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
The @sffed's Phoenix Processing Center serves the AZ market. Opened in 2001, the facility marks its 25th year of operations this year and plays a key role in ensuring the stability of the financial system, processing 2 mil banknotes every day for more than 140 banks in the area.
Register today: sffed.us/EERN624
On June 24, @RonnieChatterji , chief economist at @OpenAI, and Sylvain Leduc @sylvainecon, director of economic research at the @sffed will discuss the economic value of AI in both professional and personal settings.
Our speakers will cover OpenAI’s latest research on who’s using AI, what they’re using it for, and whether it’s creating real economic value at work and at home.
This is a virtual event hosted by the EmergingTech Economic Research Network (EERN). Registration is open to everyone. It will be livestreamed and available as a recording after the event. We invite you to register and submit a question.
Uncertainty is clouding the economic outlook. In SF FedViews, Senior Policy Advisor Òscar Jordà looks at the latest geopolitical developments and their implications for GDP, employment, inflation and interest rates. sffed.us/3S1IChZ
The latest Twelfth District Beige Book report states that economic activity remained largely stable during the April through mid-May reporting period. sffed.us/beigebook
Employment levels were generally unchanged, with most employers holding head counts flat and hiring selectively. Wages rose slightly. Prices increased moderately, largely driven by higher fuel costs due to the ongoing conflict in the Middle East.
Retail sales and demand for consumer and business services were unchanged on net. Conditions in the financial services sector were stable overall. Contacts reported a weak economic outlook, though sentiment was slightly more optimistic than in the prior period.
The latest regional indicators for labor markets and prices are available:
sffed.us/4k01FCy
The San Francisco Fed monitors regional economic indicators to help achieve the Fed system's maximum employment and price stability goals.
Why has labor force participation diverged across genders? New research finds that recent generations of men are participating less than previous generations, while recent generations of women—especially those with more education—have higher participation. sffed.us/4e4n8bU
Has the US entered an era of high productivity growth? A new Economic Letter provides a framework for interpreting recent productivity data and offers cautious optimism about future growth prospects. sffed.us/4v6nJ3u
AI infrastructure spending by the largest firms helped fuel US investment growth in 2025. A new analysis of sentiment data from company earnings calls suggests that optimism about AI will continue to contribute to future overall investment growth. sffed.us/4wv5pT4
Companies are increasingly using advanced algorithms powered by artificial intelligence to set prices. A new Economic Letter finds evidence that price adjustments are more sensitive to monetary policy in sectors where AI pricing is more prevalent. sffed.us/4dhtYKB
What do chief financial officers predict about inflation? A new Economic Letter finds that CFO expectations for price growth at their own firms can provide an economy-wide indicator that tracks well with subsequent core consumer price index inflation. sffed.us/4d4JGZk
The latest regional indicators for labor markets and prices are available:
sffed.us/4k01FCy
The San Francisco Fed monitors regional economic indicators to help achieve the Fed system's maximum employment and price stability goals.
A little-known fact is that the majority of the staff at the @sffed work to support a modern and resilient payment system and a safe and sound banking system. These are critical functions keeping the nation’s economy running smoothly every day.
Oil markets have experienced considerable volatility. In the latest SF FedViews, Vice President Adam Shapiro writes that the ultimate economic impact from higher prices will depend critically on how long market disruptions persist. sffed.us/4vAAF2K
The latest Twelfth District Beige Book reports that economic activity was somewhat subdued but largely stable during the mid-February through March reporting period. sffed.us/beigebook
Contacts reported a weaker economic outlook and heightened uncertainty stemming from the impact of the ongoing conflict in the Middle East on energy markets and global supply chains.