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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

Rate of Return on Housing

The Rate of Return on Everything

Over the past 150 years, the wealth of nations has grown faster than their economies. Which investments experienced the highest returns? The answer may surprise you.

Read more on SF Fed Blog

Economic Letter

The Disappointing Recovery in U.S. Output after 2009

Posted February 12, 2018

The slow U.S. output recovery is counter to normal expectations. Removing cyclical effects reveals that the deep recession was superimposed on a sharply slowing trend in underlying growth. This trend reflects two factors: slow growth of innovation and declining labor force participation. Both were present before the recession and thus were not the result of the crisis or subsequent policy changes.

View past Economic Letters

In the News

From the President

Expecting the Expected: Staying Calm When the Data Meet the Forecasts

February 7, 2018

Remarks at the Community Leaders Luncheon

Honolulu, Hawaii


Economic Outlook

February 12, 2018

Fernanda Nechio, research advisor at the Federal Reserve Bank of San Francisco, stated her views on the current economy and the outlook as of February 8, 2018.

From the Board

Beige Book

January 17, 2018

Summary of Commentary on Current Economic Conditions by Federal Reserve District

Officer Ron Carolina provides security and mentorship at the Fed and in San Francisco's Bayview neighborhood.

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