Loretta J. Mester is the eleventh president and chief executive officer of the Federal Reserve Bank of Cleveland. Prior to her June 2014 appointment, she had been executive vice president and director of research at the Federal Reserve Bank of Philadelphia, where she was also the chief policy advisor. She joined the Philadelphia Fed in 1985. Her areas of research expertise include the organizational structure and productive efficiency of financial institutions, financial intermediation and regulation, agency problems in credit markets, credit card pricing, central bank governance, and inflation. Her comments will focus on recent trends and current economic conditions in Northeast Ohio and around the nation.