Federal Reserve Bank of San Francisco
@sffed
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Serving the western U.S. with a mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all. RT ≠ endorsements
San Francisco
Joined February 2010
Oil supply shocks can create a dilemma when higher inflation coincides with declining economic activity due to higher energy prices. A new Economic Letter discusses how markets view Fed actions to navigate such shocks. https://t.co/kyTzh52uVu
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The future of work is here. https://t.co/4RrbJHyFPc Join us on 12/15 as we explore AI and reskilling with Professor Raffaella Sadun of @HarvardHBS and Huiyu Li from @Sffed to learn how leaders and managers are addressing the societal and technological challenges of AI.
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The latest Twelfth District Beige Book reports economic conditions were mixed during the October to mid-November reporting period. https://t.co/4SGbcp1eDp
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Before each FOMC meeting the Fed releases the Beige Book—but what is it? Test your knowledge to get on the same page in this edition of Fed Definitions.
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How do we navigate a future where millions of workers may need to be reskilled or change careers entirely? Join us for our next EmergingTech Economic Research Network (EERN) event as we dive into this topic. https://t.co/4RrbJHyFPc
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What impacts do tariffs have on unemployment and inflation? A new Economic Letter looks at 40 years of international data and finds that tariffs initially tend to raise unemployment and lower inflation, but over time those effects reverse course. https://t.co/EjQ0S1Jo2n
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Economic growth has been solid, but small cracks have emerged. In the latest SF FedViews, Associate Research Director Robert Valletta discusses elevated inflation and downside risks to the labor market and consumer spending. https://t.co/uqskq02On3
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Net international migration to the US fell sharply in 2025. A new Economic Letter finds that continued reductions could have implications for future labor-force growth. https://t.co/2VbSAHuVai
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The indicator currently shows that very few states are currently experiencing accelerating unemployment, suggesting that labor market stress is currently low.
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This indicator tracks state-level labor market developments in real time by calculating how many U.S. states are seeing accelerating unemployment. This helps policymakers and analysts spot turning points in labor conditions.
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The San Francisco Fed has a new data indicator: the weekly Labor Market Stress Indicator.
frbsf.org
Updated 12/12/2025
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Heard of the balance sheet? The Fed’s balance sheet isn’t just accounting—it’s a window into how monetary policy works. Let’s break down the Fed definition.
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This week, President @Mary C. Daly presented to the @iiea, speaking about monetary policy implementation and principles for modern central banking. Watch her remarks and Q&A with Dan O’Brien, chief economist at IIEA:
frbsf.org
SF Fed President Daly discussed principles for modern central banking at the Institute of International and European Affairs in Dublin.
It was a privilege to welcome @MaryDalyEcon, President and CEO of @sffed, to @iiea HQ this afternoon. Addressing a distinguished audience, President Daly spoke frankly with IIEA Chief Economist, @danobrien20, on monetary policy and how it is conducted under different regimes.
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Last chance to share or take the Fed's Small Business Credit Survey, closing Nov. 14: https://t.co/74KKww9hRk Small businesses are critical to the U.S. economy, but data on small businesses is limited—especially data on how and why these businesses seek financing.
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Does the U.S. economy look more like the 1970s or the 1990s? https://t.co/BmqZf2YkYL
@sffed President @marydalyecon says we can’t ignore history's lessons on inflation, but we shouldn't overlook technological progress and potential productivity gains when setting today's policy.
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How much are banks exposed to trade policy changes? A new Economic Letter analyzes financial market data to assess the impact of potential trade disruptions. https://t.co/VLlveiljqu
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We host several events during the year, including our quarterly macro-finance workshops with visiting scholars and local researchers as well as a number of annual conferences. Learn more about the Center and subscribe for content and event notifications:
frbsf.org
To mark the first year since the Center for Monetary Research’s launch, the San Francisco Fed reviews the Center’s research activities and events.
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The Center focuses on sharing research and data on topics in monetary economics and macro-finance to help foster collaboration across the academic and central bank research communities.
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In October, we marked the first anniversary of the Center for Monetary Research (CMR) at the SF Fed. We’ve seen strong engagement from the academic and policy communities over the last year and we’re looking forward to expanding the Center’s reach even further in 2026.
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The conversation also covered recent developments in AI and the role of Reserve Banks in the economy, followed by an audience Q&A led by Forum Club President Harvey E. Oyer, III. You can watch the full conversation on our website: https://t.co/d2sMg5R9k0
frbsf.org
President Mary C. Daly participated in a conversation about the economy, monetary policy, and the labor market at the Forum Club of the Palm Beaches.
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