The economy and the labor market have improved substantially since the Federal Reserve
started its current $85 billion monthly asset purchase program last September. However, it will
take further gains to demonstrate that the “substantial improvement” test for ending Fed asset
purchases has been met. The following is adapted from a presentation by the president and
CEO of the Federal Reserve Bank of San Francisco at the Portland Business Journal’s CFO of the
Year Awards Luncheon in Portland, Oregon, on May 16, 2013.
Opinions expressed in FRBSF Economic Letter do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System. This publication is edited by Sam Zuckerman and Anita Todd. Permission to reprint must be obtained in writing.
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