The Paycheck Protection Program drove a record level of loan, deposit, and asset growth for Twelfth District banks in Q2. This influenced the composition of banks' balance sheets on both sides of the ledger and significantly altered key performance metrics.
From the President
October 13, 2020
University of California, Irvine
October 22, 2020
From the Board of Governors
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.
Community Development Research Briefs
First Glance 12L
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.
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.