From the President

The Agency of Humanness

May 15–16, 2021
University of Missouri-Kansas City
Virtual Commencement Address

Economic Letter

Exploring the Safety Premium of Safe Assets

Investors are usually willing to pay a premium for a safe fixed-income asset in return for the convenience of its high quality and liquidity. Swiss bonds—widely considered to be extremely safe but not particularly liquid—can give some insights into how quality affects the premium. These bonds’ safety premium surged to persistently higher levels following the euro’s launch, but was later depressed.

A Thriving Labor Force Starts At Birth

Birth outcomes are a reflection of how well we are doing as a country. Unfortunately, we are doing poorly relative to comparable countries, even prior to the COVID-19 pandemic. Broadening the framework of how we think about health and developing approaches to interrupt cycles of intergenerational inequities is essential to our future labor force and to our economy on the whole.

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.