Economic Letter

Assessing Recent Stock Market Valuation with Macro Data

History suggests the cyclically adjusted price-earnings (CAPE) ratio may indicate an overvalued stock market. A model that uses economic variables can help account for movements in the ratio over the past six decades. Recent estimates suggest investors have reacted to macroeconomic uncertainty very differently during the COVID-19 outbreak than they did during the financial crisis.

Investing in the Future of Child Care

Through this initiative, the San Francisco Fed is taking a deep dive into the challenges facing the child care market as well as the investments and partnerships needed to support child care providers.

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.