Federal Reserve Bank of San Francisco

Get a glimpse inside a recent trip to Eastern , where our public engagement and community development colleagues spent a week learning about rural communities and how residents and businesses are experiencing the economy: https://sffed.us/3Ko0ywq

Prior to 2008, the Fed implemented monetary policy using scarce reserves in the banking system, with higher interest rates serving to lower the demand for reserves coming from banks. Read more about the economy and current outlook in FedViews. https://sffed.us/4e3p43f

Yesterday, we hosted an insightful discussion on hashtag and its impact on the hashtag and economics as part of our EmergingTech Economic Research Network seminar series.

Thanks to Federal Reserve Board Governor Lisa D. Cook, Karin Kimbrough, Chief Economist at LinkedIn, Nela Richardson, Chief Economist at ADP and Sunayna Tuteja, Chief Innovation Officer of the Federal Reserve System for joining the conversation. Watch the panel here: https://sffed.us/4aBtYl7

The impact of is being felt across the economy. We sat down with 12th District business leaders to learn how they’re adapting to this technology in advanced manufacturing and other sectors: https://sffed.us/3wM4Hqx

Understanding How Artificial Intelligence is Changing Advanced Manufacturing and Other Sectors of the Economy - San Francisco Fed The impact of generative AI is being felt across the economy. We sat down with 12th District business leaders to learn how they are adapting to this technology in advanced manufacturing and other sectors.

What’s been driving the ups and downs of inflation during the post-pandemic recovery? Our latest Letter discusses the role of aggregate markups to assess how much changes in markups contribute to movements in inflation. https://sffed.us/3V1T2gU

Emerging technologies are top of mind for Twelfth District businesses. Hear how they are using GenAI and their expectations for boosting workforce productivity.

How Twelfth District Businesses are Rapidly Embracing GenAI - San Francisco Fed When the EmergingTech Economic Network (EERN) launched earlier this year, it had one main goal: to develop and share deeper insights into the economy of the

How might unexpected changes in credit supply affect economic activity? Our latest Letter assesses the effects of tighter lending standards on unemployment and inflation. https://sffed.us/3QvqOZ9

Pandemic-era excess savings have been fully spent. However, consumer spending in the U.S. has remained strong, raising questions about its future path. https://sffed.us/3JNeWhu

Stay in the know—sign up for our slate of newsletters for the latest research and insights from the SF Fed.

Subscrip­tions - San Francisco Fed Subscribe to our mailing lists to learn more about what’s happening in the Twelfth District. Receive the latest news, information, research, and insights on

To better understand current and possible future uses of AI in our economy, we convened a roundtable of business leaders representing the legal and health care sectors to discuss their current approach to generative AI—learn more here:

Understanding How Generative AI is Changing the Health Care and Legal Industries - San Francisco Fed Although relatively new for a wide generalized audience, generative artificial intelligence (AI) has already begun to change our economy, and it seems poised to drive even more fundamental changes in the future.

One of the ways the Federal Reserve gains insights on community conditions is to hear from community leaders and organizations directly. Take our Community Perspectives Survey before it closes on May 3!

Qualtrics Survey | Qualtrics Experience Management The most powerful, simple and trusted way to gather experience data. Start your journey to experience management and try a free account today.

In January, President Mary C. Daly held a roundtable conversation with students at the University of San Diego and invited them to visit our branch.

Yesterday, a group of USD students interested in studying the economy visited our team in Los Angeles where they had the chance to learn more about the Federal Reserve System, tour the Los Angeles branch, and ask questions about early career opportunities at the Fed.

Huge thank you to our colleagues Qiana Charles, Chi Elder, and Chuck Lotz for hosting the students for an insightful day!

After the start of the 2020 recession, inflation rates rose but have since come down from their recent peaks. Our latest Letter looks at recent response patterns of goods and services prices to policy rate cuts.

How Quickly Do Prices Respond to Monetary Policy? - San Francisco Fed With inflation still above the Federal Reserve’s 2% objective, there is renewed interest in understanding how quickly federal funds rate hikes typically affect inflation. Beyond monetary policy’s well-known lagged effect on the economy overall, new analysis highlights that not all prices respond...

Interest rates react quickly when the Fed raises the federal funds rate, but the effects on inflation are often slower and indirect. Our latest Letter looks at the variation in price reactions to monetary policy. https://sffed.us/3vXhw0N

An exciting week in San Francisco as we held our first EmergingTech Economic Research Network seminar to discuss the impacts of on economic growth and employment.

Thank you to Professor Philippe Aghion for joining us.

Watch the full event here: https://sffed.us/3TEI1jy
Subscribe to to stay connected: https://sffed.us/4aINg8y

Join us for a fireside chat with President Mary C. Daly at the Stanford Institute for Economic Policy Research (SIEPR) Associates Meeting https://sffed.us/4aMpY1X

Households can lose spending power if they suffer job losses in recessions or when the cost of living rises due to inflation. Our latest Letter examines the impact of inflation and unemployment on total real earnings.

How Do Periods of Inflation, Recession Affect Real Earnings? - San Francisco Fed Households can lose spending power if they suffer job losses during recessions or when the cost of living rises at times of high inflation. One way to assess the historical roles these two factors have played in eroding economy-wide earnings is by breaking down the cumulative growth in inflation-adj...

What’s driving the shortfall in labor participation among older workers since the pandemic? Our latest Letter examines how retirement rates have increased and are growing for workers age 55+ without a college degree.

Interested to learn how AI is impacting the workforce and economic growth? Join us on April 8 for a live presentation and discussion with Philippe Aghion, Professor of Economics. To submit a question in advance, visit our registration page: https://sffed.us/3IA5JZ9

Join us for a livestreamed fireside chat from Southern Nevada, with a conversation between Mary C. Daly about inflation, the labor market, and the state of the economy. The event will be moderated by Amber Dixon, journalist and host of Nevada Week on Vegas PBS. https://sffed.us/3x65OBg

Current inflation is being driven almost entirely by services such as health care, transportation, accommodations, and housing rents. Our new data page looks beyond the headline number to help disentangle the inflation drivers.

What’s Driving Inflation? Our New Data Page Gives a Detailed Look - San Francisco Fed Understanding inflation beyond the headline number is important for policymakers and economists. Adding to other SF Fed indicators that disentangle the key drivers of personal consumption expenditures (PCE) inflation each month, we have launched a new data page that breaks down each inflation readin...

Much of the recent decline in headline inflation can be attributed to lower contributions from the food, energy, and core goods categories, while housing and other core services categories remain elevated. Read more in the latest FedViews:

FedViews: March 7, 2024 - San Francisco Fed Brigitte Roth Tran, senior economist at the Federal Reserve Bank of San Francisco, stated her views on the current economy and the outlook as of March 7, 2024.

According to our latest FedViews, since reaching a peak in mid-2022, substantial progress has been made in bringing inflation back down to 2%. We expect that diminished supply constraints and slower growth in overall demand will support inflation returning close to the Fed’s 2% goal over the next three years.

The ongoing decline in inflation is partly linked to restrictive monetary policy. The two most recent SEPs suggest that the funds rate is at or near its peak but likely to remain at restrictive levels through 2026.

The prime-age labor force participation rate from April through October has surpassed its highest level since the early 2000s, propelled largely by a surge in the participation rate for prime-age women to an all-time high.

Read the full FedViews here: https://sffed.us/4a0t4ja