Our Mission

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

SF Fed Blog

In Memory of T. Gary Rogers, Former Chairman of the Board of Directors

It is with deep sadness that we acknowledge the passing of Gary Rogers. Gary served on our Head Office board of directors from 2005 to 2010. He held the positions of deputy chairman from 2006 to 2008 and chairman of the board from 2009 to 2010.

Economic Letter

Reserve Requirements as a Chinese Macro Policy Tool

Posted May 22, 2017

China’s central bank frequently adjusts its reserve requirements for commercial banks to stabilize economic fluctuations. Adjustments affect the overall credit supply but can also lead to the reallocation of credit and capital. Evidence shows that increases in reserve requirements raise off-balance-sheet private lending at the expense of on-balance-sheet loans to less productive state-owned enterprises.

In the News

From the President

Preparing for the Next Storm: Reassessing Frameworks & Strategies in a Low R-Star World

May 5, 2017

Remarks to The Shadow Open Market Committee
New York, New York


Economic Outlook

May 15, 2017

Rhys Bidder, economist at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of May 11, 2017.

From the Board

Beige Book

April 19, 2017

Summary of Commentary on Current Economic Conditions by Federal Reserve District

Dan Fukuyama, the 12th District’s Fed Ambassador Program Manager, is known for creative business problem solving, a passion for public service, and for ramping up volunteer programs to achieve audacious goals.

Work for the Fed

Work for the Fed

We like to say we work for the Fed, not at the Fed. That’s because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.