Federal Reserve Bank of Cleveland

ALERT: Be aware of potentially fake online job postings that claim to be from the Federal Reserve. Always verify and apply to jobs on Federal Reserve System Careers or through verified Federal Reserve Bank social media channels. https://lnkd.in/g5RZwpJA

Bank net interest margins (NIM) have been historically stable in the US on average, but this stability deteriorated in the post-2020 period, particularly in the tails of the distribution. A Cleveland Fed researcher uses a novel approach to Bayesian dynamic panel quantile regression to document heterogeneity in US bank NIM estimated sensitivities to interest rates, credit risk, and own persistence in this recent working paper. See their findings: https://clefed.org/4i4Qg3r

Calling all digital access researchers! Submit your proposal to present at the Federal Reserve’s 2025 Digital Access Research Forum in Kansas City, September 16-18, 2025. This event brings together academics, researchers, community development practitioners and policymakers for impactful conversations around digital access research in areas such as labor market implications, program evaluation and outcomes measurement, and the benefits of digital access interventions in communities. Proposals are due by March 14. For more information, visit: https://lnkd.in/guN69zW7

The Beige Book is now live. Read these Fourth District key findings and more: https://clefed.org/3ih7pZx

??Early bird registration is now open! Registration has opened for the Cleveland Fed’s biannual Policy Summit. Join us in person in Cleveland or on online June 26–27, 2025. This two-day community development event is dedicated to best practices, policies, and programs affecting low- and moderate-income communities across the United States. Community development practitioners, policymakers, researchers, grantmakers, bankers, and students, plan to ?? Build relationships with peers across the country ?? Access timely research and best practices at the local, state, and federal levels ???? Learn how to design and implement impactful programs and strategies For future updates and more information, visit https://clefed.org/3WCxbwM #PolicySummit2025 #CommunityDevelopment #CityPlanning #LaborMarket #Housing #Policy #EconomicDevelopment #EconomicMobility #CommunityDevelopmentConference

The Federal Reserve System performs key functions that serve all Americans and promote the health and stability of the US economy and financial system. We are highlighting how we conduct the nation’s monetary policy. Learn more: https://bit.ly/41grwy6

According to the Small Business Credit Survey, 43% of small businesses reported revenue growth in the 2023 survey, triple the 14% who reported growth in 2020, during the COVID-19 pandemic. The latest report from the SBCS team, “2024 Main Street Metrics: Trends over Time from the Small Business Credit Survey,” summarizes years of data on US small businesses. See how small business trends have evolved since 2016: https://lnkd.in/eNmaiEhN

Emerging markets face large and persistent fluctuations in sovereign spreads. But to what extent are these fluctuations driven by local shocks versus financial conditions in advanced economies? To answer this question, Federal Reserve researchers develop a neoclassical business cycle model of a world economy with many emerging market economies and an advanced country, whose households invest in both domestic and international assets. See their findings: https://clefed.org/4hY4sLG

Calling all digital access researchers! Submit your proposal to present at the Federal Reserve’s 2025 Digital Access Research Forum in Kansas City, September 16-18, 2025. This event brings together academics, researchers, community development practitioners and policymakers for impactful conversations around digital access research in areas such as labor market implications, program evaluation and outcomes measurement, and the benefits of digital access interventions in communities. Proposals are due by March 14. For more information, visit: https://lnkd.in/guN69zW7

Meet Steve Klemencic, a manager in the Cleveland Fed’s Cash Department. He’s responsible for paying and receiving operations and has worked for the Bank for 16 years. As one of the managers overseeing cash operations, Steve is responsible for providing guidance to a team of a dozen employees. He works with this team to support its role in the daily processing of millions of dollars and the balancing of books to the penny. While no two days are the same, each requires teamwork to address challenges and keep cash processing moving forward. We asked him a few questions to get a peek into his experience working at the Fed, including some of his most rewarding moments and his hobbies outside of work: --- How do you wrap up your workday? “At the end of every day, I make sure that we are balanced down to the penny. Once verification is done, the closing process for the day can move ahead. This includes verifying that currency is properly stored in the vault and that the room is clear. I end the day the same way I began it: by checking in with the team and reviewing emails.” What are some challenges of your job? “Cash operations is demanding, both mentally and physically. The need to be perfect requires great attention to detail since the Bank handles millions of dollars. There are strict processes and procedures to be followed. Also, I’m constantly on my feet, bending over, pushing and pulling containers that can weigh up to 1,400 pounds, and picking up heavy bags of currency or coin. A workout is built into the job!” What do you find rewarding or enjoyable about your job? “The work is very rewarding because it impacts the public. However, the most fulfilling parts of the job are the people I work with and our working together to get the job done. No two days are the same in operations, and there are often challenges that need to be addressed. Working as a team to solve a problem is very rewarding.” How do you spend your time outside of the Bank? “When I’m not working, I spend time with my daughter. I’m a proud cheer and dance dad! My daughter even got me to do a father dance at a recent recital. I also enjoy family time that includes playing games, building with toy bricks, and taking nature walks.” How do you like to spend a rainy day? “I love to sit on the porch with my wife and daughter waiting for a storm to roll in.” --- #FederalReserve #CashOperations #DayInTheLife