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.”

“We have been responding vigorously on many fronts, and there is still more work to do,” she said, noting that despite progress, “it will take the work of many and a considerable amount of time for housing markets to fully recover.”

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