The economy has improved, but much work remains, Federal Reserve Bank of Cleveland president and chief executive officer Sandra Pianalto said yesterday.

“Though we have seen some signs that the worst may be over, the housing industry is not out of the woods yet; nor is the broader economy,” she said at a housing conference in Ohio, according to a prepared text of her speech released by the Fed. “I expect our recovery to be a gradual and bumpy one.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.