In an essay in the 2012 annual report, San Francisco Fed President and CEO John C. Williams explains why currency in circulation is soaring at the same time Americans are turning away from cash to pay for purchases. He also looks at the future demand for cash and the role the San Francisco plays to help the Federal Reserve distribute currency and ensure enough is in circulation.
2012 Annual Report Essay: Cash Is Dead! Long Live Cash!
Download the full annual report (pdf, 1.78 mb).