Economic Letter

Do Households Expect Inflation When Commodities Surge?

Household surveys indicate that consumers expect higher inflation this year, as the U.S. economy rebounds. This has coincided with a surge in commodity prices, as strong demand for goods is catching producers with low supplies. However, since surges in commodity prices are transitory, their effects on inflation expectations—particularly long-term expectations—are modest and short-lived.

Confronting Inequity: A Framework for Change

The San Francisco Fed is taking concrete and measurable actions to increase racial equity in our organization and communities. Read about our new Framework for Change to see how we are holding ourselves accountable.

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.