The Federal Reserve Bank of Cleveland has released findings from a recent survey examining the expected impact of higher tariffs and changes to immigration policy on regional businesses. The survey, conducted from May 8 to 15, included companies within the Cleveland Fed’s District, which covers Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
According to the SORCE Insights report, 70% of surveyed companies anticipate that higher tariffs will negatively affect their operations. However, few respondents reported significant impacts from new immigration policies.
The Cleveland Fed is one of 12 regional Reserve Banks that make up the Federal Reserve System alongside the Board of Governors in Washington DC. It plays a role in shaping national monetary policy and supervises banking organizations while providing payment services to financial institutions and the US Treasury. Additionally, it engages in research, outreach, and educational activities aimed at supporting communities within its jurisdiction.
The bank’s efforts include producing indicators and datasets that inform public policymakers about economic conditions such as inflation and employment. These resources are intended to benefit both local communities within the Fourth Federal Reserve District and broader audiences across the United States.
For further details on these findings, readers can refer to “SORCE Insights: Expected Impacts of Higher Tariffs and Changes to Immigration Policy” or explore more data through “The Survey of Regional Conditions and Expectations.”
Chuck Soder can be contacted for more information at chuck.soder@clev.frb.org or by phone at 216.672.2798.
