Park National Bank graciously shared some time with Fed - Cleveland CEO Sandra Pianalto with a few hundred of their friends and customers yesterday. It was a worthwhile sharing.
Pianalto shared some history and insight into the future of the Fed's role in the economy.
I particularly liked, when prompted, her comments on manufacturing. District 4 is, perhaps, the most manufacturing-oriented of the 12 Fed districts. What she has to say to Chairman Bernanke about manufacturing could carry some policy weight. So what she has to say bears repeating in my book.
Here's my paraphrasing of what she said:
She confirmed that District 4 (aka Fed - Cleveland) was "out performing the rest of the country" economically because of the "strength of manufacturing." She cited automotive industry up turns and exporting as the keys.
However, she cautioned the manufacturing sector could find things "more difficult to see going forward." In particular, she cited the economic situation in Europe and our manufacturers' needs to export to Europe causing negative consequences.
She also cited "uncertainty" as a reason our economy remains stalled. That shows she is listening, and she's right.
I'm in DC today and have some ammunition to add to my message while I'm here. Thanks, CEO Pianalto.
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