President Daly Chats with TikTok Creator Kyla Scanlon on October 20, 2022

“It is important to recognize that high inflation is what we would call a regressive tax. It is affecting the very people who are the most affected by the pandemic and the very people who suffer from inequality already.” 

The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.