The outbreak of the novel coronavirus, or COVID-19, has severely disrupted economic activity through various supply and demand channels. In the past, sudden and outsized spikes in uncertainty have led to large and protracted increases in unemployment and declines in inflation. Monetary policy accommodation, such as interest rate cuts, can help cushion the economy from such uncertainty shocks.
A leadership lesson Mike Roberts carried from the U.S. Army into private banking and the Fed: "While not as dramatic in the civilian world, the decisions you make affect peoples' lives—their health, well-being, and happiness at work."
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.