IBM proof machines, 1951. These check processing machines were first installed at the San Francisco head office in 1944. By 1951, San Francisco had 37 machines in operation.

The San Francisco Federal Reserve Bank celebrated its 100th anniversary last May. It’s an ideal time to reflect on the role the SF Fed has played in the major changes in the American economy over the past century. As SF Fed President John Williams said in a 2013 essay, the bank’s first hundred years was “a century of reinvention.”


Economic Letter

Global Aging: More Headwinds for U.S. Stocks?

Posted December 22, 2014

Baby boomer retirement is expected to severely cut U.S. stock values in the near future. This raises the question of how global population aging might affect the equity market. Because the strong relationship between demographics and equity values do not hold true in other industrial countries, additional headwinds appear unlikely.


FedViews: December 11, 2014

Posted December 19, 2014

Daniel Wilson, research advisor at the Federal Reserve Bank of San Francisco, states his views on the current economy and the outlook.

Inflation Targeting and the Global Financial Crisis:  Successes and Challenges

Inflation Targeting and the Global Financial Crisis: Successes and Challenges

Posted October 31, 2014

Essay presentation to the South African Reserve Bank Conference on Fourteen Years of Inflation Targeting in South Africa and the Challenge of a Changing Mandate
Pretoria, South Africa

FOMC Statement

Posted September 17, 2014

Federal Reserve issues FOMC statement

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American Currency Exhibit

Our district houses one of the most significant currency exhibits in the world.