As a Regional Executive, Stephen DeLay traveled to various cities in Northern California to gather insights from business ...

This letter is regarding the election of Directors of the Federal Reserve Bank of San Francisco for one Class B Director seat, elected by Member Banks in Group One, and one Class A Director seat, ...

Asymmetries play an important role in many macroeconomic models. We show that assumptions on household and firm expectations play a key role in determining the effects of these asymmetries on ...

Andrew Foerster, senior research advisor at the Federal Reserve Bank of San Francisco, shared views on the current economy and the outlook from the Economic Research Department as of September 4, 2025 ...

Here’s a snapshot of a recent outreach visit in Alaska from Mary C. Daly, President and CEO at the Federal Reserve Bank of ...

President Daly joined Steven Davis, Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover ...

U.S. net international migration (NIM) dropped significantly in recent months after starting to decline last year from its historically high annual levels. An update of earlier San Francisco Fed ...

Trade policy in the United States has been in flux in recent months. A theoretical analysis of recent increases in U.S. tariffs, including potential retaliatory tariffs by other countries, suggests a ...

Note: This data page will no longer be updated. The latest estimates of pandemic-era excess savings are as of September 2024. Past data will continue to be available on this site. Pandemic-Era Excess ...

The unemployment rate has risen over half a percentage point since the second quarter of 2023. Individual survey data underlying the unemployment rate can help in assessing which labor market ...

Monetary policy is forward-looking and dependent on policymakers’ economic outlook. When the outlook is deemed highly uncertain, policymakers may put more weight on incoming data when making monetary ...

Shelter costs are one of the largest expenses for most households and an important component of overall inflation. It is therefore important to understand why shelter costs have remained stubbornly ...