Sheet of freshly-printed $20 bills.

7.2 billion. That is how many Federal Reserve Notes the Board of Governors ordered with the Treasury’s Bureau of Engraving and Printing (BEP) in 2015. What factors influence the Board’s decision when calculating how much new U.S. currency to order every year?

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Features

Economic Letter

Optimal Policy and Market-Based Expectations

Posted April 13, 2015

Financial market prices contain valuable information about investors’ views regarding future interest rates, inflation, and other economic variables. However, such market-based expectations can be hard to interpret because changes in risk and liquidity premiums also affect asset prices. In practice, policymakers should be cautious in relying on the expectations information in market prices.

FedViews

FedViews: April 9, 2015

Posted April 13, 2015

Mary C. Daly, senior vice president and associate director of research at the Federal Reserve Bank of San Francisco, states her views on the current economy and the outlook.

The View from Here: 
The Economic Outlook and Its Implications for Monetary Policy

The View from Here: 
The Economic Outlook and Its Implications for Monetary Policy

Posted March 23, 2015

Presentation to Australian Business Economists

San Francisco, CA

Beige Book

Posted January 14, 2015

Summary of Commentary on Current Economic Conditions by Federal Reserve District

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American Currency Exhibit

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