President Mester delivered remarks for a panel discussion at the Bank of Japan in Tokyo on May 28, 2024. The speech, titled “Forward Guidance and Monetary Policy Communications: Use Your Words and Connect the Dots,” focused on the importance of clear communication in monetary policy.

The Federal Reserve Bank of Cleveland, one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System, produces indicators and datasets to inform the public, policymakers, and researchers about economic conditions. These include inflation, employment, and risks to the financial system.

"Our research informs the public and policymakers by examining economic issues of importance to those in our local communities, across the nation, and around the world," stated President Mester.

Representing and gathering information from the Fourth Federal Reserve District—which spans Ohio and parts of Pennsylvania, West Virginia, and Kentucky—the Cleveland Fed aims to support both its region and communities nationwide. This is achieved through studying economic conditions that impact these areas, serving financial institutions, providing educational resources on economics including inflation basics, and maintaining financial stability for US Treasury operations.

"We serve the American people as part of the US central bank," Mester emphasized. "We support the US economy by studying economic conditions and issues that impact our communities."

The Cleveland Fed also supervises banking organizations within its district while offering payment services to financial institutions. Additionally, it performs activities supporting Federal Reserve operations system-wide.

Doug Campbell can be contacted for further details at doug.campbell@clev.frb.org or 513-455-4479.