Inflation Research at the Federal Reserve Bank of Cleveland. Rob will explain what inflation is and isn’t, what factors influence inflation’s behavior, and how inflation fits into the objectives of the Federal Reserve.

A Q&A session will follow the presentation.

Presenter: Robert Rich, Senior Economic and Policy Advisor, Director of the Center for Inflation Research, Federal Reserve Bank of Cleveland

Businesses with no employees other than the owner often turned to personal funds in response to financial challenges during the pandemic. These nonemployers were less likely than employer firms to seek pandemic-related emergency funding and less likely to be approved.

Description: We calculate the median CPI and the 16 percent trimmed-mean CPI based on data released in the Bureau of Labor Statistics’ monthly CPI report. Median CPI is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes. 16 percent trimmed-mean CPI is a weighted average of one-month inflation rates of components whose expenditure weights fall below the 92nd percentile and above the 8th percentile of price changes. Benefits: By omitting outliers (small and large price changes) and focusing on the interior of the distribution of price changes, the median CPI and the 16 percent trimmed-mean CPI can provide a better signal of the underlying inflation trend than either the all-items CPI or the CPI excluding food and energy (also known as core CPI).

Do your students like scavenger hunts? With our Savvy Spender Scavenger Hunt challenge, they can have fun and learn budgeting skills at the same time. The goal is to find the best prices on tools and supplies to help get a community garden up and growing. Let's see how savvy they can be!

Description: We calculate the median CPI and the 16 percent trimmed-mean CPI based on data released in the Bureau of Labor Statistics’ monthly CPI report. Median CPI is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes. 16 percent trimmed-mean CPI is a weighted average of one-month inflation rates of components whose expenditure weights fall below the 92nd percentile and above the 8th percentile of price changes. Benefits: By omitting outliers (small and large price changes) and focusing on the interior of the distribution of price changes, the median CPI and the 16 percent trimmed-mean CPI can provide a better signal of the underlying inflation trend than either the all-items CPI or the CPI excluding food and energy (also known as core CPI).

Description: We report estimates of the expected rate of inflation over the next 30 years along with the inflation risk premium, the real risk premium, and the real interest rate. How we get our estimates: Our estimates are calculated with a model that uses Treasury yields, inflation data, inflation swaps, and survey-based measures of inflation expectations. Download our spreadsheet to see all the inflation expectations model’s outputs.

Engagement is a key part of what we do at the Federal Reserve Bank of Cleveland. To recommend a candidate to serve on one of the Federal Reserve Bank of Cleveland’s boards of directors, advisory councils, or other forms of engagement with the Federal Reserve Bank of Cleveland, complete and submit this form. Self-recommendations are also welcome.

If you have a question about our Bank’s recruitment process, please contact us.

Our mission is founded in public service—strengthening the economic performance of the nation and our region and making a difference in the communities we serve. At our Bank, you’ll get the benefits you need and have the work–life balance you want. Your health, finances, and professional achievement matter to us. And our culture is one of inclusion, in which diversity of thought is encouraged and uniqueness embraced.

Be part of something big. Be part of our future. Make the Federal Reserve Bank of Cleveland your next career move.

Businesses with no employees other than the owner often turned to personal funds in response to financial challenges during the pandemic. These nonemployers were less likely than employer firms to seek pandemic-related emergency funding and less likely to be approved.

The Federal Reserve Bank of Cleveland today announced that it has begun the search for the Bank’s new first vice president and chief operating officer.

The first vice president and chief operating officer is the second-ranking official of the Cleveland Reserve Bank, with responsibility for overseeing a broad range of services to financial institutions, the U.S. Treasury, and other stakeholders. The position also directs the Bank’s operations and risk management, has executive oversight of the Transforming Tax Collections program, and is accountable for fostering a corporate culture that embraces diversity, equity, inclusion, and opportunity.

Gregory L. Stefani, who has served as first vice president and chief operating officer with the Cleveland Fed since 2011, announced in May that he plans to retire from the Bank by January 31, 2022.

Dwight Smith, chair of the Bank’s board of directors, said, “As Greg demonstrated during his exemplary tenure, the position...

Engagement is a key part of what we do at the Federal Reserve Bank of Cleveland. To recommend a candidate to serve on one of the Federal Reserve Bank of Cleveland’s boards of directors, advisory councils, or other forms of engagement with the Federal Reserve Bank of Cleveland, complete and submit this form. Self-recommendations are also welcome.

If you have a question about our Bank’s recruitment process, please contact us.

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