San Francisco Fed
WEBThe Federal Reserve Bank of San Francisco is one of the 12 Reserve Banks in the Federal Reserve System. San Francisco is the headquarters of the Twelfth Federal Reserve District. The SF Fed is a nonprofit public service institution that supports the economy through research, community development, and banking supervision.
Learn About the SF Fed. Serving the Twelfth Federal Reserve District.
WEBAs part of the U.S. central bank, we serve the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Our three core functions are to support monetary policy ...
Economic Research at the SF Fed.
WEBEconomic Research. The Economic Research Department conducts research on a wide range of topics in support of the Federal Reserve’s policy and public outreach functions. Research is widely disseminated, including in leading peer-reviewed scholarly journals. The department has an active visiting scholar program, collaborates with global ...
Pandemic-Era Excess Savings - San Francisco Fed
WEBPandemic-Era Excess Savings updates estimates of the remaining stock of pandemic-era aggregate excess savings in the U.S. economy, defined as the difference between actual savings and the pre-pandemic trend. Pandemic-related fiscal support combined with a drop in household spending contributed to a sizable increase in household savings in the ...
Why Is U.S. Inflation Higher than in Other Countries?
WEBMar 28, 2022 — Inflation rates in the United States and other developed economies have closely tracked each other historically. Problems with global supply chains and changes in spending patterns due to the COVID-19 pandemic have pushed up inflation worldwide. However, since the first half of 2021, U.S. inflation has increasingly outpaced inflation in other developed countries. Estimates suggest that fiscal ...
Supply- and Demand-Driven PCE Inflation - San Francisco Fed
WEBSupply- and Demand-Driven PCE Inflation updates data on the contributions to personal consumption expenditures (PCE) inflation from supply-driven versus demand-driven components. This tool is intended to track the changes in the extent to which either supply or demand factors are responsible for inflation levels.
How Much Do Supply and Demand Drive Inflation?
WEBJun 21, 2022 — Inflation has remained at levels well above the Federal Reserve’s inflation goal of 2% for over a year. Separating the underlying data from the personal consumption expenditures price index into supply- versus demand-driven categories reveals that supply factors explain about half of the run-up in current inflation levels. Demand factors are responsible for about one-third, with the ...
Daily News Sentiment Index - San Francisco Fed
WEBThe Daily News Sentiment Index is a high frequency measure of economic sentiment based on lexical analysis of economics-related news articles. The index is described in Buckman, Shapiro, Sudhof, and Wilson (2020) and based on the methodology developed in Shapiro, Sudhof, and Wilson (2020). Shapiro, Sudhof, and Wilson (2020, hereafter SSW ...
PCE Inflation Contributions from Goods and Services
WEBMar 7, 2024 — Figure 1 shows the contributions to the 12-month change in overall PCE inflation from four categories: housing, core services excluding housing, core goods, and food and energy. Figure 2 shows how much the same categories contribute to monthly headline inflation. Figures 3 and 4 focus on core inflation, removing the …
Total Factor Productivity - San Francisco Fed
WEBOver the past four quarters ending in the second quarter of 2024, Total Factor Productivity grew at a rate of 1.25% and Utilization-adjusted Total Factor Productivity grew at rate of 1.13%. Total Factor Productivity and Underlying Variables (Quarterly growth rates, annualized) Variable. 2023:Q3. 2023:Q4.