Federal Reserve Bank of San Francisco

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Federal Reserve Bank of San Francisco

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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 Americans.

10/15/2026

AI investment is surging and reshaping prices. In the latest SF FedViews, EVP and Director of Research Sylvain Leduc examines how the AI buildout, energy prices, and tariffs are shaping the outlook for growth, inflation, and interest rates. https://sffed.us/4zzr39u

10/15/2026

The latest Twelfth District Beige Book indicates that economic activity was broadly steady during the mid-August through September reporting period. sffed.us/beigebook

Employers generally maintained employment levels and increased wages slightly. Prices rose moderately, and elevated diesel and fuel prices pushed up business operating costs across the District. Retail sales softened slightly, and consumer spending on leisure and hospitality services varied by region and income group. Conditions in other sectors softened slightly or were mixed. Contacts maintained a generally soft economic outlook.

10/13/2026

How does monetary policy impact banks’ lending behavior when interest rate changes revalue their securities? https://sffed.us/4ijgIsw

A new Economic Letter finds that banks with larger unrealized losses on their portfolio of securities cut business lending more sharply—especially when those securities were marked to market, unhedged, and unrealized losses entered regulatory capital. The findings show that how regulators treat bank securities doesn't just affect financial stability, it also shapes how powerfully monetary policy transmits to the broader economy.

10/09/2026

Since October 1917, the Portland Branch of the Federal Reserve Bank of San Francisco has been a steadfast presence serving Oregon and parts of Idaho and Washington within the Twelfth Federal Reserve District. We've supported economic growth, financial stability, and community prosperity across the region.

Enjoy this radio clip from the opening of the branch's previous location in 1951 as we mark 109 years in Portland.

10/07/2026

Do Japanese financial markets behave in the same way as U.S. markets? https://sffed.us/4jINhBe

A new Economic Letter finds that unlike U.S. markets, where liquidity and other premiums drive a wedge between prices of nominal Treasury securities and matching portfolios of inflation-indexed bonds and swaps, Japanese inflation swaps and breakeven inflation rates turn out to be nearly identical. Model estimates show this isn't because liquidity and deflation protection premiums cancel each other out, suggesting other factors may be affecting prices in the Japanese inflation swap market.

10/06/2026

Gathering a wide set of perspectives is essential to the work we do at the Federal Reserve Bank of San Francisco. This on-the-ground information provides key insights into local economies and adds important context to monetary policy decisions.

This past quarter, our travels took us to Fresno, California, where we explored innovative approaches to affordable homeownership. In Lebanon, Oregon, conversations highlighted both the challenges and opportunities in rural housing development. A forum in Salt Lake City, Utah strengthened connections between bankers and small business support organizations. And in Phoenix and Tucson, Arizona, we gained insights into cash operations and community development finance in the state. We also toured a heavy-lift helicopter operation in White City, Oregon, led a Fed 101 session for the in Yakima, Washington, and visited a sugar factory in Twin Falls, Idaho to learn more about the sugar beet industry.

Whether we're hosting roundtables, conducting surveys, touring businesses, speaking with local leaders, or convening regional events, the insights we gain from these engagements provide important context to quantitative data and analyses that the Federal Reserve uses to guide its monetary policy efforts.

10/05/2026

What do financial officers predict for the labor market? https://sffed.us/3Tj6fE0

A new Economic Letter introduces a measure of expected wage growth from the Chief Financial Officer (CFO) Survey. Unlike household surveys, which ask workers about their own expected earnings, the CFO survey asks senior financial executives how much they expect average wages and employment at their firms to change.

These responses have closely tracked subsequent actual U.S. nominal wage growth since 2002, outperforming household survey projections in accuracy. Estimates for this year point to continued nominal wage growth in 2026, while CFOs also expect employment growth to moderate, leaving gains in workers' purchasing power uncertain.

10/02/2026

In September 1917, the Seattle Branch of the Federal Reserve Bank of San Francisco opened its doors in the Baillargeon Building at 2nd Avenue and Spring Street. 109 years later, we continue to proudly serve Washington state and Alaska from our current location—providing essential services including onsite currency processing that keeps commerce flowing across the region.

As part of the Twelfth Federal Reserve District and the broader Federal Reserve System, we bring our distinct regional expertise, research, and community insights to carry out the Federal Reserve's mission on behalf of the American people. Thank you to everyone in our community for coming along with us on our journey.

10/01/2026

The Federal Reserve Bank of San Francisco processes over 20 million banknotes daily across five cash processing facilities throughout the Twelfth Federal Reserve District.

This behind-the-scenes look shows how the San Francisco Fed ensures that cash is readily available to banks and credit unions to meet the public’s needs.

09/30/2026

The recent rise in oil prices has revived questions about how oil supply disruptions affect economies differently depending on whether they import or export oil. https://sffed.us/4ACV4qd

A new Economic Letter examines the effects of past oil supply shocks in Canada, one of the world's largest oil exporters, and the euro area, a large net oil importer, finding that both experienced rising inflation and declining industrial production. Since the energy sector accounts for only about 5% of Canada's GDP, the positive effects on the oil industry were outweighed by the negative effects on the broader economy—suggesting oil supply disruptions may not fully benefit the U.S. economy either, which has become a net oil exporter.

Address

101 Market Street
San Francisco, CA
94105

Telephone

+14159742000

Website

http://frbsf.org/

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