Economic Letter

Untangling Persistent versus Transitory Shocks to Inflation

How much persistent versus transitory forces contribute to inflation influences the Federal Reserve’s ability to achieve its goal of 2% average inflation over time. If elevated inflation is driven mainly by persistent shocks, then a stronger and longer-lasting policy response is likely to be needed to bring inflation back down.

Why Climate Risk Matters to Us

Promoting a healthy, stable economy requires us to consider current and future risks. Climate change is one of those risks. We need to study and understand how a changing climate may affect the safety and soundness of our economy. In turn, we're assessing how to incorporate these findings into our core functions and mandates, focusing on research, supervision, community, and operations.

Career Opportunities

The San Francisco Fed is dedicated to building an economy that works for everyone. We thrive on reflecting the people we serve by hiring talented individuals from diverse backgrounds and creating a culture of inclusion where people are respected for what they do and for who they are.