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SF Fed Blog

Kenyatta Leal

Can Tech Jobs Lower Prison Recidivism Rates?

The Last Mile piloted its Code.7370 program at the San Quentin State Penitentiary in 2014. Now in four California prisons, it teaches computer coding skills to inmates, providing a framework for change and path to employment.

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Economic Letter

Stock Market Valuation and the Macroeconomy

Posted November 13, 2017

History suggests that extreme run-ups in the cyclically adjusted price-earnings ratio are a signal that the stock market may be overvalued. A simple model using macro variables can account for most of the run-up since 2009. The model predicts a modest decline in the ratio over the next decade, implying lower stock returns then when the ratio was rising.

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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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