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To promote low inflation, full employment and financial stability, and provide services to financial institutions and the Treasury

SF Fed Blog

Pacific Exchange Best of 2018

The Federal Reserve Bank of San Francisco’s Pacific Exchange Blog covers issues important to banking in Asia and the Pacific Rim. Here’s a roundup of our five most popular posts of 2018.

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Economic Letter

Does Ultra-Low Unemployment Spur Rapid Wage Growth?

Posted January 14, 2019

The unemployment rate ended 2018 at just under 4%. Could such an ostensibly tight labor market lead to a sharp pickup in wage growth from its recent moderate pace? Investigations using state-level data show no economically significant nonlinearity between wage growth and unemployment that would predict an abrupt jump in wage growth.

View past Economic Letters

In the News

From the President

A Strong Economy—But We Can Aim Higher

November 12, 2018

Remarks made to the Regional Economic Development for Eastern Idaho
Idaho Falls, Idaho


Economic Outlook

January 14, 2019

Galina Hale, research advisor at the Federal Reserve Bank of San Francisco, stated her views on the current economy and the outlook as of January 10, 2019.

From the Board

Beige Book

December 4, 2018

Summary of Commentary on Current Economic Conditions by Federal Reserve District

"I'm at the center trying to make everything work so that the bank fulfills its strategic commitment to be diverse and inclusive," explains Lynn Reddrick.

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