Getting monetary policy right requires looking at near- and medium-term economic impacts of cyclical and secular forces, ...

Banks may be indirectly exposed to trade policy through lending and through the broader effects of trade on the economy. Analysis finds that exposure to recent trade shocks was concentrated in large ...

We study the pass-through of corporate taxes into consumer prices, leveraging 1,058 municipal tax rate changes affecting ...

Our recent SF Fed Blog discusses how appropriately adjusting recent labor market data shows that the growth in labor supply ...

Regional engagement furthers the SF Fed’s mission of advancing the nation’s monetary, financial, and payment systems to build ...

Involuntary part-time employment—the share of people who work less than 35 hours per week but want and are available to work full-time—has increased since 2023. While this contrasts with steady ...

In the wide-ranging conversation, President Daly discussed the major factors shaping the U.S. economy, how the Federal ...

Financial markets repriced assets across a wide range of sectors following the U.S. trade policy announcement on April 2, 2025. Analysis suggests that market participants interpreted tariffs to have ...

Recent surges in trade policy uncertainty highlight the fragility of global supply chains, prompting businesses to consider reshoring—moving production from abroad to domestic locations. Reshoring can ...

State-level unemployment claims can provide a real-time measure of national labor market conditions and the overall state of the economy. A rapid and widespread buildup of stress in state labor ...