Fitting for a 5'0" lady
 

I am looking for a bike for my wife. She is 5'0". What I am looking for specifically is a steel framed endurance road bike with a 50/34 crankset and 11-32 cassette for $2000. Does anyone have any recommendations?

Bike manufacturers don't make bikes for short adults. They're flat out making bikes for medium height adults. At 5'0" you could do worse than looking at bikes for juveniles and modifying them.

My view is that what you wife needs is a custom bike built around short cranks in the order of 140mm to 150mm at a guess. Have a look at the thread, "road bike for short woman with long arms". While its not 100% relevant its quite relevant none the less.

Anthony