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To promote low inflation, full employment and financial stability, and provide services to financial institutions and the Treasury

SF Fed Blog

Globe with Currency

Reports of the Death of Cash are Greatly Exaggerated

More payments are being made with a click, a tap, or a swipe, and it feels like we’re carrying fewer notes and coins than ever before. Many believe that the days of cash are numbered, but what do the data say?

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Economic Letter

A New Conundrum in the Bond Market?

Posted November 20, 2017

When the Federal Reserve raises short-term interest rates, longer-term Treasury rates are generally expected to rise. However, even though short-term interest rates are rising, Treasury yields have dropped since December 2016. Evidence suggests compelling explanations—a lower “normal” interest rate, the risk of persistently low inflation, and fiscal and geopolitical uncertainty—may account for the yield curve flattening.

View past Economic Letters

In the News

From the President

When the United States Sneezes…

November 16, 2017

Remarks at the 2017 Asia Economic Policy Conference: Monetary Policy Challenges in a Changing Global Environment
San Francisco, California


Economic Outlook

November 13, 2017

Adam Shapiro, research advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of November 9, 2017.

From the Board

Beige Book

October 18, 2017

Summary of Commentary on Current Economic Conditions by Federal Reserve District

Garret Lund began his unlikely career at the San Francisco Fed as a custodian known for his easy smile and cheery disposition. When a job opened in cash operations at the Salt Lake City branch, he was asked to apply. Now he's part of a tight-knit team responsible for keeping cash flowing throughout the 12th District.

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