From the President

The Choice to See

May 12, 2023

Watch President Daly’s keynote address at the 2023 commencement ceremony for the USC Sol Price School of Public Policy.

Economic Letter

How Much Do Labor Costs Drive Inflation?

Tight labor markets have raised concerns about labor costs’ role in persistently high inflation readings. Policymakers are paying particular attention to nonhousing services inflation. Analysis shows that higher labor costs are passed along to customers in the form of higher nonhousing services prices, however the effect on overall inflation is very small.

The SF Fed’s Commitment to Equity

The San Francisco Fed is dedicated to building an economy that works for everyone and helping ensure all Americans—regardless of gender, race or ethnicity, geography, ability, or socio-economic status—have the opportunity to fully realize their potential.

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.