SF Fed Blog
Beyond the Numbers: The Path Forward for Commercial Real Estate in the Twelfth District
An important driver of the Twelfth District’s economy, Commercial Real Estate has attracted growing attention as an area of potential economic weakness. To understand the outlook for this vital sector, we talked with commercial real estate executives about the opportunities and challenges they see ahead. Read more
Data Revisions and Pandemic-Era Excess Savings
U.S. household savings rose and fell at unprecedented rates since the onset of the pandemic recession. Comprehensive data revisions by the Bureau of Economic Analysis show that households continue to hold significantly more savings than previously estimated. Our updated estimates suggest that more than $400 billion of accumulated excess savings remains in the aggregate economy, and those funds are likely to continue being drawn down into the first half of 2024. Read more
Around the District: Seattle, Washington
The SF Fed seeks out real-time information on economic conditions around the Twelfth District by engaging with and learning from businesses, community organizations, and local leaders. Here’s a snapshot of a recent meeting with the Seattle Latino Metropolitan Chamber of Commerce from Darlene Wilczynski, Regional Executive of the SF Fed’s Seattle branch. Read more
Around the District: Las Vegas, Nevada
The SF Fed seeks out real-time information on economic conditions around the Twelfth District by engaging with and learning from businesses, community organizations, and local leaders. Here’s a snapshot of a recent tour of Boxabl from Deborah Campbell, a regional engagement officer covering southern Nevada at the SF Fed. Read more
How Are Small Businesses in the Western U.S. Faring?
When more business owners complete the Small Business Credit Survey, more in-depth analysis on business needs is possible. Take or share the survey today. Read more
Post-Pandemic Poverty is Rising in America’s Suburbs
AVP of Community Development Research Elizabeth Kneebone and her co-author examine what the geography of poverty in America looks like 10 years after the publication of their book Confronting Suburban Poverty in America. Read more
Building Resilience to Economic Impacts of Wildfire Smoke
To better understand how stakeholders across the Twelfth District are navigating the economic impacts of increasing wildfire smoke and their actions to build resilience to these impacts, the SF Fed hosted a webinar in August with industry, small business, and community leaders. Here are our top takeaways. Read more
Around the District: Salt Lake City, Utah
The SF Fed seeks out real-time information on economic conditions around the Twelfth District by engaging with and learning from businesses, community organizations, and local leaders. Here’s a snapshot of a recent meeting at Salt Lake Community College from Becky B. Potts, Regional Executive of the SF Fed’s Salt Lake City branch. Read more
Around the District: Kern County, California
The SF Fed seeks out real-time information on economic conditions around the Twelfth District by engaging with and learning from businesses, community organizations, and local leaders. Here’s a snapshot of a recent visit to Kern County from Qiana Charles, Regional Executive of the SF Fed’s Los Angeles branch. Read more
Union Leaders Discuss the Economy
In a recent roundtable with the SF Fed, Pacific Northwest union leaders described how recent high inflation was affecting their members. Read more
Excess No More? Dwindling Pandemic Savings
U.S. household savings rose and fell at unprecedented rates since the onset of the pandemic recession. Updated estimates suggest that only a small fraction of accumulated excess savings remains in the aggregate economy and that those funds are likely to be depleted during the third quarter of 2023. Read more
Watch FOMC Rewind: What the Fed’s July 2023 Policy Decision Means for You
What was the Fed’s July 2023 policy decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Beyond the Numbers: Uncertain Economic Conditions Continue in the Twelfth District
To capture insights about our District’s evolving economic situation, we conducted listening sessions with community and business leaders to discuss the state of the labor market, the ongoing impact of higher prices, and other economic conditions across the Twelfth District. Read more
Beyond the Numbers: Twelfth District Commercial Real Estate Executives Forecast a Mixed Outlook
Commercial Real Estate is one of the most powerful drivers of the Twelfth District’s economy. To understand the outlook for this vital sector, we talked with commercial real estate executives about the opportunities and challenges they see ahead. Read more
Visiting Scholar Q&A: Multi-Family Homeownership as a Strategy for Improving Regional Economic Participation in Low- and Moderate-Income Communities
Visiting Scholar Dr. Alex Schafran discusses multi-family homeownership and its connection to regional equity and labor market participation in a Q&A with one of our Community Development researchers. Read more
The Promises and Pitfalls of Housing Search Digitalization
In principle, digitalization can equalize access to housing search information and diversify information supplies. In practice, this promise is muted by a range of drawbacks. Three areas in particular underscore the opportunities and challenges inherent in housing search digitalization to date: improving information sharing, fostering nontraditional mobility, and shifting power dynamics. Read more
Beyond the Numbers: Insights from Latina Business Leaders in Southern California
Representing 31% of the Twelfth District population, Latinos are a vital part of our District’s economy. In two recent roundtables, Latina business owners across a wide range of sectors shared how they’re experiencing current economic conditions in Southern California. Read more
Learning from Alaska Native, Native American, Native Hawaiian, and Indigenous Communities
Chad Marchand, sr. outreach manager focused on Tribal and Indigenous communities, had the opportunity to meet and engage with leaders from Alaska Native, Native American, Native Hawaiian, and Indigenous communities over the last several months. Here’s what he learned so far—and how we’re planning to strengthen our relationships with communities across the Twelfth District. Read more
Beyond the Numbers: Listening to Higher Education Leaders about Post-Pandemic Challenges
The pandemic severely disrupted universities and community colleges. In a recent roundtable with President Mary Daly, Twelfth District higher education leaders discussed the significant challenges they continue to grapple with. Read more
Questions on Inflation and the Economy? Watch the Quick Clips from Ask the SF Fed
Questions on Inflation and the Economy? Watch the Quick Clips from Ask the SF Fed. Sylvain Leduc, Director of Economic Research, answered a set of pre-submitted questions from the public during our event on February 7, 2023. Read more
Understanding Climate Risk: What We Learned from Twelfth District Clean-tech Leaders
How do we make the most of green innovation to manage climate risk? In a recent roundtable with Sylvian Leduc, Executive Vice President and Director of Research at the SF Fed, and Laura Choi, the Bank’s Senior Vice President for Public Engagement, leaders from the Twelfth District’s clean-tech sector shared their insights on the role new technology plays in developing a more sustainable economy. Read more
Community Resilience and Disaster Recovery in Northern California
At the five-year anniversary of the Tubbs Fire, the SF Fed visited a redevelopment site in Santa Rosa and spoke with community leaders about the progress being made and the challenges they continue to face in rebuilding. Here’s what we learned. Read more
Watch FOMC Rewind: What the Fed’s February 2023 Policy Decision Means for You
What was the Fed’s February 2023 policy decision? And how does it affect you? FOMC Rewind breaks it down. Read more
A Conversation with Mark Gould on FedNow and the Future of Payments
Mark Gould, the Federal Reserve System’s chief payments executive, discusses the launch of FedNow and why he’s excited to deliver the closing remarks at the 2023 Fintech: Innovation, Inclusion and Risks Conference in Santa Clara, CA. Read more
Rising Interest Rates Dampen District’s Housing Market Activity
Supervision + Credit’s quarterly First Glance 12L report that rising interest rates weighed on District housing market activity, with prices declining since May and existing home sales settling at their lowest level since early 2008. Read more
Watch FOMC Rewind: What the Fed’s December 2022 Policy Decision Means for You
What was the Fed’s December 2022 policy decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Finding a Way to Measure How Tight Monetary Policy Is
How can we gauge the tightness of monetary policy? The SF Fed’s new monthly Proxy Funds Rate page focuses on financial market indicators to measure monetary policy tightness beyond what the federal funds rate level can show. Read more
Our commitment to supporting Alaska Native, Native American, Native Hawaiian, and Indigenous communities
The voices from Alaska Native, Native American, Native Hawaiian, and Indigenous communities are needed for the Federal Reserve’s work to help create an economy that works for all. As the first Senior Outreach Manager for Tribal and Indigenous Communities, Chad Marchand shares his plan to help advance equitable economic opportunity for Indigenous people and communities. Read more
Watch FOMC Rewind: What the Fed’s November 2022 Policy Decision Means for You
What was the Fed’s November 2022 policy decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Perspectives from Idaho
To succeed at the highest level, and to be inclusive so that everyone in a community can participate in that success, we need to work collaboratively. Leilani Barnett shares highlights from the Idaho Rural Success Summit, a cross-sector collaboration, which sought to spotlight successful examples of rural community development. Read more
How Is Inflation Affecting Our Paychecks? Watch Our Latest Tutorial Video
Have people’s earnings kept up with inflation since the pandemic recession? Our new video teaches you how to compare nominal and real earnings using the SF Fed Data Explorer. Read more
Beyond the Numbers: Amidst Signs of Progress, Inflation Concerns Persist in the Federal Reserve’s Twelfth District
To get a sense of how economic conditions have–or have not–evolved over the last six months, the SF Fed sat down again with Twelfth District leaders in August. In this edition of our “Beyond the Numbers” series, we listened and learned how rising prices are affecting housing, employment, and non-profits. Read more
Loan Growth Accelerates as Bankers Note Caution for Rest of 2022
Supervision + Credit’s quarterly First Glance 12L report notes that median loan growth accelerated to nearly 16% year-over-year among District banks, but bankers remain cautious about the economy. Read more
Meet Our New Chief of FedCash Services, Kathleen Young
We’re excited to announce that Kathleen Young was selected as the San Francisco Fed’s new Executive Vice President and Chief of FedCash Services. Get to know her better with these fun facts. Read more
What We Learned about Residential Instability in the Bay Area during COVID-19
Read our top takeaways from a new research brief that examines residential instability in the Bay Area during the first year of the COVID-19 pandemic. Read more
Watch FOMC Rewind: What the Fed’s September 2022 Policy Decision Means for You
What was the Fed’s September 2022 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Understanding Climate Risk: What We Learned from Workforce Development Professionals
The SF Fed’s Community Development team recently held a roundtable focused on understanding the impact of climate risk on the workforce in low-and moderate-income communities. Here’s what we heard. Read more
Charting New Stories with SF Fed Data Explorer
Digging beyond the headline data can give a fresh perspective on how the economy is affecting different groups. Our new SF Fed Data Explorer provides an interactive charting tool to learn more about the U.S. labor market. Read more
Investing in Community Infrastructure to Support Thriving Economies
The 2022 National Interagency Community Reinvestment Conference provided community development practitioners with Community Reinvestment Act (CRA) training and the opportunity to reflect on lessons learned from the past two years. Check out part two of a series that shares insights from the conference held this past March. Read more
Community Conditions: A New Section in the SF Fed’s Beige Book Report
To better communicate economic conditions in our District as reported by business and nonbusiness leaders across the region, the SF Fed is introducing a new section to its Beige Book report. “Community Conditions” will focus on economic conditions at the level of local communities and groups. Read more
Summer Climate Risk in Los Angeles: Wildfire Smoke’s Disparate Community Impact
At the SF Fed, we’re conducting research to quantify the economic impact of wildfire smoke across the region because climate risk affects our core responsibilities of conducting monetary policy, regulating and supervising the bank system, and ensuring a safe and sound payment system. Our Community Development team looked at wildfire smoke in the LA region over time and its potential effects on the economy and disadvantaged populations. Here’s what we learned. Read more
Understanding Climate Risk: What We Learned from Twelfth District Utility CEOs
Utilities are at the forefront of managing climate risk. In a recent roundtable with President Mary Daly, CEOs from the Twelfth District’s utility sector shared their insights on this vital aspect of their business. Read more
Promoting Economic Participation through Regional Equity
What is regional equity? How does it impact the economy? What are indicators of regional equity, and what are the considerations for policymakers? Senior Researcher Elizabeth Mattiuzzi examines these questions and how regional equity relates to the SF Fed’s work. Read more
Watch FOMC Rewind: What the Fed’s July 2022 Policy Decision Means for You
What was the Fed’s July 2022 policy decision? And how does it affect you? FOMC Rewind breaks it down. Read more
With COVID Now in Year Two, Some Consumers Return to Cash Payments
Emily Cubides and Shaun O’Brien share key findings from the 2022 Diary of Consumer Payment Choice. Read more
Feeling the Effects of Drought in the Twelfth District
The Supervision + Credit team’s quarterly First Glance 12L report notes drought-related impacts pose challenges to the Twelfth District financial institutions, residents, and businesses alike. Read more
Origin Stories: Meet SF Fed’s Diverse Suppliers
Wayne Armoogam, Luminous Egress
Get to know Wayne Armoogam of Luminous Egress, one of SF Fed’s diverse supplier partners who is helping our communities thrive. Read more
Understanding Climate Risk: What We Learned from CDFIs
The SF Fed’s Community Development team recently held a roundtable focused on understanding the impact of climate risk on Community Development Financial Institutions (CDFIs) and the important work they do in LMI communities. Here’s what we heard. Read more
Overhauling the CRA to Address Financial Inclusion
The Community Reinvestment Act hasn’t had a major update since 1995. The Fed says it’s time to update and modernize the regulation to better achieve the core purpose of this historic law in meeting the needs of low- and moderate-income Americans. Read more
Watch FOMC Rewind: What the Fed’s June 2022 Policy Decision Means for You
What was the Fed’s June 2022 policy decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Origin Stories: Meet SF Fed’s Diverse Suppliers
Caron Ng, NU-SET
Get to know Caron Ng of NU-SET, one of SF Fed’s diverse supplier partners who is helping our communities thrive. Read more
Reimagining Financial Systems to Create Thriving Economies
The SF Fed’s Community Development team offers lessons learned from the 2022 National Interagency Community Reinvestment Conference (NICRC), which sought to spark ideas, conversations, and actions to reimagine the community development field. Read more
Perspectives from Alaska
Meeting with business and community leaders throughout our District is a key component of the Fed’s work. Recently, SF Fed Regional Executive Darlene Wilczynski visited Alaska, where she learned about the state’s unique economic challenges and opportunities. Read more
60-Second Explainer: How the Fed is Working to Lower Inflation
How is the Fed working to lower inflation? The first video in our 60-Second Explainer series provides a quick review of how higher interest rates can help bring inflation down. Read more
Understanding Climate Risk: What We Learned from Twelfth District Agriculture CEOs
How do the farmers, ranchers and food producers view climate risk? In a recent roundtable with President Mary Daly, CEOs from the Twelfth District’s agricultural sector shared their insights on managing climate risk. Read more
The Role of Care Work in Pandemic Recovery
Our most recent Fed Listens event brought researchers and leaders together to explore how better supporting care work can contribute to a more inclusive economic recovery. Here are four takeaways from the discussion. Read more
Watch FOMC Rewind Live, May 2022 – Insights on Fed Policy Announcements
How is the Federal Reserve working to bring inflation back down? Research Director Sylvain Leduc discusses the Fed’s recent policy decision in our May 2022 FOMC Rewind Live video. Read more
Housing and Access to Credit Are Two Sides of the Financial Inclusion Coin
While insufficient access to financial systems is understood as a problem for people with low incomes, SF Fed senior researcher in Community Development, Rocio Sanchez-Moyano, looks at how people of color and immigrant communities struggle for financial equity, independent of income levels. Read more
Listen to Learn, Engage to Serve: Becoming a Community-Engaged Bank
Robust and meaningful engagement with the people we serve isn’t a ‘nice-to-have.’ It’s a ‘must-have.’ SF Fed Senior Vice President of Public Engagement, Laura Choi is developing effective ways for two-way dialogue to listen and represent all communities across the Twelfth District. Read more
Graduate Students Unlock New Insights into Economic Inequity
The San Francisco Fed’s Economic Research Department congratulates Aina Krupinski Puig and Hina Usman as the authors of the essays selected in our first “Unlocking Our Potential” graduate student essay contest. “These essays help shed new light on the impact of gender and racial inequities, which have a real economic cost for every American,” said SF Fed Research Director Sylvain Leduc. Read more
Watch FOMC Rewind: What the Fed’s May 2022 Decision Means for You
What was the Fed’s May 2022 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
SF Fed Visiting Scholar named 2022 Clark Medalist
The American Economic Association named Oleg Itskhoki the best young American economist for 2022. This John Bates Clark medalist contributes to the San Francisco Fed through his work as a visiting scholar in Economic Research. Read more
Watch FOMC Rewind Live—Conversations Breaking Down Fed Policy Announcements
How did the strong labor market and inflation factor into the Fed’s March 2022 decision? Research Director Sylvain Leduc breaks down the policy announcement and gives some context in our first FOMC Rewind Live video. Read more
Watch: Will Rising Rents Push Up Future Inflation?
Rising rents account for a significant portion of recent inflation. Estimates of how rent inflation typically responds to two leading indicators—current asking rents and current house prices—can help forecast the path of overall inflation for the next two years. Read more
Commercial Real Estate’s Bumpy Road to Recovery
The Supervision + Credit team’s quarterly First Glance 12L report notes an uneven recovery for commercial real estate in the fourth quarter of 2021, with historically strong performance for the industrial and apartment sectors, but an uphill battle for parts of the office sector. Read more
Watch FOMC Rewind: What the Fed’s March 2022 Decision Means for You
What was the Fed’s March 2022 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Understanding Climate Risk: What We Learned from Businesses
To better understand how businesses are perceiving and adapting to a changing climate, the San Francisco Fed surveyed businesses throughout the nine Western states in our District. The wide range of responses included financial services, retail trade, and real estate businesses. Read more
How Do Homeowner Experiences Vary by Race and Ethnicity? Neighborhood Differences between Hispanic and White Homebuyers
Rocio Sanchez-Moyano, senior researcher in Community Development, shares findings of significant differences between Hispanic and White homebuyers—even when they had similar financial and demographic profiles and were buying homes of the same value within the same metros. Read more
Beyond the Numbers: Inflation Concerns in the Federal Reserve’s Twelfth District
To help guide her decision-making about the scale and scope of the Fed’s actions, President Daly has stressed the importance of hearing the stories beyond the inflation numbers dominating the headlines. To that end, the San Francisco Fed is listening to and learning from the District’s communities and businesses so we can understand how rising prices are affecting household budgets and bottom lines. Read more
Understanding Climate Risk: What We Learned about the Impact of Climate Risk on Affordable Housing Development
In a continuation of our Understanding Climate Risk series, our Community Development team highlights takeaways from their recent roundtable discussions with community development professionals about the impact of climate risk on affordable housing development. Read more
David Jackson — Life, Career and Poetry
In honor of Black History Month, David Jackson, a Generalist and 17-year veteran of the SF Fed, explores his life, career, poetry, and inspirational Black figures. Read more
What to Know to Succeed at Your Internship
Your internship may take on a number of forms: from remote, to in-person, to some hybrid of both. But no matter how you perform your internship, we’re confident you’ll do a great job. We’ve compiled a few tips from former interns and their managers to help you to make the most of the experience from wherever you are. Read more
Watch FOMC Rewind: What the Fed’s January 2022 Decision Means for You
What was the Fed’s January 2022 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Supply Chain and Labor Shortages Dampen Q3
For the 12th District’s third quarter of 2021, it remained a tale of shortages: labor and supply chains. The Supervision + Credit team’s quarterly First Glance 12L report notes supply chain hurdles continued across the District, impacting the labor market and inventory prices. Read more
2021: A Look Back
Unreserved opportunity is the touchstone that guides our work at the San Francisco Fed, and this was evident in 2021. As we begin 2022, may we continue to learn from the challenges of the past year, as well as find inspiration in our successes. Read more
Our 2021 Year in Review
As 2021 draws to a close, we look back at how we’ve learned, adapted, and grown over the past year. Read more
Meet Our New First Vice President Sarah Devany
From barre to books to riding BART, here are some fun facts about our new FVP and COO. Read more
Watch FOMC Rewind: What the Fed’s December 2021 Decision Means for You
What was the Fed’s December 2021 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Essay Contest: Unlocking Our Potential
How do gender and racial inequities affect the economy? The “Unlocking Our Potential” essay contest invites graduate students to share their insights and analysis for a chance to win an internship and cash prize. Read more
Understanding Climate Risk: What We Learned from Community Development Professionals
In the first post of our Understanding Climate Risk series, our Community Development team highlights five takeaways from their recent climate risk survey of community development practitioners. Read more
Advancing Equitable Access to Small Business Credit
How can we make credit more accessible to small business owners of color and those in underserved communities? A recent SF Fed event points to partnerships and collaborations, right-sizing risk assessment for prospective borrowers, and leveraging technology. Read more
Supplier Diversity: Confronting Inequity for Greater Shared Prosperity
Assistant Vice President of Supplier Diversity and Business Partners Lynn Reddrick discusses the positive impact of organizations diversifying their suppliers. She shares her team’s target spend to diverse suppliers over the next five years and how they plan to meet their goal. Read more
Watch FOMC Rewind: What the Fed’s November 2021 Decision Means for You
What does the Fed’s November 2021 FOMC decision mean for you? FOMC Rewind breaks it down. Read more
What We’ve Learned about Fintech, Racial Equity, and Financial Inclusion
For the launch of latest issue of Community Development Innovation Review, the SF Fed and Aspen Institute Financial Security Program partnered to host a discussion on the opportunities technology can create to support economic inclusion and address racial inequities through decreased costs, mobile access, and redefining consumer risk. Get key takeaways from the event. Read more
Mothers in the Pandemic: What Workplace Changes Will Help Them Rejoin the Labor Force?
Mothers from low-to-moderate income families of color dropped out of the workforce more than others during the pandemic. As the economy recovers, what changes will be most effective to help these mothers return to work? Watch our short animated Economic Letter to find out. Read more
Pandemic Brings Increase in Fraud
The Supervision + Credit team’s quarterly First Glance 12L report spotlights fraud trends within the 12th District. Read more
Celebrating Hispanic Heritage—What Does My Latinidad Mean to Me?
This Hispanic Heritage Month, the San Francisco Fed’s Hispanic employee resource group Unidos is excited to raise awareness about Latinos’ impact on the U.S. and highlight their culture and their contributions to the U.S. economy. Unidos member Patricia Veliz shares her story of Latinidad with Unidos Co-Chair Elizabeth Parrott. Read more
Watch FOMC Rewind: What the Fed’s September 2021 Decision Means for You
How does the Fed’s September 2021 FOMC decision affect you? FOMC Rewind breaks it down. Read more
SF Fed Recognized as #2 Company for Working Parents
The San Francisco Fed’s commitment to our employees and their families has been recognized by Seramount, who named the San Francisco Fed the #2 company on their lists: 100 Best Companies for working mothers and Best Companies for Dads. Read more
Unreserved Opportunity: Telling Our Public Service Story
Today, the San Francisco Fed is introducing our new brand that conveys one thing: we work for you. Read more
As COVID Continues, More People Pay for their Purchases from a Distance
Lead Data and Policy Analyst Shaun O’Brien shares key findings from the 2021 Diary of Consumer Payment Choice. Read more
Three Takeaways from “Addressing Climate Risk through Equitable Community Development” Webinar
Climate change is creating risks for the economy, financial system, and our communities. Our recent webinar examined the risks climate change poses to the economy and financial system and the implications of these risks for low-income communities and communities of color. Here are key takeaways from the discussion. Read more
First Half of 2021 Indicates Continued Labor Market Recovery
The Supervision + Credit team’s quarterly First Glance 12L report shows that the labor market has a long way to reach pre-pandemic levels but continues to improve. Read more
What Is Full Employment?
Companies are having a hard time finding workers, but past experience suggests this won’t persist. SF Fed President Mary Daly shares that people want to work, so there’s no reason to expect them to stay on the sidelines permanently. Read more
Watch FOMC Rewind: What the Fed’s July 2021 Decision Means for You
What was the Fed’s July 2021 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
Real Estate Growth Driven by Supply and Demand in Q1
The Supervision + Credit team’s quarterly First Glance 12L report shows that housing inventory became exceptionally tight in 2021’s first quarter, leading to slower sales, but higher home prices. Read more
Creating an On-Ramp for Financial Inclusion
In Financial Inclusion & Beyond, a new podcast series and its related virtual event, the SF Fed Fintech team explores lessons from around the world in using technology and public policy to build more inclusive financial systems and drive financial health. Read more
New Future of Work Survey: What Will the Post-Pandemic Workplace Look Like?
What changes are in store for the workplace in the wake of the COVID-19 pandemic? Business leaders from across our District’s nine western states plan to prioritize worker needs and safety when deciding how to move forward, according to our New Future of Work survey. Read more
How Are Racial and Gender Gaps Limiting the Full Potential of Your State’s Economy?
Imagine if racial and gender gaps did not exist in your state. What would be gained? We invite you to explore this question in a new interactive data simulation by FedCommunities. Read more
Watch FOMC Rewind: What the Fed’s June 2021 Decision Means for You
What was the Fed’s June 2021 decision? And what does it mean for you? FOMC Rewind breaks it down. Read more
What’s Behind the Recent Rise in Core Inflation?
As the COVID-19 pandemic disrupted the economy last spring, inflation fell dramatically. One year later, the opposite is occurring with inflation surpassing 3%. Health care and used cars are the main drivers for the recent spike in prices and their increases are expected to be short-lived. Read more
Moving the Needle on Board Diversity
Senior VP of Public Engagement Robin Rockwood explores the importance of diversity and sets a new goal for representation in the board room. She also details how the Bank’s dedication to inclusion and equity in the community improves the quality of deliberation and decision-making. Read more
Privacy Enhancing Technologies: What Are They and Why Do They Matter?
The debate over data collection and use in the United States continues amidst the global COVID-19 pandemic and the associated economic recovery. How can we create products and services that are effective while also minimizing data-related risks such as breach and misuse? Fintech Policy Advisor Kaitlin Asrow discusses the potential and challenges of PETs. Read more
How Does Wildfire Risk Affect the Economy?
Wildfires affect more than just empty forests and fields. Homes, businesses, and lives can all be damaged by them. And the cost of providing relief and preventing wildfires has long-term financial ramifications. It’s necessary to understand wildfire risk to see how climate change will affect the future of the economy. Our one-minute animated Economic Letter explains. Read more
Weighing the Role of Supply Bottlenecks in Core PCE Inflation
Heightened demand and associated supply bottlenecks related to business disruptions during the pandemic have pushed up prices for some products. Goods prices have been the most directly affected, but they represent a smaller share of total U.S. consumer spending than services, mitigating the overall inflation risk. Read more
Mothers in a Pandemic Labor Market
COVID-19 disrupted all aspects of life, leading to steep declines in labor force participation across genders, races, and ethnic groups. Mothers experienced sharper and longer-lasting declines than fathers, and participation rates for Black mothers and Hispanic mothers were among the most affected. Read more
Watch FOMC Rewind: What the Fed’s April 2021 Decision Means for You
How does the Fed’s April decision affect you? FOMC Rewind breaks it down. Read more
PPP Boosts 2020 Bank Profits, but Impacts Loan Growth in Q4
The Supervision + Credit team’s quarterly First Glance 12L report shows that Paycheck Protection Program loan forgiveness boosted quarterly bank profits but eroded loan growth in 2020’s 4th quarter. Read more
$3 Trillion a Year and Growing: Potential Economic Gains from Equity
Systemic inequities that limit the full potential of women and people of color bear real economic costs for every American. In a new SF Fed working paper coauthored with President Mary C. Daly, we find that labor market disparities by gender and race cost the U.S. $2.6 trillion in foregone GDP in 2019, and we estimate that these annual costs will continue to grow. Read more
Celebrating Nowruz a la COVID-19
The ancient holiday of Nowruz begins at the stroke of the vernal equinox, marking the beginning of spring. The thirteen-day festival celebrates the rebirth of nature and includes renewing relationships with family and friends and lots of good food. Assistant Manager, Business Operations Mana Shahvaran-Jam shares how her family prepared for this year’s Nowruz, along with her recipe for nan-e nokhodchi (chickpea cookies). Read more
Zip Code Economies Season 1.5: Under Pain Lives Hope
In Zip Code Economies Season 1.5, SF Fed President Mary C. Daly reconnects with some of the most memorable people featured in the podcast’s first season. Watch the trailer. Read more
Watch FOMC Rewind: What the Fed’s March 2021 Decision Means for You
What was the Fed’s March 2021 decision? And what does it mean for you? FOMC Rewind breaks it down. Read more
In Solidarity with the Asian American and Pacific Islander Community
SF Fed President Mary C. Daly’s statement about the recent violence against Asian Americans and Pacific Islanders. Read more
For Consumers in This Time of Pandemic, Cash Remains a Comfort
Since the start of the COVID-19 pandemic last year, many consumers have stockpiled cash along with hand sanitizer, disinfectant, and toilet paper. Cash remains popular with consumers, and many say they are holding onto more cash savings at home than before the pandemic began. Read more
The Highs (and Lows) of COVID-era Real Estate
COVID-19 has impacted residential and commercial estate in vastly different ways. See how historically low-interest rates have factored into home sales and vacancy rates across the Twelfth District. Read more
SF Fed Among Top Places to Work for LGBTQ Employees
The Human Rights Campaign has recognized the Federal Reserve Bank of San Francisco as one of the best workplaces for LGBTQ employees. We’re proud to have earned a top score on the Corporate Equality Index for four years running. Read more
A Closer Look at Modernizing the Community Reinvestment Act
SF Fed bank examiners took an in-depth look at the Advance Notice of Proposed Rulemaking for the Community Reinvestment Act. From their webinar, we learn about the ANPR process and ways to modernize the CRA. Read more
Three Lunar New Year Traditions You Can Participate in at Home
Happy Year of the Ox! Though things are still a bit different this year, here are three ways you can participate in Lunar New Year traditions. Read more
Employment/Rehiring Continues Its Rocky Road to Recovery
Though COVID-19 drove huge employment losses in early 2020, the 3rd quarter started to show signs of recovery. How are these gains seen across the District, and how do these losses affect income inequality going forward? Read more
How Did COVID-19 Impact Small Businesses in 2020’s Q3?
Small businesses in the Twelfth District are feeling the pain. See which sectors are disproportionately affected by COVID-19 and which government programs are providing a lifeline. Read more
Watch FOMC Rewind: What the Fed’s January 2021 Decision Means for You
What was the Fed’s January 2021 decision? And how does it affect you? FOMC Rewind breaks it down. Read more
SF Fed Asks, “How Much Is Inequity Costing Us?”
SF Fed researchers found significant economic losses associated with gender and racial disparities in education and the labor market. In “The Economic Gains from Equity,” they share the potential economic growth that come with gender and racial equity. Read more
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. Read more
SF Fed Launches Tool to Forecast COVID-19 Infections by County
Using the latest data on social distancing behavior, weather, vaccinations, and confirmed COVID-19 cases per capita, our Economic Research team’s new data page forecasts changes in COVID-19 infection rates across U.S. counties. Economist Dan Wilson explains how this new tool uses recent statistics to help project future infection growth. Read more
Four Lessons for the Future of Central Banking
SF Fed fintech policy advisor Kaitlin Asrow reflects on the 2020 Central Bank of the Future Conference and lessons from the past year, sharing takeaways that may be helpful as we strive for a more inclusive and equitable future. Read more
Watch FOMC Rewind: What the Fed’s December 2020 Decision Means for You
How does the Fed’s December 2020 decision affect you? FOMC Rewind breaks it down. Read more
Veteran Returns the Salute: SF Fed People Managers Honored with Patriot Award
Veterans Day is about honoring those who wear the uniform of their nation. At the SF Fed last month, the gratitude spread beyond former and current servicemembers. Two people managers were honored with the Patriot Award during this year’s Veterans Day celebration. Read more
Why We Should All Care About the Fate of Child Care
Before the COVID-19 pandemic, the child care industry was undervalued. Now, child care centers are in danger of being closed for good. What can we do to support the child care market, which is essential for parents to participate in the workforce? Read more
What’s the Fate of America’s Cities?
The current COVID-19 pandemic has again called into question the health and stability of our urban areas, as many people realize that they don’t need to live in cities to work and do business. President Daly explored the future of cities with a few experts, and here’s what we learned. Read more
How Bad Is the U.S. 2020 Fire Season?
The U.S. 2020 fire season has been intense so far, especially in California and Oregon. Assessing the spread of wildfires through mid-November shows it is comparable to the two most damaging fire seasons in recent memory. However, learning the cost of actual damages will take time. Read more
Will COVID-19 Impact Climate Change?
The COVID-19 pandemic has slowed down economic activity, leading to lower carbon dioxide emissions. However, unless energy efficiency improves substantially, the overall impact of lower CO2 emissions on climate change will likely be small. Our one-minute animated Economic Letter explains. Read more
Happy Diwali!
As we’ve continued to adjust to this year’s new environment, celebrations throughout 2020 have pivoted. Through socially distanced or virtual events, people have found ways to continue honoring cultural traditions and celebrating their heritage while following safety guidelines. Read more
Watch FOMC Rewind: Here’s what the Fed’s November Decision Means for You
How does the Fed’s November 2020 decision affect you? FOMC Rewind breaks it down.
Raising the Floor for Everyone: Central Banking Beyond the Median
Adding to the Federal Reserve System’s recent efforts and responses to address economic inequality, the SF Fed is co-hosting Central Bank of the Future, which will explore the role of central banks in creating a more inclusive economy and financial system. Read more
6 Tips to Make the Most of Your Virtual Internship at the SF Fed
An internship is your opportunity to learn and practice new skills, experience a company’s culture, meet mentors, make friends, and maybe even land your first job. Former SF Fed GOLD (Growing Opportunity for Leadership and Diversity) interns and their managers share their recommendations for how you can succeed in the virtual internship environment. Read more
Help Shape the Future of the Community Reinvestment Act
The Board of Governors of the Federal Reserve System recently issued an Advance Notice of Proposed Rulemaking on how we can modernize the regulations that implement the Community Reinvestment Act (CRA). To ensure that the final proposal for modernizing the CRA meets community needs, the Board is seeking public comment. It’s time to make your voice heard. Read more
SF Fed Recognized as Top 10 Company for Working Mothers
For the third year, Working Mother recognizes the San Francisco Fed on its annual list of 100 Best Companies for working parents. Marica Chen and Stephanie Salazar, co-chairs of the SF Fed’s Parents Employee Resource Group, share why we’re especially proud to say that we’ve made the top 10 for working mothers this year.
Paycheck Protection Program Affects Banking Trends in Q2
The Paycheck Protection Program drove a record level of loan, deposit, and asset growth for Twelfth District banks in Q2. This influenced the composition of banks’ balance sheets on both sides of the ledger and significantly altered key performance metrics. Read more
Support Small Business Owners by Lifting their Voices
One way to support small businesses is to ensure their voices and experiences are included in this year’s Small Business Credit Survey data. Open now through October 31, the survey’s goal is to uncover the current challenges small business owners face accessing credit. Read more
SF Fed’s Fintech Team Answers Questions About Inequity, Supervision, Career Opportunities, and Innovation
Members of the San Francisco Fed’s Fintech team answer questions about inequality and inclusion, supervision, career opportunities, and innovation in Fintech. Read more
Watch FOMC Rewind: Here’s what the Fed’s September Decision Means for You
Wondering how the latest Fed decision impacts you? FOMC Rewind breaks down the September 16 meeting. Read more
COVID-19 Reveals Disparities in Household Financial Stress
A large share of households across the western United States suffered employment income losses during the pandemic, with racial and income divides compounding inequities. Here’s what happened in our District in Q2. Read more
Assessing the Accuracy of China’s Economic Rebound from COVID-19
While China’s economy plunged following the outbreak of COVID-19, official data report that it has rebounded sharply. The San Francisco Fed’s China Cyclical Activity Tracker confirms this, indicating modestly higher activity than China’s official data for the second quarter of 2020. Read more
FOMC Rewind: Fed Updates Long-run Employment and Inflation Goals
The Fed wrapped up an extensive review of its monetary policy strategy, tools, and communication practices with an update to the long-term goals for employment and inflation. What does that mean for you? Let’s rewind. Read more
COVID-19 Is a ‘Forcing Function’ for Remote Work—What It Means for Your Future Office
Which new norms of remote work will make it back into businesses after the pandemic? President Daly explored the question with a few experts, and here’s what we learned. Read more
As Rents Rise, Nonprofits Feel the Squeeze
Nonprofits in Los Angeles have faced rising real estate costs in recent years. Now, with the economic downturn related to the COVID-19 pandemic, they face revenue shortages. Nonprofits need assistance to secure affordable operating space in the communities they serve. Read more
Did Increased Unemployment Payments Cause People to Reject Job Offers?
The additional $600 in Pandemic Unemployment Compensation payments relieved the financial burden of those most in need without dissuading a return to work. A job is worth much more than temporary unemployment insurance payments. Read more
COVID-19 Impacts on the Small-to-Medium Enterprise Credit Landscape
Small- and medium-size enterprises provide just under half of all jobs amongst employers in our District. Here’s a glance at how COVID-19 impacted their businesses during that time. Read more
How Did COVID-19 Affect Real Estate Lending in the First Quarter of 2020?
Here are 10 things to know about how COVID-19 impacted residential and commercial real estate values, vacancies, and lender outlooks in the first quarter. Read more
The New Future of Work
Join San Francisco Fed President Mary Daly, Arianna Huffington (Thrive Global), Erica Brescia (GitHub), and Nick Bloom (Stanford; National Bureau of Economic Research) for a one-hour conversation on August 20. Read more
Watch FOMC Rewind: What the Fed’s July 2020 Decision Means for You
How does the Fed’s July 2020 decision affect you? FOMC Rewind breaks it down. Read more
Fintech Innovation Office Hours
Join us for a virtual fireside chat about digital innovation in financial technology with special guest, Kavita Jain, deputy associate director at the Federal Reserve Board of Governors. Plus, find out how to request a timeslot during our Fintech Innovation Office Hours with the Board. Read more
Nonprofits Raise Concerns for Communities and Themselves during COVID-19
Nonprofits serving the Western United States are seeing increased demand and mounting financial pressures from the coronavirus pandemic. Here’s a summary of findings from a recent Federal Reserve survey. Read more
Celebrating 50 Years of Pride
Chris Wong, co-chair of the SF Fed’s LGBTQ+ employee resource group, reflects on the importance of being able to bring your whole self to work and what it means to celebrate Pride during shelter-in-place. Read more
Racial and Socioeconomic Equity—Fintech Can Do Better
Technology is supposed to be a great equalizer. However, inequities persist in both physical and digital spaces. How can the industry shift to more inclusive innovation? Read more
Racial Equity Primer
How can the United States work toward economic opportunity for all? Building a better future—one that leaves no one behind—requires an intentional focus on inequities and injustices. Our primer provides a shared vocabulary and context for discussing racial equity and related issues, including COVID-19. Read more
Building a Better Future
The San Francisco Fed stands united against racism, hate, and violence. We are dedicated to building an economy that works for everyone, and will keep using the tools in our reach—our policy, our community engagement, our culture, and our individual voices—to promote equality, inclusion, and accountability. Read more
Data Rights and Data Protection during COVID-19
The global COVID-19 pandemic brought extraordinary disruption in every aspect of our lives. Still, the private and public sectors can come together to create new systems that can make the United States more resilient. Read more
Banks’ Early Responses to Assist Low-income Communities during the Coronavirus
How did banks in the Western United States respond to the needs of low- and moderate-income (LMI) communities during the early days of the coronavirus pandemic? Here are top-level takeaways from a recent outreach effort by our Community Development field team. Read more
Comparing News Sentiment in the Time of COVID-19 to the 2008 Financial Crisis
The Daily News Sentiment Index can be used to assess how sentiment responded to the COVID-19 crisis compared to the 2008 financial crisis. News sentiment declined at a similar pace and scale during both crises but recovered more quickly in the financial crisis. Read more
Mental Health during the Coronavirus
The sudden shutdown of our economic and social lives increases stress, financial insecurity, and other risks for poor mental health. A new research brief from our Community Development team looks at the stark implications for low-income communities and communities of color. Read more
Teacher Appreciation Week 2020
To the teachers: Thank you for showing extraordinary creativity and flexibility supporting your students every day, especially during the coronavirus pandemic. We appreciate all you do. Read more
4 Ways You Can Support Local Communities during the Coronavirus Pandemic
In the spirit of interconnectedness and interdependence, here are some ways you can support your neighbors and local communities during the COVID-19 pandemic. Read more
Recognizing Climate Change as an Economic Issue
Why does the San Francisco Fed care about climate change? Our short video explains. Read more
Coronavirus Compounds Challenges for Low-Income Communities and Communities of Color
How are the human and economic tolls of the coronavirus different for low-income communities and communities of color? Where are relief and resources needed most? Our Community Development team summarizes five key challenges. Read more
Climate Resiliency in the Age of COVID-19
As we recognize Earth Day’s 50th anniversary, we’re reminded of how interconnected and interdependent we are across the planet. Read more
WATCH NOW – 3D Public Servants: The Courage to Be Human
SF Fed President Mary C. Daly shares her talk meant for SXSW 2020: “3D Public Servants: The Courage to Be Human.” In our current environment, the key message — that we all have to be willing to see, and be seen by, each other in three dimensions — is perhaps more important today than it’s ever been. Read more
SF Fed COVID-19 Resource Hub Available Now
We’ve launched an information hub to make it easier to find information about Fed actions and guidance in response to the coronavirus (COVID-19), and related resources from the San Francisco Fed. Read more
Tips for Working from Home
We know remote work during the coronavirus is different. With that in mind, here are a few tips we’re using to stay as organized and productive as possible. We hope you find them helpful. Read more
Happy Nowruz!
We know everything feels a bit different right now, and that includes how we celebrate our families’ cultural traditions. We asked some of our employees to share what they’re doing for Nowruz, the Persian New Year, so you can experience a bit of the holiday virtually. Read more
WATCH: President Daly’s Message on COVID‑19
As the coronavirus situation evolves, the Federal Reserve Bank of San Francisco is committed to being part of the solution. President Mary C. Daly shares how we’re supporting our employees, our communities, and the nation during this challenging time. Read more
Celebrating International Women’s Day, ‘An Equal World is an Enabled World’
For International Women’s Day 2020, employees from all of our branches wore purple to honor women’s achievements, and show their commitment to fighting bias and challenging stereotypes. Read more
7 Totally Random Payment Facts to Know Right Now
Which payment methods are people using? How much cash do folks keep on hand? Read more
What Brought the Fed to Phoenix?
Back in the 1990s, the Fed didn’t have a presence in Phoenix. Today we have a fully-automated cash processing center. Here’s the story. Read more
Is Job Automation Keeping Down Wages?
Although the labor market has been strong, the share of U.S. national income going to workers has dropped sharply compared with 20 years ago. Find out why with our quick video. Read more
The Finer Points of Cyclical and Acyclical Inflation
For some goods and services, prices change with economic growth while for others they don’t. Our research method makes the distinction to improve our understanding of inflation. Here’s what you need to know. Read more
Are U.S. Consumers Turning to Cards to Pay for Everyday Purchases?
When and where do consumers use cash? How often do they reach for their debit or credit card? Check out our quick video for findings from the Federal Reserve’s recent study. Read more
5 Fintech Trends to Watch in 2020
What’s coming up for fintech in 2020? Find out which trends our fintech analysts are monitoring in major financial technology sectors. Read more
Why Our Seattle Branch Is in Renton, Washington
Did you know our Seattle branch used to be in downtown a couple blocks from the famous Pike Place Market? Here’s why we moved. Read more
SF Fed Named 2020 Best Place for LGBTQ Equality
We’re thrilled that the Federal Reserve Bank of San Francisco has been named a 2020 “Best Place to Work” for LGBTQ equality for the third year running. Read more
Lunar New Year 2020: $2 Note Is No Newbie
Here’s why that $2 Federal Reserve Note in your Lunar New Year envelope was probably printed in 2019. Read more
Customer-Centered Banking for the Banks: Inside Our Portland Branch
From boutique donuts to blues festivals, craft beers to a thriving food cart culture, Portland has an eclectic vibe and a bit of something for everyone. In a downtown office overlooking the Willamette River and Hawthorne Bridge, you’ll find our Portland branch. Here’s what we do. Read more
Celebrating Law Enforcement Appreciation Day 2020
We’re proud to recognize the 154 federally sworn officers and 44 civilian employees serving in the 12th District’s police services. Get to know more about what they do. Read more
Commemorating 100 Years in Los Angeles
Our Los Angeles branch opened January 2, 1920. Check out a few of our favorite highlights from the last century as we celebrate 100 years of serving our remarkably inclusive community. Read more
What Can Banking Conditions Tell Us about the Economy?
Every quarter, we look at the operating environment for banks in our District. The practice also helps shed light on issues affecting the performance of the Western U.S. economy. Here are some observations based on data from the third quarter of 2019. Read more
Pacific Exchange Best of 2019
Which issues important to banking in Asia and the Pacific Rim caught our readers’ eyes in 2019? Let’s take a look at the five most popular Pacific Exchange Blog posts from the year. Read more
Economic Letter Countdown: Top 5 Topics of 2019
With New Year’s Eve right around the corner, here’s a countdown of our own to close out 2019. Check out the five most popular FRBSF Economic Letter topics of the year, with research insights from San Francisco Fed economists. Read more
2019, a Year in Numbers
What stood out for us in 2019? Check out our year in numbers. Read more
Celebrating First Generation College Students
College application season is here. If you’re the first in your family to go to college, you’re joining a special community. Here are a few words of support and encouragement from a few of our own first gen graduates to you. Read more
Is Information about Me, Mine?
Technology and businesses collect, move, and analyze vast amounts of personal info. What’s the role of consumers in the data ecosystem? Read more
5 Tips for Successful Remote Work
Thinking of joining the remote workforce? The right technology and life-work balance can make all the difference. Read more
Costs of Cashless
Payment innovations feel exhilarating and convenient, but they can leave some people without a way to make purchases. We decided to take a closer look at what’s happening. Read more
2019 Engage, Enable, Excel Award Honorees
Congratulations to the extraordinary employees recognized by their peers at our 2019 E3 Awards. Read more
How Have Changing Sectoral Trends Affected GDP Growth?
Trend GDP growth fell about 2.3 percentage points since 1950. San Francisco Fed researchers weigh in on which business sectors contributed significantly to this decline. Read more
Art, Culture, and Engaging Communities
Art and culture have the power to lift up what makes a community thrive. Here’s how. Read more
Fed Listens San Francisco Highlights
Who benefits and who gets left behind in a hot economy? Takeaways from our Fed Listens community event. Read more
Rethinking Asia: 5 Trends in Finance and Economics
The San Francisco Fed’s Country Analysis Unit recently wrapped the third season of the Pacific Exchanges podcast. Here are five of the most noteworthy trends in Asian finance and economics we explored in this season’s Rethinking Asia series. Read more
Are Anti-displacement Strategies Working? A Look at Silicon Valley
How do renter protections affect mobility trends? A new San Francisco Fed Community Development working paper explores data for four Bay Area cities: East Palo Alto, Mountain View, San Jose, and Los Gatos. Read more
SF Fed Intern Spotlight with Sevan Garibian
What types of projects do San Francisco Fed interns work on? Sevan Garibian shares his experience and final project. Read more
SF Fed Recognized as a Best Company for Working Parents
For the second year in a row, Working Mother recognizes the San Francisco Fed on its annual list of 100 Best Companies for Working Parents. Read more
Zip Code Economies Season 1 in Photos: People behind the Stories
Experience photos and words of hope from some of the most memorable people we met in the first season of Zip Code Economies, a podcast hosted by San Francisco Fed President Mary C. Daly. Read more
San Francisco Fed Joins CEPR Global Research Network
The Federal Reserve Bank of San Francisco is pleased to announce its membership in the Centre for Economic Policy Research (CEPR), one of the largest global research networks in the field of economics. Read more
Mapping Student Loan Debt in the Bay Area
Which neighborhoods have the highest rates of student loan delinquency and default? Explore student loan borrowing and repayment in the San Francisco Bay Area with our new interactive maps. Read more
What’s It Like to Intern at the San Francisco Fed?
Godis Jackson, one of our 2019 summer interns, takes you behind the scenes at Bank headquarters. Read more
Why Is the Federal Reserve’s Balance Sheet Still So Big? Our Animated Economic Letter Explains
During the global financial crisis, the Fed grew its balance sheet to stimulate the United States economy. Now that the economy is stable, why is the balance sheet still so big? Get the basics with this quick video. Read more
Impacts of Cashless Business on Financial Inclusion
As retailers and restaurants experiment with going cash-free, a new paper from the Federal Reserve’s Cash Product Office explores the benefits to businesses while also cautioning that the practice could alienate over a quarter of U.S. consumers. Read more
San Francisco Fed President Daly and Team Visit Singapore
San Francisco Fed President Mary C. Daly visited Singapore in early June, where she co-hosted and delivered a keynote speech at the Asia Symposium and met with various institutions. Here’s a trip recap from our Asia Program team. Read more
San Francisco Fed Named One of the Bay Area’s Best for Supplier Diversity
San Francisco Business Times recognizes the Federal Reserve Bank of San Francisco’s supplier diversity program as one of the Bay Area’s best. Read more
Parabéns to Economist Fernanda Nechio’s New Role with Central Bank of Brazil
Congratulations to Fernanda Nechio for being appointed as Deputy Governor on the Central Bank of Brazil’s monetary policy committee! In her new office, Nechio will also oversee International Affairs and Corporate Risk Management. Read more
Under $10: Nearly Half of Consumers Pay with Cash
In the United States, 49% of consumers use cash when paying for small-value payments according to a new report from the Federal Reserve Cash Product Office. Read more
Zip Code Economies Connects Stories of Hope with Fed Mission
Economic research tells us that zip code is destiny. In the San Francisco Fed’s new podcast, President Mary C. Daly finds that’s not always true, sharing stories of people, community, and hope from unlikely places. Read more
Celebrating Pride 2019
The Federal Reserve Bank of San Francisco is celebrating Pride Month, reaffirming our commitment to a welcoming, inclusive workplace. Read more
SF Fed Visiting Scholar Nakamura Named 2019 Clark Medalist
The American Economic Association named Emi Nakamura the best young American economist for 2019. This John Bates Clark medalist contributes to the San Francisco Fed through her work as a visiting scholar in Economic Research. Photo provided by UC Berkeley. Read more
Sustainability and Trade-offs of a Hot Economy: Fed Listens at the San Francisco Fed
The economy is close to the Federal Reserve’s employment and inflation goals, so now is a good time to consider how to keep it running smoothly in the future. This is the focus of the 2019 Fed Listens program, including a San Francisco Fed event on September 26 to discuss managing a hot economy. Read more
Rx Opioid Side Effects on Workforce Participation
How does short and long-term prescription opioid use affect temporary disability claims and workforce participation? Our new one-minute video summarizes recent research findings. Read more
Here We Go Again: Weak Growth to Start the Year
Economic growth at the start of this year is looking soft. However, historical data suggest some of this slowing may simply reflect a statistical anomaly. Read more
Did the Yield Curve Flip? Will the Economy Dip?
As the yield curve has continued to flatten, worries about recession risk have increased. However, according to conventional metrics, the current yield curve is not inverted and therefore does not predict a recession in the near future. Read more
U.S. Currency’s Starring Role in Film
Using United States currency on camera is perfectly legal. But for studios, working with real cash is not always the easiest option. Read more
Pacific Exchange Best of 2018
The Federal Reserve Bank of San Francisco’s Pacific Exchange Blog covers issues important to banking in Asia and the Pacific Rim. Here’s a roundup of our five most popular posts of 2018. Read more
Talking about the Economy, 2018 Edition
From bitcoin trading behavior to opioid Rx side effects on disability claims, here’s a round-up of our most talked-about Economic Letter topics of 2018. Read more
A Concrete Solution for Cash Shred Recycling
Our Salt Lake City branch’s solution to keeping cash shreds out of landfill? Use the shred residue for fuel consumption and as a component in cement. Read more
Focusing on Race in Community Development
Many well-intentioned policies meant to lift communities of color have had the opposite effect, perpetuating disparities along racial lines. Could an explicit focus on race in community development help distribute opportunity more equitably? Read more
What Is Racial Equity?
Find out how racial equity is different from racial equality, and why working towards a more equitable society helps improve outcomes for all people. Read more
Wells, Central California Lending Run Dry
Thousands of residential wells ran dry in California’s Central Valley region during the state’s years-long drought, profoundly impacting lending. Read more
Mary C. Daly Appointed New Bank President
The San Francisco Fed’s board of directors has chosen Mary C. Daly to become the Bank’s next president and CEO. Read more
Climate Change Is Reshaping Communities
Location is everything in real estate but what makes a property desirable is shifting thanks to climate gentrification. Read more
Unlocking Hidden Genius in Oakland
San Francisco Bay Area tech companies are often criticized for lack of diversity. Here’s how one Oakland nonprofit is getting more young black men into the tech job pipeline. Read more
Turning Dirty Cash Into Clean Energy
Bottles, cans, plastics, and paper probably come to mind when you think of recycling. But what happens to old U.S. currency? Read more
Revisiting Wage Growth
The July jobs report once again brought great news on employment gains and less than exciting news on wage growth. Data through the second quarter of 2018 show that median weekly earnings of full time workers rose just 2% on an annual basis, well below what might be expected in such a robust labor market. So what is going on? Read more
Speaking Up for East Oakland
A group of women is using photography to show the impact of neighborhood neglect on their daily lives, encouraging investment in and change for their low-income communities. Read more
What Is Financial Wellness?
Does worrying about your finances keep you up at night? Focusing on financial wellness can help. Read more
What Is the Beige Book?
Eight times a year, two weeks before a Federal Open Market Committee (FOMC) meeting, you’ll find a new Beige Book linked from our website and social media accounts. What is it? What’s in it? Here’s what you need to know. Read more
Helping Banks Brace for Hurricane Season
Hurricane season was especially busy in 2017 with six major storms on record. While we can’t predict the severity of this year’s storms, we are prepared to meet increased cash demand in recovery zones if necessary. Here’s how. Read more
How Can Millennials Save More Money?
Many millennials fear that they aren’t saving—or aren’t saving enough—for retirement. Can gamification help the largest generation in the United States labor force level-up their financial savvy to achieve budget and savings goals? Read more
San Francisco Fed Celebrates Pride 2018
On June 7, Federal Reserve Bank of San Francisco employees gathered in front of SF Fed headquarters to form a Banner of Love, a human LGBT Pride banner. The yearly event, organized by the 12th District’s LGBT Employee Resource Group, gives LGBTQIA and allied employees the opportunity to come together in solidarity during Pride Month. Read more
Who Will Be the Next San Francisco Fed President?
The search is on for the Federal Reserve Bank of San Francisco’s next president and CEO. Read more
Involuntary Part-Time Work: Yes, It’s Here to Stay
Despite a tight labor market, an unusually large number of workers who want full-time positions are still stuck in part-time jobs. Rather than reflecting lingering effects from the past recession, this appears to be a permanent shift arising from changes in the types of jobs that are available. Read more
John C. Williams Named to Lead the Federal Reserve Bank of New York
The Federal Reserve Bank of San Francisco announced today that its president and chief executive officer, John C. Williams, will be leaving the bank to assume the presidency of the Federal Reserve Bank of New York. Read more
Can Gamers Shape the Future?
Sci-fi movies and novels predict virtual reality and artificial intelligence will lead humanity to an inevitably dystopian future. But what if game design thinking, including principles used to create virtual worlds, was used for global-scale social good? Read more
Is Boomer Retirement Still Weighing Down U.S. Equity Markets?
The upcoming waves of baby boomer retirements could push down U.S. equity markets according to the strong historical relationship between the age distribution of the population and stock market performance. However, that relationship appeared to break down after 2011. Is the stock market due for a demographic-induced correction? Read more
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
Do Tech Jobs Really Require a College Degree?
Bachelor’s degree preferred: Is the common job listing prerequisite actually necessary for a career in the technology industry? Laurence Bradford, founder of the popular Learn to Code With Me blog and podcast, says it depends. Read more
Reports of the Death of Cash are Greatly Exaggerated
More payments are being made with a click, a tap, or a swipe, and it feels like we’re carrying fewer notes and coins than ever before. Many believe that the days of cash are numbered, but what do the data say? Read more
Can Tech Jobs Lower Prison Recidivism Rates?
The Last Mile piloted its Code.7370 program at the San Quentin State Penitentiary in 2014. Now in four California prisons, it teaches computer coding skills to inmates, providing a framework for change and path to employment. Read more
College, Careers for At-risk SF Bay Area Teens
Life Learning Academy Charter High School sits on beautiful and serene Treasure Island in the San Francisco Bay. The public charter school is known for this idyllic setting, small student-teacher ratios, a rigorous academic program, and a reputation for putting at-risk Bay Area teens on paths to college and careers. Read more
The Good News on Wage Growth
The July jobs report from the U.S. Bureau of Labor Statistics brought welcome news on wage growth: Median weekly earnings rose 4.2% on an annual basis, the fastest pace seen since 2007. The underlying story may be even better than the headline number suggests. Read more
Looking Back on the 1997 Asian Financial Crisis
Twenty years ago this month, a financial crisis spread across Asia and threatened the economic trajectory of the entire region. Here’s a look back at the crisis and how it has shaped financial reform strategies. Read more
How Does Weird Weather Affect National Employment?
How do short-run weather aberrations like heatwaves and excessive rainfall impact employment? A new economic model from San Francisco research advisor Daniel Wilson may hold the answer. Read more
Solar Energy Powers SF Fed Operations in Phoenix
Forecasts for Phoenix, AZ climbed to 120-degrees Fahrenheit recently, hot enough to ground smaller airplanes. The Federal Reserve Bank of San Francisco’s Phoenix Processing Center (PPC) is using some of that solar energy to keep temperatures cool in cash operations. Read more
Happy Independence Day
Federal Reserve notes feature great people and moments from American history. Celebrate the 4th of July with this fun cash-themed tour of sights, from Independence Hall to the Lincoln Memorial. Read more
Celebrating Pride 2017
On June 21, hundreds of Federal Reserve Bank of San Francisco LGBTQIA and ally employees formed a human Banner of Love outside San Francisco Fed headquarters. Check out a few of our favorite SF Fed LGBT Pride Month photos. Read more
With Fintech Changing Financial Services, Where Does Regulation Fit In?
Which rules and regulations apply to products that use new financial technologies? The Federal Reserve is taking steps to make answers easier to find. Read more
Have Damaged Cash? Here’s How to Exchange It
It’s illegal to destroy United States Federal Reserve Notes, but sometimes accidents do happen. Luckily there are a couple convenient ways to trade your damaged cash for notes that are in better shape. Read more
In Memory of T. Gary Rogers, Former Chairman of the Board of Directors
It is with deep sadness that we acknowledge the passing of Gary Rogers. Gary served on our Head Office board of directors from 2005 to 2010. He held the positions of deputy chairman from 2006 to 2008 and chairman of the board from 2009 to 2010. Read more
Emergency Funds: Why Americans Choose Cash for Disaster Preparation
Amid a wealth of payment options, United States consumers continue to tuck away cash when preparing for the unexpected. Read more
5 Fintech Trends Shaping Finance in Asia
While San Francisco Fed headquarters sits a few miles away from the world’s leading technology hub in Silicon Valley, many of the most innovative developments in financial technology (fintech) are happening across the Pacific. Here are five fintech trends shaping finance, banking, and banking regulation in Asia. Read more
What’s the Value of Cash in a Digital Payments Landscape?
When you’re out with friends and the check comes, do you reach out your wrist or for your wallet or phone? For younger consumers, the choice is often cash before a peer-to-peer payment app, according to Wendy Matheny, manager of market analysis with the Federal Reserve’s Cash Product Office (CPO). Read more
What’s Limiting Upward Economic Mobility?
Work hard and you’ll achieve success and have a higher income than your parents. That’s the American dream. Yet thousands of struggling Americans are realizing that determination isn’t always enough, and it’s difficult to get ahead when you’re always behind. Here are five important things to know about economic mobility challenges holding people back. Read more
5 Fun Football Cash Facts
How much cash does it take to cover a football field? How many notes can the Fed process during a 30-second commercial? We have the answers to these questions and a few more to help you get warmed up for the big game. Read more
Top 5 Economic Letters of 2016
Which economic issues got people talking in 2016? From wages to a low natural real rate of interest, check out the most viewed and shared SF Fed Economic Letters published since our 2015 roundup. Read more
SF Fed’s Williams: Long-Run U.S. Economic Health a Global Issue
The expected normalization of interest rates reflects a healthy U.S. economy. But this is occurring in an environment of persistently low global interest rates. SF Fed President John C. Williams, in a recent interview with The New York Times, recognized that what happens abroad can influence the domestic outlook and monetary policy. Read more
‘Tis the Season for Cash
When it comes to consumer spending, there’s no time like the holidays. So, Federal Reserve Banks across the country are busy ensuring that commercial banks have a sufficient supply of cash to meet consumer demand during the biggest shopping time of year. Read more
SF Fed Pattern Library Is Now Public
The Federal Reserve Bank of San Francisco’s Pattern Library, a living style guide for our website’s user experience design, is available now on GitHub. Read more
Remembering Teresa M. Curran
It is with great sadness and heavy heart that we acknowledge the passing of our friend and colleague, Executive Vice President Teresa Curran, who led our Financial Institution Supervision and Credit Division (FISC). Read more
The More Things Change, Cash Remains
The Federal Reserve’s Cash Product Office just released new preliminary findings from the 2015 Diary of Consumer Payment Choice. The study shows that while new payment options are emerging and gaining popularity, cash is still the most frequently used retail payment instrument. Read more
Cash Myths Busted
Money myths abound. How many do you believe? See if you can separate cash facts from fiction with a quick seven-question quiz from the Federal Reserve’s Cash Product Office. Read more
Raising the Speed Limit on the Slow Growth Economy
The SF Fed Economic Education team attended the National Council on Economic Education Conference in Phoenix, AZ, on Friday, October 7. Economist Mary Daly also attended, speaking about the importance of investing in human capital to raise the speed limit on the slow growth economy. Read more
Notes on the Go: Currency in Circulation Explained
Each day, millions of U.S. banknotes circulate throughout the economy. How much currency is out there? What factors influence currency demand? A new infographic from the Federal Reserve’s Cash Product Office explains the basics. Read more
How You Shop Affects How You Pay
Whether you’re shopping for groceries, back-to-school supplies, or season tickets, modern commerce provides many ways to shop and pay for purchases. A new infographic from the Federal Reserve’s Cash Product Office (CPO) shows how the decision to shop in person, online, or on-demand can influence your payment choice. Read more
District Voices Go to Washington
How do business and community voices make their way to monetary policy decision makers in Washington D.C.? Often through Federal Reserve Bank branches. SF Fed branch managers share how they gain insights into the issues and concerns affecting people and micro-economies in their areas. Read more
Can the SF Bay Area Solve Its Affordable Housing Crisis?
Sky-high rents and a competitive real estate market have created a housing crisis of epic proportions in California and especially in the San Francisco Bay Area. What can be done at the city level to create more affordable housing now? Read more
Is Fintech Changing Banking Supervision?
Financial technology is changing the dynamics of banking and how financial institutions deliver their products and services. Even though the Fed doesn’t regulate these companies as a general rule, banking regulators are closely watching fintech. Here’s why. Read more
SF Fed Goes 360° – Embarcadero Video Tour
Take a virtual tour of the neighborhood around SF Fed headquarters with this 360-degree video. Read more
SF Fed’s Banner of Love
On June 15, more than 300 Federal Reserve Bank of San Francisco employees gathered in front of SF Fed headquarters to form a Banner of Love, a human LGBT Pride banner. Read more
Do People Carry Cash? We Asked
Eighty-nine percent of consumers hold cash to some extent, according to the Federal Reserve’s Cash Product Office. In the new Cash Connect video, Policy Analyst Claire Wang asked people on the streets of San Francisco about their spending habits to find out who holds cash. She received a variety of responses. Read more
What’s the Fed’s Balance Sheet?
Federal Reserve policy actions have increased the size of the Fed’s balance sheet to about $4.5 trillion. But what exactly is the Fed’s balance sheet? Here’s the answer from Glenn Rudebusch, director of SF Fed Economic Research. Read more
Recycling Shredded Cash to Reduce the Fed’s Environmental Impact
In 2015, Reserve Bank Cash Services, across its 28 operations, recycled U.S. currency with the equivalent weight of nearly nine fully loaded 747 airplanes. Read more
New $20 Note to Feature Harriet Tubman
Treasury Secretary Jacob J. Lew today announced plans for the new $20, $10 and $5 notes, with the portrait of Harriet Tubman to be featured on the front of the new $20. Read more
2015 Annual Report
In the 2015 annual report, What We’ve Learned…and why it matters, find out how changes in demographics, and in employer and worker needs, have created a “new normal” in the U.S. labor market. Plus, learn how China’s economic slowdown is affecting global economic activity. Read more
President’s Speech Easter Eggs
SF Fed President John Williams had fun with a few of his recent speeches, sprinkling in references to some of his favorite songs and artists. How many of these seven do you recognize? Read more
Williams’ Public Speaking Events to Be Streamed Online
Open and transparent communication is a cornerstone of effective monetary policy, and technology keeps giving us new ways to reach the public. In that spirit, I’m pleased to announce that the Federal Reserve Bank of San Francisco will begin livestreaming my public speaking engagements whenever possible. Read more
Pathways to Economic Opportunity
“Prosperity is like a Jenga tower: Take one piece out and the whole thing can fall,” said SF Fed President John Williams in his keynote at the 2016 National Community Reinvestment Conference. Couldn’t make it to the event? Get the highlights and take a video tour exploring Los Angeles river revitalization efforts. Read more
Cash Stands Ready Rain or Shine
Meteorologists predicted that this year’s El Niño climate pattern would bring an onslaught of much-needed rain and snow to drought-stricken California. While storms haven’t hit the West Coast with the severity expected, Reserve Banks remain at the ready to get cash to commercial banks during any major weather events, right when it’s needed most. Read more
7 Things You May Not Know About U.S. Currency
Is the $1 note full of mystic symbolism? Can you name who’s on the $50? This President’s Day, explore little-known facts about U.S. currency design and the presidents that grace our notes. Read more
Who Holds Cash?
Everyone has a different relationship with cash. Some carry and use it regularly while others never carry cash. Still others keep it on hand for emergencies but prefer a debit or credit card for everyday purchases. Can these behaviors provide insight into the future of cash holding for consumers? Read more
Breaking Down Barriers to Financial Well-being
Ensuring the financial well-being of families could be the key to strengthening the American economy. Laura Choi and Dr. David Erickson of SF Fed Community Development sat down to discuss the issue, the focus of their new essay, Toward a New Business Model. Read more
Top 10 Economic Letters of 2015
Economic growth, wages, and housing prices were trending online for Federal Reserve Bank of San Francisco Economic Research in 2015. Here’s a roundup of the year’s most popular Economic Letters. Read more
Fed Raises Rates: Decision Overview
After months of speculation by pundits and economists, the Federal Open Market Committee (FOMC) voted on Wednesday, December 16, 2015, to raise rates. Here’s an overview of the decision and what it means for the SF Fed. Read more
Inside the $5 Savings Plan
Want to pay down debt or take control of spending? The answer may not be in saving your pennies, but in setting aside your $5 notes. The Federal Reserve Bank of San Francisco explores the trend. Read more
Remembering Douglas W. Shorenstein
It is with great sadness that we announce the passing of Douglas W. Shorenstein, our former Chairman of the Board. Today John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, shared his condolences with SF Fed employees and Doug’s friends and family. Read more
Veterans Continue to Face Steep Housing, Employment Challenges
Returning service members often struggle to obtain housing, employment, and financial and health services. What can communities and employers do to support our veterans? The SF Fed’s Community Development department shares powerful strategies. Read more
Does College Pay?
With tuition costs on the rise, casting doubt on the value of a four-year degree has become a national pastime. Look beyond the hype and at hard data, though, and you’ll find it still pays to pursue a college education. Mary C. Daly, SF Fed Associate Director of Research, crunches the numbers. Read more
What Everyone Needs to Know About the Community Reinvestment Act
Every year, banks infuse hundreds of millions in capital into our district’s low and moderate income communities, thanks, in part, to the Community Reinvestment Act (CRA). These loans and investments help support affordable housing, small business, and other local resources. In this short video, get to know the provisions of the CRA and how they affect you. Read more
Ensuring Confidence in Cash, One Note at a Time
The Federal Reserve Board ordered 7.2 billion Federal Reserve notes for 2015, and a significant number of currency notes change hands every day in the United States. The Federal Reserve is on the front lines of identifying potential counterfeit threats and monitoring the quality of the cash you use every day. Find out how in Maintaining Confidence in U.S. Currency, a video by the Federal Reserve’s national Cash Product Office (CPO). Read more
Balancing Passion with Practicality [SLIDESHARE]
Launch a start-up or pursue a degree? No need to choose. Entrepreneurship programs provide students with simultaneous opportunities to achieve their business and educational goals. Read more
How Cash Gets Into Circulation
Ever wonder how cash gets from the U.S. Treasury to your local bank and ATMs? Follow the money with this quick explainer, and find out where Federal Reserve Banks fit into the process. Read more
Building a More Resilient U.S. Banking System
Following widespread banking failures resulting from the 2008 financial crisis, the Federal Reserve and other regulators began 10 key efforts to make banks more resilient. Read more
President Williams’ Views on the Value of Lifelong Learning [SLIDESHARE]
San Francisco Fed President and CEO John C. Williams discusses the value of higher education as a foundation for lifelong learning. The arc of one’s life and career choices are influenced by the continuous pursuit of knowledge, and even lessons that don’t appear to have a pragmatic purpose are vital to our success later in life. Read more
How does the Fed determine how much money to print every year?
7.2 billion. That is how many Federal Reserve Notes the Board of Governors ordered with the Treasury’s Bureau of Engraving and Printing (BEP) in 2015. What factors influence the Board’s decision when calculating how much new U.S. currency to order every year? Read more
Does College Matter?
As the price of higher education continues to rise, does a college education’s return on investment still add up? A series of essays authored by San Francisco Fed President and CEO John C. Williams, Senior Vice President and Associate Director of Research Mary C. Daly, Research Associate Yifan Cao, and Senior Economic Education Manager Jody Hoff, argue that the answer is a resounding yes. The essays are included in the San Francisco Fed’s 2014 Annual Report, Does College Matter? Read more
How the Fed disposes of old cash
The Federal Reserve System is doing more to limit the environmental impact of currency. In 2014, Reserve Bank Cash Services produced 6,166 tons of shredded currency residue across its 28 operations and recycled 89 percent (5,467 tons) using various alternatives to landfills. Read more
Artists in community and economic development
Can artists play a role in community development? Over 400 community organizers, advocates and artists explored that question at a recent San Francisco Fed conference focused on a new community development strategy called creative placemaking. Read more
SF Fed’s Williams: Rate hike to be ‘data-driven, not date-driven’
The Fed is widely expected to raise the Federal Funds Rate from an unprecedented near zero level sometime this year. But in recent interviews, San Francisco Federal Reserve Bank President John C. Williams stresses that the decision will be “data-driven, not date-driven.” Read more
San Francisco’s low-income residents are moving out
A growing number of fast-expanding technology companies, from Twitter to Salesforce, and their well-paid engineers and executives now call San Francisco home. But that’s increasingly difficult to do for individuals who make less than $35,000 a year, according to a recent report by the San Francisco Federal Reserve Bank. Read more
Using data to improve lives in low-income communities
In the business trend called big data, technology is used to mine massive amounts of information to boost sales and profit. Businesses now use sophisticated software to comb through emails, Twitter and Facebook posts, and even smartphone signals to target customers or roll out new products. But while it’s revolutionizing the business world, could big data also be used for taking on poverty and other social challenges? Read more
More single-family homes for rent: A trend in focus
More single-family homes were being built compared to the previous year as 2014 drew to a close, underscoring a strengthening real estate market. But another trend is drawing attention for its potential impact on the housing market and struggling families: a growing number of single-family homes are now for rent. Read more
The San Francisco Fed at 100
The San Francisco Federal Reserve Bank celebrated its 100th anniversary last May.
It’s an ideal time to reflect on the role the SF Fed has played in the major changes in the American economy over the past century. Read more
Despite Apple Pay buzz, cash is still popular
The coming after-Thanksgiving shopping season will no doubt highlight the growth of mobile payments, a trend that just received a big boost with the rollout of Apple Pay. But despite the buzz around the iPhone-maker’s mobile wallet, a recent study points to a conclusion many may find surprising: cash is still popular. Read more