CINXE.COM
San Francisco Fed
<!DOCTYPE html> <html lang="en-US" prefix="og: https://ogp.me/ns#"> <head> <meta charset="UTF-8" /> <meta name="viewport" content="width=device-width, initial-scale=1" /> <meta name="be:wp" content="1.1.16"> <!-- be_ixf, sdk, gho--> <meta name="be:sdk" content="php_sdk_1.5.12" /> <meta name="be:timer" content="28ms" /> <meta name="be:orig_url" content="https%3A%2F%2Fwww.frbsf.org%2F" /> <meta name="be:norm_url" content="https%3A%2F%2Fwww.frbsf.org%2F" /> <meta name="be:capsule_url" content="https%3A%2F%2Fixfd1-api.bc0a.com%2Fapi%2Fixf%2F1.0.0%2Fget_capsule%2Ff00000000280183%2F01905536010" /> <meta name="be:api_dt" content="Zy_2025;Zm_03;Zd_15;Zh_23;Zmh_09;p_epoch:1742080159450" /> <meta name="be:mod_dt" content="Zy_2025;Zm_03;Zd_15;Zh_23;Zmh_09;p_epoch:1742080159450" /> <meta name="be:diag" content="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" /> <meta name="be:messages" content="true" /> <style> .be-ix-link-block .be-related-link-container {margin-bottom: 20px;} .be-ix-link-block .be-related-link-container .be-label {margin: 0;color: #ebebeb;line-height: 1.5em;} .be-ix-link-block .be-related-link-container .be-list { display: inline-block; list-style: none;margin: 0; padding: 0;} .be-ix-link-block .be-related-link-container .be-list .be-list-item {display: inline-block;} .be-ix-link-block .be-related-link-container .be-list .be-list-item .be-related-link { color: #fff; margin: 0 0.5em; text-transform: uppercase;} .be-ix-link-block .be-related-link-container .be-list .be-list-item:last-child { margin-right: 0;} @media (max-width: 900px) { .be-ix-link-block .be-related-link-container .be-label {width: 100%;margin-bottom: 10px;} .be-ix-link-block .be-related-link-container .be-list { display: block;width: 100%;} .be-ix-link-block .be-related-link-container .be-list .be-list-item {display: block;margin-right: 0; padding-bottom: 0.5rem;} } @media (min-width: 901px) { .be-ix-link-block .be-related-link-container {display: flex;align-items: baseline;justify-content: center;} .be-ix-link-block .be-related-link-container .be-label {display: inline-block;margin-right: 20px;flex-grow: 0;flex-shrink: 0;} } </style> <script> (function() { var beif_script = document.createElement('script'); beif_script.type = 'text/javascript'; beif_script.async = true; beif_script.id="beif-script"; beif_script.setAttribute("data-customerid","f00000000280183"); beif_script.setAttribute("data-testmode","true"); beif_script.setAttribute("data-env","prod"); beif_script.src = "https://apif-cf.bc0a.com/corejs/be-if.js"; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(beif_script, s); })(); </script> <!-- Search Engine Optimization by Rank Math - https://rankmath.com/ --> <meta name="description" content="The SF Fed is a nonprofit public service institution that supports the economy through research, community development, and banking supervision."/> <meta name="robots" content="follow, index, max-snippet:-1, max-video-preview:-1, max-image-preview:large"/> <link rel="canonical" href="https://www.frbsf.org/" /> <meta property="og:locale" content="en_US" /> <meta property="og:type" content="website" /> <meta property="og:title" content="San Francisco Fed" /> <meta property="og:description" content="The SF Fed is a nonprofit public service institution that supports the economy through research, community development, and banking supervision." /> <meta property="og:url" content="https://www.frbsf.org/" /> <meta property="og:site_name" content="SF Fed" /> <meta property="og:updated_time" content="2025-04-09T10:52:04-07:00" /> <meta property="og:image" content="https://www.frbsf.org/wp-content/uploads/federal-reserve-bank-of-sf.png" /> <meta property="og:image:secure_url" content="https://www.frbsf.org/wp-content/uploads/federal-reserve-bank-of-sf.png" /> <meta property="og:image:width" content="1024" /> <meta property="og:image:height" content="538" /> <meta property="og:image:alt" content="San Francisco Fed" /> <meta property="og:image:type" content="image/png" /> <meta property="article:published_time" content="2023-10-18T16:05:26-07:00" /> <meta property="article:modified_time" content="2025-04-09T10:52:04-07:00" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:title" content="San Francisco Fed" /> <meta name="twitter:description" content="The SF Fed is a nonprofit public service institution that supports the economy through research, community development, and banking supervision." /> <meta name="twitter:image" content="https://www.frbsf.org/wp-content/uploads/federal-reserve-bank-of-sf.png" /> <meta name="twitter:label1" content="Written by" /> <meta name="twitter:data1" content="cchanse" /> <meta name="twitter:label2" content="Time to read" /> <meta name="twitter:data2" content="Less than a minute" /> <script type="application/ld+json" class="rank-math-schema">{"@context":"https://schema.org","@graph":[{"@type":["GovernmentOrganization","Organization"],"@id":"https://www.frbsf.org/#organization","name":"SF Fed","url":"https://www.frbsf.org","sameAs":["https://www.facebook.com/SFFedReserve"],"logo":{"@type":"ImageObject","@id":"https://www.frbsf.org/#logo","url":"https://www.frbsf.org/wp-content/uploads/favicons_Blue_112x112.png","contentUrl":"https://www.frbsf.org/wp-content/uploads/favicons_Blue_112x112.png","caption":"SF Fed","inLanguage":"en-US","width":"112","height":"112"}},{"@type":"WebSite","@id":"https://www.frbsf.org/#website","url":"https://www.frbsf.org","name":"SF Fed","publisher":{"@id":"https://www.frbsf.org/#organization"},"inLanguage":"en-US","potentialAction":{"@type":"SearchAction","target":"https://www.frbsf.org/?s={search_term_string}","query-input":"required name=search_term_string"}},{"@type":"ImageObject","@id":"https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1024,818","url":"https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1024,818","width":"200","height":"200","inLanguage":"en-US"},{"@type":"WebPage","@id":"https://www.frbsf.org/#webpage","url":"https://www.frbsf.org/","name":"San Francisco Fed","datePublished":"2023-10-18T16:05:26-07:00","dateModified":"2025-04-09T10:52:04-07:00","about":{"@id":"https://www.frbsf.org/#organization"},"isPartOf":{"@id":"https://www.frbsf.org/#website"},"primaryImageOfPage":{"@id":"https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1024,818"},"inLanguage":"en-US"},{"@type":"Person","@id":"https://www.frbsf.org/#author","name":"cchanse","image":{"@type":"ImageObject","@id":"https://secure.gravatar.com/avatar/4001af190483ccb1b388d8862892e141?s=96&d=mm&r=g","url":"https://secure.gravatar.com/avatar/4001af190483ccb1b388d8862892e141?s=96&d=mm&r=g","caption":"cchanse","inLanguage":"en-US"},"worksFor":{"@id":"https://www.frbsf.org/#organization"}},{"@type":"Article","headline":"San Francisco Fed","datePublished":"2023-10-18T16:05:26-07:00","dateModified":"2025-04-09T10:52:04-07:00","author":{"@id":"https://www.frbsf.org/#author","name":"cchanse"},"publisher":{"@id":"https://www.frbsf.org/#organization"},"description":"The SF Fed is a nonprofit public service institution that supports the economy through research, community development, and banking supervision.","name":"San Francisco Fed","@id":"https://www.frbsf.org/#richSnippet","isPartOf":{"@id":"https://www.frbsf.org/#webpage"},"image":{"@id":"https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1024,818"},"inLanguage":"en-US","mainEntityOfPage":{"@id":"https://www.frbsf.org/#webpage"}}]}</script> <!-- /Rank Math WordPress SEO plugin --> <title>San Francisco Fed</title> <link rel='dns-prefetch' href='//cdn.jsdelivr.net' /> <link rel='dns-prefetch' href='//cdn.parsely.com' /> <link rel='dns-prefetch' href='//stats.wp.com' /> <link rel="alternate" type="application/rss+xml" title="San Francisco Fed » Feed" href="https://www.frbsf.org/feed/" /> <link rel="alternate" type="application/rss+xml" title="San Francisco Fed » Comments Feed" href="https://www.frbsf.org/comments/feed/" /> <script> window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/www.frbsf.org\/wp-includes\/js\/wp-emoji-release.min.js?ver=6.6.2"}}; /*! This file is auto-generated */ !function(i,n){var o,s,e;function c(e){try{var t={supportTests:e,timestamp:(new Date).valueOf()};sessionStorage.setItem(o,JSON.stringify(t))}catch(e){}}function p(e,t,n){e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(t,0,0);var t=new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data),r=(e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(n,0,0),new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data));return t.every(function(e,t){return e===r[t]})}function u(e,t,n){switch(t){case"flag":return n(e,"\ud83c\udff3\ufe0f\u200d\u26a7\ufe0f","\ud83c\udff3\ufe0f\u200b\u26a7\ufe0f")?!1:!n(e,"\ud83c\uddfa\ud83c\uddf3","\ud83c\uddfa\u200b\ud83c\uddf3")&&!n(e,"\ud83c\udff4\udb40\udc67\udb40\udc62\udb40\udc65\udb40\udc6e\udb40\udc67\udb40\udc7f","\ud83c\udff4\u200b\udb40\udc67\u200b\udb40\udc62\u200b\udb40\udc65\u200b\udb40\udc6e\u200b\udb40\udc67\u200b\udb40\udc7f");case"emoji":return!n(e,"\ud83d\udc26\u200d\u2b1b","\ud83d\udc26\u200b\u2b1b")}return!1}function f(e,t,n){var r="undefined"!=typeof WorkerGlobalScope&&self instanceof WorkerGlobalScope?new OffscreenCanvas(300,150):i.createElement("canvas"),a=r.getContext("2d",{willReadFrequently:!0}),o=(a.textBaseline="top",a.font="600 32px Arial",{});return e.forEach(function(e){o[e]=t(a,e,n)}),o}function t(e){var t=i.createElement("script");t.src=e,t.defer=!0,i.head.appendChild(t)}"undefined"!=typeof Promise&&(o="wpEmojiSettingsSupports",s=["flag","emoji"],n.supports={everything:!0,everythingExceptFlag:!0},e=new Promise(function(e){i.addEventListener("DOMContentLoaded",e,{once:!0})}),new Promise(function(t){var n=function(){try{var e=JSON.parse(sessionStorage.getItem(o));if("object"==typeof e&&"number"==typeof e.timestamp&&(new Date).valueOf()<e.timestamp+604800&&"object"==typeof e.supportTests)return e.supportTests}catch(e){}return null}();if(!n){if("undefined"!=typeof Worker&&"undefined"!=typeof OffscreenCanvas&&"undefined"!=typeof URL&&URL.createObjectURL&&"undefined"!=typeof Blob)try{var e="postMessage("+f.toString()+"("+[JSON.stringify(s),u.toString(),p.toString()].join(",")+"));",r=new Blob([e],{type:"text/javascript"}),a=new Worker(URL.createObjectURL(r),{name:"wpTestEmojiSupports"});return void(a.onmessage=function(e){c(n=e.data),a.terminate(),t(n)})}catch(e){}c(n=f(s,u,p))}t(n)}).then(function(e){for(var t in e)n.supports[t]=e[t],n.supports.everything=n.supports.everything&&n.supports[t],"flag"!==t&&(n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&n.supports[t]);n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&!n.supports.flag,n.DOMReady=!1,n.readyCallback=function(){n.DOMReady=!0}}).then(function(){return e}).then(function(){var e;n.supports.everything||(n.readyCallback(),(e=n.source||{}).concatemoji?t(e.concatemoji):e.wpemoji&&e.twemoji&&(t(e.twemoji),t(e.wpemoji)))}))}((window,document),window._wpemojiSettings); </script> <link rel='stylesheet' id='all-css-0' href='https://www.frbsf.org/_static/??-eJyNjVsOgjAQAC9kWVqqtB/GsyzLEhv7IO4S4+2FE8jvTCYDn9VQq8pVQZ9cWECWhWdAEVYBEoG067do0oS528EFTkTUStlq0q+h3ITNthpGUdPwlbHO/3zng59G65wljP018C1OfMwf5W5H7+Lgw9D/AMsNRBY=' type='text/css' media='all' /> <link rel='stylesheet' id='swiper-css-css' href='https://cdn.jsdelivr.net/npm/swiper@9/swiper-bundle.min.css?ver=6.6.2' media='all' /> <link rel='preload' as='style' onload='this.rel="stylesheet"' id='global-styles-css' href='https://www.frbsf.org/wp-content/themes/sffed/global-styles/dist/sffed-global-styles.99b86d8607609f25e00f.css?ver=6.6.2' media='all' /> <noscript><link rel='stylesheet' id='global-styles-css' href='https://www.frbsf.org/wp-content/themes/sffed/global-styles/dist/sffed-global-styles.99b86d8607609f25e00f.css?ver=6.6.2' media='all' /> </noscript><style id='global-styles-inline-css'> :root{--wp--preset--aspect-ratio--square: 1;--wp--preset--aspect-ratio--4-3: 4/3;--wp--preset--aspect-ratio--3-4: 3/4;--wp--preset--aspect-ratio--3-2: 3/2;--wp--preset--aspect-ratio--2-3: 2/3;--wp--preset--aspect-ratio--16-9: 16/9;--wp--preset--aspect-ratio--9-16: 9/16;--wp--preset--color--black: #000000;--wp--preset--color--cyan-bluish-gray: #abb8c3;--wp--preset--color--white: #ffffff;--wp--preset--color--pale-pink: #f78da7;--wp--preset--color--vivid-red: #cf2e2e;--wp--preset--color--luminous-vivid-orange: #ff6900;--wp--preset--color--luminous-vivid-amber: #fcb900;--wp--preset--color--light-green-cyan: #7bdcb5;--wp--preset--color--vivid-green-cyan: #00d084;--wp--preset--color--pale-cyan-blue: #8ed1fc;--wp--preset--color--vivid-cyan-blue: #0693e3;--wp--preset--color--vivid-purple: #9b51e0;--wp--preset--color--base: #ffffff;--wp--preset--color--contrast: #000000;--wp--preset--color--primary-midnight: #1A1C20;--wp--preset--color--primary-teal: #0b807c;--wp--preset--color--primary-lightened-teal: #a3cac6;--wp--preset--color--primary-darkened-teal: #0e5050;--wp--preset--color--primary-navy: #2c3143;--wp--preset--color--primary-blue: #4b5d77;--wp--preset--color--primary-silver: #babbbb;--wp--preset--color--primary-cream: #f1e9d5;--wp--preset--color--primary-off-white: #fdfbF7;--wp--preset--color--primary-bisque: #f4f1e9;--wp--preset--color--secondary-linen: #f4f1e9;--wp--preset--color--secondary-orange: #D7801E;--wp--preset--color--secondary-green: #7A971C;--wp--preset--color--secondary-gold: #F0B921;--wp--preset--color--secondary-pink: #D3887B;--wp--preset--color--secondary-pink-alt: #DA6B5C;--wp--preset--color--alert-red-alert: #B42519;--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple: linear-gradient(135deg,rgba(6,147,227,1) 0%,rgb(155,81,224) 100%);--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan: linear-gradient(135deg,rgb(122,220,180) 0%,rgb(0,208,130) 100%);--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange: linear-gradient(135deg,rgba(252,185,0,1) 0%,rgba(255,105,0,1) 100%);--wp--preset--gradient--luminous-vivid-orange-to-vivid-red: linear-gradient(135deg,rgba(255,105,0,1) 0%,rgb(207,46,46) 100%);--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray: linear-gradient(135deg,rgb(238,238,238) 0%,rgb(169,184,195) 100%);--wp--preset--gradient--cool-to-warm-spectrum: linear-gradient(135deg,rgb(74,234,220) 0%,rgb(151,120,209) 20%,rgb(207,42,186) 40%,rgb(238,44,130) 60%,rgb(251,105,98) 80%,rgb(254,248,76) 100%);--wp--preset--gradient--blush-light-purple: linear-gradient(135deg,rgb(255,206,236) 0%,rgb(152,150,240) 100%);--wp--preset--gradient--blush-bordeaux: linear-gradient(135deg,rgb(254,205,165) 0%,rgb(254,45,45) 50%,rgb(107,0,62) 100%);--wp--preset--gradient--luminous-dusk: linear-gradient(135deg,rgb(255,203,112) 0%,rgb(199,81,192) 50%,rgb(65,88,208) 100%);--wp--preset--gradient--pale-ocean: linear-gradient(135deg,rgb(255,245,203) 0%,rgb(182,227,212) 50%,rgb(51,167,181) 100%);--wp--preset--gradient--electric-grass: linear-gradient(135deg,rgb(202,248,128) 0%,rgb(113,206,126) 100%);--wp--preset--gradient--midnight: linear-gradient(135deg,rgb(2,3,129) 0%,rgb(40,116,252) 100%);--wp--preset--font-size--small: clamp(1.25rem, 1.25rem + ((1vw - 0.2rem) * 1), 1.25rem);--wp--preset--font-size--medium: clamp(1.875rem, 1.875rem + ((1vw - 0.2rem) * 1), 1.875rem);--wp--preset--font-size--large: clamp(2.5rem, 2.5rem + ((1vw - 0.2rem) * 1), 2.5rem);--wp--preset--font-size--x-large: 3.5rem;--wp--preset--font-size--x-small: clamp(1rem, 1rem + ((1vw - 0.2rem) * 1), 1rem);--wp--preset--font-size--xx-small: clamp(0.75rem, 0.75rem + ((1vw - 0.2rem) * 1), 0.75rem);--wp--preset--font-size--x-medium: clamp(2rem, 2rem + ((1vw - 0.2rem) * 0.286), 2.2rem);--wp--preset--font-size--xx-large: clamp(4.5rem, 4.5rem + ((1vw - 0.2rem) * 1), 4.5rem);--wp--preset--font-size--data-viz-medium: clamp(3rem, 3rem + ((1vw - 0.2rem) * 5.714), 7rem);--wp--preset--font-size--data-viz-large: clamp(6rem, 6rem + ((1vw - 0.2rem) * 11.429), 14rem);--wp--preset--font-family--greycliff-cf: "Greycliff CF", sans-serif;--wp--preset--spacing--20: clamp(1rem, 5vw, 1.5rem);--wp--preset--spacing--30: clamp(1.5rem, 5vw, 2rem);--wp--preset--spacing--40: clamp(1.8rem, 1.8rem + ((1vw - 0.48rem) * 2.885), 3rem);--wp--preset--spacing--50: clamp(2.5rem, 8vw, 4.5rem);--wp--preset--spacing--60: clamp(3.75rem, 10vw, 7rem);--wp--preset--spacing--70: clamp(5rem, 5.25rem + ((1vw - 0.48rem) * 9.096), 8rem);--wp--preset--spacing--80: clamp(7rem, 14vw, 11rem);--wp--preset--shadow--natural: 6px 6px 9px rgba(0, 0, 0, 0.2);--wp--preset--shadow--deep: 12px 12px 50px rgba(0, 0, 0, 0.4);--wp--preset--shadow--sharp: 6px 6px 0px rgba(0, 0, 0, 0.2);--wp--preset--shadow--outlined: 6px 6px 0px -3px rgba(255, 255, 255, 1), 6px 6px rgba(0, 0, 0, 1);--wp--preset--shadow--crisp: 6px 6px 0px rgba(0, 0, 0, 1);}:root { --wp--style--global--content-size: 1210px;--wp--style--global--wide-size: 1440px; }:where(body) { margin: 0; }.wp-site-blocks { padding-top: var(--wp--style--root--padding-top); padding-bottom: var(--wp--style--root--padding-bottom); }.has-global-padding { padding-right: var(--wp--style--root--padding-right); padding-left: var(--wp--style--root--padding-left); }.has-global-padding > .alignfull { margin-right: calc(var(--wp--style--root--padding-right) * -1); margin-left: calc(var(--wp--style--root--padding-left) * -1); }.has-global-padding :where(:not(.alignfull.is-layout-flow) > .has-global-padding:not(.wp-block-block, .alignfull)) { padding-right: 0; padding-left: 0; }.has-global-padding :where(:not(.alignfull.is-layout-flow) > .has-global-padding:not(.wp-block-block, .alignfull)) > .alignfull { margin-left: 0; margin-right: 0; }.wp-site-blocks > .alignleft { float: left; margin-right: 2em; }.wp-site-blocks > .alignright { float: right; margin-left: 2em; }.wp-site-blocks > .aligncenter { justify-content: center; margin-left: auto; margin-right: auto; }:where(.wp-site-blocks) > * { margin-block-start: ; margin-block-end: 0; }:where(.wp-site-blocks) > :first-child { margin-block-start: 0; }:where(.wp-site-blocks) > :last-child { margin-block-end: 0; }:root { --wp--style--block-gap: ; }.is-layout-flow > .alignleft{float: left;margin-inline-start: 0;margin-inline-end: 2em;}.is-layout-flow > .alignright{float: right;margin-inline-start: 2em;margin-inline-end: 0;}.is-layout-flow > .aligncenter{margin-left: auto !important;margin-right: auto !important;}.is-layout-constrained > .alignleft{float: left;margin-inline-start: 0;margin-inline-end: 2em;}.is-layout-constrained > .alignright{float: right;margin-inline-start: 2em;margin-inline-end: 0;}.is-layout-constrained > .aligncenter{margin-left: auto !important;margin-right: auto !important;}.is-layout-constrained > :where(:not(.alignleft):not(.alignright):not(.alignfull)){max-width: var(--wp--style--global--content-size);margin-left: auto !important;margin-right: auto !important;}.is-layout-constrained > .alignwide{max-width: var(--wp--style--global--wide-size);}body .is-layout-flex{display: flex;}.is-layout-flex{flex-wrap: wrap;align-items: center;}.is-layout-flex > :is(*, div){margin: 0;}body .is-layout-grid{display: grid;}.is-layout-grid > :is(*, div){margin: 0;}body{background-color: var(--wp--preset--color--primary-off-white);color: var(--wp--preset--color--contrast);font-family: "Greycliff CF", sans-serif;font-size: var(--wp--preset--font-size--small);line-height: 1.6;--wp--style--root--padding-top: var(--wp--preset--spacing--40);--wp--style--root--padding-right: var(--wp--preset--spacing--30);--wp--style--root--padding-bottom: var(--wp--preset--spacing--40);--wp--style--root--padding-left: var(--wp--preset--spacing--30);}a:where(:not(.wp-element-button)){color: var(--wp--preset--color--primary-teal);text-decoration: underline;}:root :where(a:where(:not(.wp-element-button)):hover){color: var(--wp--preset--color--primary-teal);text-decoration: none;}:root :where(a:where(:not(.wp-element-button)):focus){text-decoration: underline dashed;}:root :where(a:where(:not(.wp-element-button)):active){color: var(--wp--preset--color--secondary);text-decoration: none;}h1, h2, h3, h4, h5, h6{font-weight: 400;line-height: 1.4;}h1{color: var(--wp--preset--color--primary-navy);font-size: var(--wp--preset--font-size--xx-large);font-weight: 700;line-height: 1.2;}h2{font-size: var(--wp--preset--font-size--x-medium);font-weight: 700;line-height: 1.2;}h3{font-size: var(--wp--preset--font-size--medium);font-weight: 700;}h4{font-size: clamp(1.052rem, 1.052rem + ((1vw - 0.2rem) * 0.819), 1.625rem);font-weight: 700;}h5{font-size: clamp(0.984rem, 0.984rem + ((1vw - 0.2rem) * 0.737), 1.5rem);font-weight: 700;text-transform: uppercase;}h6{font-size: clamp(0.875rem, 0.875rem + ((1vw - 0.2rem) * 0.536), 1.25rem);font-weight: 700;text-transform: uppercase;}:root :where(.wp-element-button, .wp-block-button__link){background-color: var(--wp--preset--color--primary);border-radius: 0;border-color: var(--wp--preset--color--primary-teal);border-width: 0;color: var(--wp--preset--color--contrast);font-family: inherit;font-size: inherit;line-height: inherit;padding: calc(0.667em + 2px) calc(1.333em + 2px);text-decoration: none;}:root :where(.wp-element-button:visited, .wp-block-button__link:visited){color: var(--wp--preset--color--contrast);}:root :where(.wp-element-button:hover, .wp-block-button__link:hover){background-color: var(--wp--preset--color--primary-darkened-teal);color: var(--wp--preset--color--base);}:root :where(.wp-element-button:focus, .wp-block-button__link:focus){background-color: var(--wp--preset--color--contrast);color: var(--wp--preset--color--base);}:root :where(.wp-element-button:active, .wp-block-button__link:active){background-color: var(--wp--preset--color--secondary);color: var(--wp--preset--color--base);}.has-black-color{color: var(--wp--preset--color--black) !important;}.has-cyan-bluish-gray-color{color: var(--wp--preset--color--cyan-bluish-gray) !important;}.has-white-color{color: var(--wp--preset--color--white) !important;}.has-pale-pink-color{color: var(--wp--preset--color--pale-pink) !important;}.has-vivid-red-color{color: var(--wp--preset--color--vivid-red) !important;}.has-luminous-vivid-orange-color{color: var(--wp--preset--color--luminous-vivid-orange) !important;}.has-luminous-vivid-amber-color{color: var(--wp--preset--color--luminous-vivid-amber) !important;}.has-light-green-cyan-color{color: var(--wp--preset--color--light-green-cyan) !important;}.has-vivid-green-cyan-color{color: var(--wp--preset--color--vivid-green-cyan) !important;}.has-pale-cyan-blue-color{color: var(--wp--preset--color--pale-cyan-blue) !important;}.has-vivid-cyan-blue-color{color: var(--wp--preset--color--vivid-cyan-blue) !important;}.has-vivid-purple-color{color: var(--wp--preset--color--vivid-purple) !important;}.has-base-color{color: var(--wp--preset--color--base) !important;}.has-contrast-color{color: var(--wp--preset--color--contrast) !important;}.has-primary-midnight-color{color: var(--wp--preset--color--primary-midnight) !important;}.has-primary-teal-color{color: var(--wp--preset--color--primary-teal) !important;}.has-primary-lightened-teal-color{color: var(--wp--preset--color--primary-lightened-teal) !important;}.has-primary-darkened-teal-color{color: var(--wp--preset--color--primary-darkened-teal) !important;}.has-primary-navy-color{color: var(--wp--preset--color--primary-navy) !important;}.has-primary-blue-color{color: var(--wp--preset--color--primary-blue) !important;}.has-primary-silver-color{color: var(--wp--preset--color--primary-silver) !important;}.has-primary-cream-color{color: var(--wp--preset--color--primary-cream) !important;}.has-primary-off-white-color{color: var(--wp--preset--color--primary-off-white) !important;}.has-primary-bisque-color{color: var(--wp--preset--color--primary-bisque) !important;}.has-secondary-linen-color{color: var(--wp--preset--color--secondary-linen) !important;}.has-secondary-orange-color{color: var(--wp--preset--color--secondary-orange) !important;}.has-secondary-green-color{color: var(--wp--preset--color--secondary-green) !important;}.has-secondary-gold-color{color: var(--wp--preset--color--secondary-gold) !important;}.has-secondary-pink-color{color: var(--wp--preset--color--secondary-pink) !important;}.has-secondary-pink-alt-color{color: var(--wp--preset--color--secondary-pink-alt) !important;}.has-alert-red-alert-color{color: var(--wp--preset--color--alert-red-alert) !important;}.has-black-background-color{background-color: var(--wp--preset--color--black) !important;}.has-cyan-bluish-gray-background-color{background-color: var(--wp--preset--color--cyan-bluish-gray) !important;}.has-white-background-color{background-color: var(--wp--preset--color--white) !important;}.has-pale-pink-background-color{background-color: var(--wp--preset--color--pale-pink) !important;}.has-vivid-red-background-color{background-color: var(--wp--preset--color--vivid-red) !important;}.has-luminous-vivid-orange-background-color{background-color: var(--wp--preset--color--luminous-vivid-orange) !important;}.has-luminous-vivid-amber-background-color{background-color: var(--wp--preset--color--luminous-vivid-amber) !important;}.has-light-green-cyan-background-color{background-color: var(--wp--preset--color--light-green-cyan) !important;}.has-vivid-green-cyan-background-color{background-color: var(--wp--preset--color--vivid-green-cyan) !important;}.has-pale-cyan-blue-background-color{background-color: var(--wp--preset--color--pale-cyan-blue) !important;}.has-vivid-cyan-blue-background-color{background-color: var(--wp--preset--color--vivid-cyan-blue) !important;}.has-vivid-purple-background-color{background-color: var(--wp--preset--color--vivid-purple) !important;}.has-base-background-color{background-color: var(--wp--preset--color--base) !important;}.has-contrast-background-color{background-color: var(--wp--preset--color--contrast) !important;}.has-primary-midnight-background-color{background-color: var(--wp--preset--color--primary-midnight) !important;}.has-primary-teal-background-color{background-color: var(--wp--preset--color--primary-teal) !important;}.has-primary-lightened-teal-background-color{background-color: var(--wp--preset--color--primary-lightened-teal) !important;}.has-primary-darkened-teal-background-color{background-color: var(--wp--preset--color--primary-darkened-teal) !important;}.has-primary-navy-background-color{background-color: var(--wp--preset--color--primary-navy) !important;}.has-primary-blue-background-color{background-color: var(--wp--preset--color--primary-blue) !important;}.has-primary-silver-background-color{background-color: var(--wp--preset--color--primary-silver) !important;}.has-primary-cream-background-color{background-color: var(--wp--preset--color--primary-cream) !important;}.has-primary-off-white-background-color{background-color: var(--wp--preset--color--primary-off-white) !important;}.has-primary-bisque-background-color{background-color: var(--wp--preset--color--primary-bisque) !important;}.has-secondary-linen-background-color{background-color: var(--wp--preset--color--secondary-linen) !important;}.has-secondary-orange-background-color{background-color: var(--wp--preset--color--secondary-orange) !important;}.has-secondary-green-background-color{background-color: var(--wp--preset--color--secondary-green) !important;}.has-secondary-gold-background-color{background-color: var(--wp--preset--color--secondary-gold) !important;}.has-secondary-pink-background-color{background-color: var(--wp--preset--color--secondary-pink) !important;}.has-secondary-pink-alt-background-color{background-color: var(--wp--preset--color--secondary-pink-alt) !important;}.has-alert-red-alert-background-color{background-color: var(--wp--preset--color--alert-red-alert) !important;}.has-black-border-color{border-color: var(--wp--preset--color--black) !important;}.has-cyan-bluish-gray-border-color{border-color: var(--wp--preset--color--cyan-bluish-gray) !important;}.has-white-border-color{border-color: var(--wp--preset--color--white) !important;}.has-pale-pink-border-color{border-color: var(--wp--preset--color--pale-pink) !important;}.has-vivid-red-border-color{border-color: var(--wp--preset--color--vivid-red) !important;}.has-luminous-vivid-orange-border-color{border-color: var(--wp--preset--color--luminous-vivid-orange) !important;}.has-luminous-vivid-amber-border-color{border-color: var(--wp--preset--color--luminous-vivid-amber) !important;}.has-light-green-cyan-border-color{border-color: var(--wp--preset--color--light-green-cyan) !important;}.has-vivid-green-cyan-border-color{border-color: var(--wp--preset--color--vivid-green-cyan) !important;}.has-pale-cyan-blue-border-color{border-color: var(--wp--preset--color--pale-cyan-blue) !important;}.has-vivid-cyan-blue-border-color{border-color: var(--wp--preset--color--vivid-cyan-blue) !important;}.has-vivid-purple-border-color{border-color: var(--wp--preset--color--vivid-purple) !important;}.has-base-border-color{border-color: var(--wp--preset--color--base) !important;}.has-contrast-border-color{border-color: var(--wp--preset--color--contrast) !important;}.has-primary-midnight-border-color{border-color: var(--wp--preset--color--primary-midnight) !important;}.has-primary-teal-border-color{border-color: var(--wp--preset--color--primary-teal) !important;}.has-primary-lightened-teal-border-color{border-color: var(--wp--preset--color--primary-lightened-teal) !important;}.has-primary-darkened-teal-border-color{border-color: var(--wp--preset--color--primary-darkened-teal) !important;}.has-primary-navy-border-color{border-color: var(--wp--preset--color--primary-navy) !important;}.has-primary-blue-border-color{border-color: var(--wp--preset--color--primary-blue) !important;}.has-primary-silver-border-color{border-color: var(--wp--preset--color--primary-silver) !important;}.has-primary-cream-border-color{border-color: var(--wp--preset--color--primary-cream) !important;}.has-primary-off-white-border-color{border-color: var(--wp--preset--color--primary-off-white) !important;}.has-primary-bisque-border-color{border-color: var(--wp--preset--color--primary-bisque) !important;}.has-secondary-linen-border-color{border-color: var(--wp--preset--color--secondary-linen) !important;}.has-secondary-orange-border-color{border-color: var(--wp--preset--color--secondary-orange) !important;}.has-secondary-green-border-color{border-color: var(--wp--preset--color--secondary-green) !important;}.has-secondary-gold-border-color{border-color: var(--wp--preset--color--secondary-gold) !important;}.has-secondary-pink-border-color{border-color: var(--wp--preset--color--secondary-pink) !important;}.has-secondary-pink-alt-border-color{border-color: var(--wp--preset--color--secondary-pink-alt) !important;}.has-alert-red-alert-border-color{border-color: var(--wp--preset--color--alert-red-alert) !important;}.has-vivid-cyan-blue-to-vivid-purple-gradient-background{background: var(--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple) !important;}.has-light-green-cyan-to-vivid-green-cyan-gradient-background{background: var(--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan) !important;}.has-luminous-vivid-amber-to-luminous-vivid-orange-gradient-background{background: var(--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange) !important;}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background: var(--wp--preset--gradient--luminous-vivid-orange-to-vivid-red) !important;}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background: var(--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray) !important;}.has-cool-to-warm-spectrum-gradient-background{background: var(--wp--preset--gradient--cool-to-warm-spectrum) !important;}.has-blush-light-purple-gradient-background{background: var(--wp--preset--gradient--blush-light-purple) !important;}.has-blush-bordeaux-gradient-background{background: var(--wp--preset--gradient--blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(--wp--preset--gradient--luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(--wp--preset--gradient--pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(--wp--preset--gradient--electric-grass) !important;}.has-midnight-gradient-background{background: var(--wp--preset--gradient--midnight) !important;}.has-small-font-size{font-size: var(--wp--preset--font-size--small) !important;}.has-medium-font-size{font-size: var(--wp--preset--font-size--medium) !important;}.has-large-font-size{font-size: var(--wp--preset--font-size--large) !important;}.has-x-large-font-size{font-size: var(--wp--preset--font-size--x-large) !important;}.has-x-small-font-size{font-size: var(--wp--preset--font-size--x-small) !important;}.has-xx-small-font-size{font-size: var(--wp--preset--font-size--xx-small) !important;}.has-x-medium-font-size{font-size: var(--wp--preset--font-size--x-medium) !important;}.has-xx-large-font-size{font-size: var(--wp--preset--font-size--xx-large) !important;}.has-data-viz-medium-font-size{font-size: var(--wp--preset--font-size--data-viz-medium) !important;}.has-data-viz-large-font-size{font-size: var(--wp--preset--font-size--data-viz-large) !important;}.has-greycliff-cf-font-family{font-family: var(--wp--preset--font-family--greycliff-cf) !important;} :root :where(.wp-block-button .wp-block-button__link){background-color: var(--wp--preset--color--primary-teal);border-radius: 4px;border-color: var(--wp--preset--color--primary-teal);border-style: solid;color: var(--wp--preset--color--base);font-size: var(--wp--preset--font-size--x-small);font-weight: 700;} :root :where(.wp-block-cover){font-weight: 700;line-height: 1.25;padding-top: 5rem;padding-right: 5rem;padding-bottom: 3rem;padding-left: 7rem;} </style> <style id='sffed-blocks-sffed-reusable-block-output-style-inline-css'> /*!**************************************************************************************************************************************************************************************************************************************************************************!*\ !*** css ./node_modules/css-loader/dist/cjs.js??ruleSet[1].rules[4].use[1]!./node_modules/postcss-loader/dist/cjs.js??ruleSet[1].rules[4].use[2]!./node_modules/sass-loader/dist/cjs.js??ruleSet[1].rules[4].use[3]!./src/blocks/sffed-reusable-block-output/style.scss ***! \**************************************************************************************************************************************************************************************************************************************************************************/ /** * The following styles get applied both on the front of your site * and in the editor. * * Replace them with your own styles or remove the file completely. */ /*# sourceMappingURL=style-index.css.map*/ </style> <link rel='stylesheet' id='all-css-8' href='https://www.frbsf.org/wp-includes/blocks/social-links/style.min.css?m=1742994393g' type='text/css' media='all' /> <style id='wp-block-columns-inline-css'> .wp-block-columns{align-items:normal!important;box-sizing:border-box;display:flex;flex-wrap:wrap!important}@media (min-width:782px){.wp-block-columns{flex-wrap:nowrap!important}}.wp-block-columns.are-vertically-aligned-top{align-items:flex-start}.wp-block-columns.are-vertically-aligned-center{align-items:center}.wp-block-columns.are-vertically-aligned-bottom{align-items:flex-end}@media (max-width:781px){.wp-block-columns:not(.is-not-stacked-on-mobile)>.wp-block-column{flex-basis:100%!important}}@media (min-width:782px){.wp-block-columns:not(.is-not-stacked-on-mobile)>.wp-block-column{flex-basis:0;flex-grow:1}.wp-block-columns:not(.is-not-stacked-on-mobile)>.wp-block-column[style*=flex-basis]{flex-grow:0}}.wp-block-columns.is-not-stacked-on-mobile{flex-wrap:nowrap!important}.wp-block-columns.is-not-stacked-on-mobile>.wp-block-column{flex-basis:0;flex-grow:1}.wp-block-columns.is-not-stacked-on-mobile>.wp-block-column[style*=flex-basis]{flex-grow:0}:where(.wp-block-columns){margin-bottom:1.75em}:where(.wp-block-columns.has-background){padding:1.25em 2.375em}.wp-block-column{flex-grow:1;min-width:0;overflow-wrap:break-word;word-break:break-word}.wp-block-column.is-vertically-aligned-top{align-self:flex-start}.wp-block-column.is-vertically-aligned-center{align-self:center}.wp-block-column.is-vertically-aligned-bottom{align-self:flex-end}.wp-block-column.is-vertically-aligned-stretch{align-self:stretch}.wp-block-column.is-vertically-aligned-bottom,.wp-block-column.is-vertically-aligned-center,.wp-block-column.is-vertically-aligned-top{width:100%} </style> <style id='wp-block-group-inline-css'> .wp-block-group{box-sizing:border-box}:where(.wp-block-group.wp-block-group-is-layout-constrained){position:relative} </style> <style id='wp-block-paragraph-inline-css'> .is-small-text{font-size:.875em}.is-regular-text{font-size:1em}.is-large-text{font-size:2.25em}.is-larger-text{font-size:3em}.has-drop-cap:not(:focus):first-letter{float:left;font-size:8.4em;font-style:normal;font-weight:100;line-height:.68;margin:.05em .1em 0 0;text-transform:uppercase}body.rtl .has-drop-cap:not(:focus):first-letter{float:none;margin-left:.1em}p.has-drop-cap.has-background{overflow:hidden}:root :where(p.has-background){padding:1.25em 2.375em}:where(p.has-text-color:not(.has-link-color)) a{color:inherit}p.has-text-align-left[style*="writing-mode:vertical-lr"],p.has-text-align-right[style*="writing-mode:vertical-rl"]{rotate:180deg} </style> <style id='wp-block-button-inline-css'> .wp-block-button__link{box-sizing:border-box;cursor:pointer;display:inline-block;text-align:center;word-break:break-word}.wp-block-button__link.aligncenter{text-align:center}.wp-block-button__link.alignright{text-align:right}:where(.wp-block-button__link){border-radius:9999px;box-shadow:none;padding:calc(.667em + 2px) calc(1.333em + 2px);text-decoration:none}.wp-block-button[style*=text-decoration] .wp-block-button__link{text-decoration:inherit}.wp-block-buttons>.wp-block-button.has-custom-width{max-width:none}.wp-block-buttons>.wp-block-button.has-custom-width .wp-block-button__link{width:100%}.wp-block-buttons>.wp-block-button.has-custom-font-size .wp-block-button__link{font-size:inherit}.wp-block-buttons>.wp-block-button.wp-block-button__width-25{width:calc(25% - var(--wp--style--block-gap, .5em)*.75)}.wp-block-buttons>.wp-block-button.wp-block-button__width-50{width:calc(50% - var(--wp--style--block-gap, .5em)*.5)}.wp-block-buttons>.wp-block-button.wp-block-button__width-75{width:calc(75% - var(--wp--style--block-gap, .5em)*.25)}.wp-block-buttons>.wp-block-button.wp-block-button__width-100{flex-basis:100%;width:100%}.wp-block-buttons.is-vertical>.wp-block-button.wp-block-button__width-25{width:25%}.wp-block-buttons.is-vertical>.wp-block-button.wp-block-button__width-50{width:50%}.wp-block-buttons.is-vertical>.wp-block-button.wp-block-button__width-75{width:75%}.wp-block-button.is-style-squared,.wp-block-button__link.wp-block-button.is-style-squared{border-radius:0}.wp-block-button.no-border-radius,.wp-block-button__link.no-border-radius{border-radius:0!important}:root :where(.wp-block-button .wp-block-button__link.is-style-outline),:root :where(.wp-block-button.is-style-outline>.wp-block-button__link){border:2px solid;padding:.667em 1.333em}:root :where(.wp-block-button .wp-block-button__link.is-style-outline:not(.has-text-color)),:root :where(.wp-block-button.is-style-outline>.wp-block-button__link:not(.has-text-color)){color:currentColor}:root :where(.wp-block-button .wp-block-button__link.is-style-outline:not(.has-background)),:root :where(.wp-block-button.is-style-outline>.wp-block-button__link:not(.has-background)){background-color:initial;background-image:none} </style> <style id='wp-block-buttons-inline-css'> .wp-block-buttons.is-vertical{flex-direction:column}.wp-block-buttons.is-vertical>.wp-block-button:last-child{margin-bottom:0}.wp-block-buttons>.wp-block-button{display:inline-block;margin:0}.wp-block-buttons.is-content-justification-left{justify-content:flex-start}.wp-block-buttons.is-content-justification-left.is-vertical{align-items:flex-start}.wp-block-buttons.is-content-justification-center{justify-content:center}.wp-block-buttons.is-content-justification-center.is-vertical{align-items:center}.wp-block-buttons.is-content-justification-right{justify-content:flex-end}.wp-block-buttons.is-content-justification-right.is-vertical{align-items:flex-end}.wp-block-buttons.is-content-justification-space-between{justify-content:space-between}.wp-block-buttons.aligncenter{text-align:center}.wp-block-buttons:not(.is-content-justification-space-between,.is-content-justification-right,.is-content-justification-left,.is-content-justification-center) .wp-block-button.aligncenter{margin-left:auto;margin-right:auto;width:100%}.wp-block-buttons[style*=text-decoration] .wp-block-button,.wp-block-buttons[style*=text-decoration] .wp-block-button__link{text-decoration:inherit}.wp-block-buttons.has-custom-font-size .wp-block-button__link{font-size:inherit}.wp-block-button.aligncenter{text-align:center} </style> <link rel='stylesheet' id='all-css-22' href='https://www.frbsf.org/wp-includes/blocks/cover/style.min.css?m=1742994393g' type='text/css' media='all' /> <style id='wp-block-heading-inline-css'> h1.has-background,h2.has-background,h3.has-background,h4.has-background,h5.has-background,h6.has-background{padding:1.25em 2.375em}h1.has-text-align-left[style*=writing-mode]:where([style*=vertical-lr]),h1.has-text-align-right[style*=writing-mode]:where([style*=vertical-rl]),h2.has-text-align-left[style*=writing-mode]:where([style*=vertical-lr]),h2.has-text-align-right[style*=writing-mode]:where([style*=vertical-rl]),h3.has-text-align-left[style*=writing-mode]:where([style*=vertical-lr]),h3.has-text-align-right[style*=writing-mode]:where([style*=vertical-rl]),h4.has-text-align-left[style*=writing-mode]:where([style*=vertical-lr]),h4.has-text-align-right[style*=writing-mode]:where([style*=vertical-rl]),h5.has-text-align-left[style*=writing-mode]:where([style*=vertical-lr]),h5.has-text-align-right[style*=writing-mode]:where([style*=vertical-rl]),h6.has-text-align-left[style*=writing-mode]:where([style*=vertical-lr]),h6.has-text-align-right[style*=writing-mode]:where([style*=vertical-rl]){rotate:180deg} </style> <style id='wp-block-media-text-inline-css'> .wp-block-media-text{box-sizing:border-box; /*!rtl:begin:ignore*/direction:ltr; /*!rtl:end:ignore*/display:grid;grid-template-columns:50% 1fr;grid-template-rows:auto}.wp-block-media-text.has-media-on-the-right{grid-template-columns:1fr 50%}.wp-block-media-text.is-vertically-aligned-top>.wp-block-media-text__content,.wp-block-media-text.is-vertically-aligned-top>.wp-block-media-text__media{align-self:start}.wp-block-media-text.is-vertically-aligned-center>.wp-block-media-text__content,.wp-block-media-text.is-vertically-aligned-center>.wp-block-media-text__media,.wp-block-media-text>.wp-block-media-text__content,.wp-block-media-text>.wp-block-media-text__media{align-self:center}.wp-block-media-text.is-vertically-aligned-bottom>.wp-block-media-text__content,.wp-block-media-text.is-vertically-aligned-bottom>.wp-block-media-text__media{align-self:end}.wp-block-media-text>.wp-block-media-text__media{ /*!rtl:begin:ignore*/grid-column:1;grid-row:1; /*!rtl:end:ignore*/margin:0}.wp-block-media-text>.wp-block-media-text__content{direction:ltr; /*!rtl:begin:ignore*/grid-column:2;grid-row:1; /*!rtl:end:ignore*/padding:0 8%;word-break:break-word}.wp-block-media-text.has-media-on-the-right>.wp-block-media-text__media{ /*!rtl:begin:ignore*/grid-column:2;grid-row:1 /*!rtl:end:ignore*/}.wp-block-media-text.has-media-on-the-right>.wp-block-media-text__content{ /*!rtl:begin:ignore*/grid-column:1;grid-row:1 /*!rtl:end:ignore*/}.wp-block-media-text__media img,.wp-block-media-text__media video{height:auto;max-width:unset;vertical-align:middle;width:100%}.wp-block-media-text.is-image-fill>.wp-block-media-text__media{background-size:cover;height:100%;min-height:250px}.wp-block-media-text.is-image-fill>.wp-block-media-text__media>a{display:block;height:100%}.wp-block-media-text.is-image-fill>.wp-block-media-text__media img{height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;clip:rect(0,0,0,0);border:0}@media (max-width:600px){.wp-block-media-text.is-stacked-on-mobile{grid-template-columns:100%!important}.wp-block-media-text.is-stacked-on-mobile>.wp-block-media-text__media{grid-column:1;grid-row:1}.wp-block-media-text.is-stacked-on-mobile>.wp-block-media-text__content{grid-column:1;grid-row:2}} </style> <style id='wp-block-spacer-inline-css'> .wp-block-spacer{clear:both} </style> <link rel='stylesheet' id='all-css-28' href='https://www.frbsf.org/wp-content/plugins/sffed-curated-carousel/build/style-index.css?m=1742934830g' type='text/css' media='all' /> <style id='wp-block-separator-inline-css'> @charset "UTF-8";.wp-block-separator{border:none;border-top:2px solid}:root :where(.wp-block-separator.is-style-dots){height:auto;line-height:1;text-align:center}:root :where(.wp-block-separator.is-style-dots):before{color:currentColor;content:"···";font-family:serif;font-size:1.5em;letter-spacing:2em;padding-left:2em}.wp-block-separator.is-style-dots{background:none!important;border:none!important} </style> <style id='wp-block-image-inline-css'> .wp-block-image img{box-sizing:border-box;height:auto;max-width:100%;vertical-align:bottom}.wp-block-image[style*=border-radius] img,.wp-block-image[style*=border-radius]>a{border-radius:inherit}.wp-block-image.has-custom-border img{box-sizing:border-box}.wp-block-image.aligncenter{text-align:center}.wp-block-image.alignfull img,.wp-block-image.alignwide img{height:auto;width:100%}.wp-block-image .aligncenter,.wp-block-image .alignleft,.wp-block-image .alignright,.wp-block-image.aligncenter,.wp-block-image.alignleft,.wp-block-image.alignright{display:table}.wp-block-image .aligncenter>figcaption,.wp-block-image .alignleft>figcaption,.wp-block-image .alignright>figcaption,.wp-block-image.aligncenter>figcaption,.wp-block-image.alignleft>figcaption,.wp-block-image.alignright>figcaption{caption-side:bottom;display:table-caption}.wp-block-image .alignleft{float:left;margin:.5em 1em .5em 0}.wp-block-image .alignright{float:right;margin:.5em 0 .5em 1em}.wp-block-image .aligncenter{margin-left:auto;margin-right:auto}.wp-block-image :where(figcaption){margin-bottom:1em;margin-top:.5em}.wp-block-image.is-style-circle-mask img{border-radius:9999px}@supports ((-webkit-mask-image:none) or (mask-image:none)) or (-webkit-mask-image:none){.wp-block-image.is-style-circle-mask img{border-radius:0;-webkit-mask-image:url('data:image/svg+xml;utf8,<svg viewBox="0 0 100 100" xmlns="http://www.w3.org/2000/svg"><circle cx="50" cy="50" r="50"/></svg>');mask-image:url('data:image/svg+xml;utf8,<svg viewBox="0 0 100 100" xmlns="http://www.w3.org/2000/svg"><circle cx="50" cy="50" r="50"/></svg>');mask-mode:alpha;-webkit-mask-position:center;mask-position:center;-webkit-mask-repeat:no-repeat;mask-repeat:no-repeat;-webkit-mask-size:contain;mask-size:contain}}:root :where(.wp-block-image.is-style-rounded img,.wp-block-image .is-style-rounded img){border-radius:9999px}.wp-block-image figure{margin:0}.wp-lightbox-container{display:flex;flex-direction:column;position:relative}.wp-lightbox-container img{cursor:zoom-in}.wp-lightbox-container img:hover+button{opacity:1}.wp-lightbox-container button{align-items:center;-webkit-backdrop-filter:blur(16px) saturate(180%);backdrop-filter:blur(16px) saturate(180%);background-color:#5a5a5a40;border:none;border-radius:4px;cursor:zoom-in;display:flex;height:20px;justify-content:center;opacity:0;padding:0;position:absolute;right:16px;text-align:center;top:16px;transition:opacity .2s ease;width:20px;z-index:100}.wp-lightbox-container button:focus-visible{outline:3px auto #5a5a5a40;outline:3px auto -webkit-focus-ring-color;outline-offset:3px}.wp-lightbox-container button:hover{cursor:pointer;opacity:1}.wp-lightbox-container button:focus{opacity:1}.wp-lightbox-container button:focus,.wp-lightbox-container button:hover,.wp-lightbox-container button:not(:hover):not(:active):not(.has-background){background-color:#5a5a5a40;border:none}.wp-lightbox-overlay{box-sizing:border-box;cursor:zoom-out;height:100vh;left:0;overflow:hidden;position:fixed;top:0;visibility:hidden;width:100%;z-index:100000}.wp-lightbox-overlay .close-button{align-items:center;cursor:pointer;display:flex;justify-content:center;min-height:40px;min-width:40px;padding:0;position:absolute;right:calc(env(safe-area-inset-right) + 16px);top:calc(env(safe-area-inset-top) + 16px);z-index:5000000}.wp-lightbox-overlay .close-button:focus,.wp-lightbox-overlay .close-button:hover,.wp-lightbox-overlay .close-button:not(:hover):not(:active):not(.has-background){background:none;border:none}.wp-lightbox-overlay .lightbox-image-container{height:var(--wp--lightbox-container-height);left:50%;overflow:hidden;position:absolute;top:50%;transform:translate(-50%,-50%);transform-origin:top left;width:var(--wp--lightbox-container-width);z-index:9999999999}.wp-lightbox-overlay .wp-block-image{align-items:center;box-sizing:border-box;display:flex;height:100%;justify-content:center;margin:0;position:relative;transform-origin:0 0;width:100%;z-index:3000000}.wp-lightbox-overlay .wp-block-image img{height:var(--wp--lightbox-image-height);min-height:var(--wp--lightbox-image-height);min-width:var(--wp--lightbox-image-width);width:var(--wp--lightbox-image-width)}.wp-lightbox-overlay .wp-block-image figcaption{display:none}.wp-lightbox-overlay button{background:none;border:none}.wp-lightbox-overlay .scrim{background-color:#fff;height:100%;opacity:.9;position:absolute;width:100%;z-index:2000000}.wp-lightbox-overlay.active{animation:turn-on-visibility .25s both;visibility:visible}.wp-lightbox-overlay.active img{animation:turn-on-visibility .35s both}.wp-lightbox-overlay.show-closing-animation:not(.active){animation:turn-off-visibility .35s both}.wp-lightbox-overlay.show-closing-animation:not(.active) img{animation:turn-off-visibility .25s both}@media (prefers-reduced-motion:no-preference){.wp-lightbox-overlay.zoom.active{animation:none;opacity:1;visibility:visible}.wp-lightbox-overlay.zoom.active .lightbox-image-container{animation:lightbox-zoom-in .4s}.wp-lightbox-overlay.zoom.active .lightbox-image-container img{animation:none}.wp-lightbox-overlay.zoom.active .scrim{animation:turn-on-visibility .4s forwards}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active){animation:none}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active) .lightbox-image-container{animation:lightbox-zoom-out .4s}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active) .lightbox-image-container img{animation:none}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active) .scrim{animation:turn-off-visibility .4s forwards}}@keyframes turn-on-visibility{0%{opacity:0}to{opacity:1}}@keyframes turn-off-visibility{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes lightbox-zoom-in{0%{transform:translate(calc((-100vw + var(--wp--lightbox-scrollbar-width))/2 + var(--wp--lightbox-initial-left-position)),calc(-50vh + var(--wp--lightbox-initial-top-position))) scale(var(--wp--lightbox-scale))}to{transform:translate(-50%,-50%) scale(1)}}@keyframes lightbox-zoom-out{0%{transform:translate(-50%,-50%) scale(1);visibility:visible}99%{visibility:visible}to{transform:translate(calc((-100vw + var(--wp--lightbox-scrollbar-width))/2 + var(--wp--lightbox-initial-left-position)),calc(-50vh + var(--wp--lightbox-initial-top-position))) scale(var(--wp--lightbox-scale));visibility:hidden}} </style> <link rel='stylesheet' id='all-css-34' href='https://www.frbsf.org/wp-content/plugins/sffed-video-lightbox/build/style-index.css?m=1742934830g' type='text/css' media='all' /> <style id='sffed-blocks-sffed-copyright-style-inline-css'> /*!**************************************************************************************************************************************************************************************************************************************************************!*\ !*** css ./node_modules/css-loader/dist/cjs.js??ruleSet[1].rules[4].use[1]!./node_modules/postcss-loader/dist/cjs.js??ruleSet[1].rules[4].use[2]!./node_modules/sass-loader/dist/cjs.js??ruleSet[1].rules[4].use[3]!./src/blocks/sffed-copyright/style.scss ***! \**************************************************************************************************************************************************************************************************************************************************************/ /** * The following styles get applied both on the front of your site * and in the editor. * * Replace them with your own styles or remove the file completely. */ /*# sourceMappingURL=style-index.css.map*/ </style> <link rel='stylesheet' id='all-css-42' href='https://www.frbsf.org/wp-includes/css/dist/block-library/style.min.css?m=1742994394g' type='text/css' media='all' /> <style id='block-style-variation-styles-inline-css'> :root :where(.wp-block-button.is-style-outline--32d7d0b66e5f7b677b65ff442c11676f .wp-block-button__link){background: transparent none;border-color: currentColor;border-width: 2px;border-style: solid;color: currentColor;padding-top: 0.667em;padding-right: 1.33em;padding-bottom: 0.667em;padding-left: 1.33em;} :root :where(.wp-block-button.is-style-outline--ef686a8ad5e6756c4c95a39dc15e00e6 .wp-block-button__link){background: transparent none;border-color: currentColor;border-width: 2px;border-style: solid;color: currentColor;padding-top: 0.667em;padding-right: 1.33em;padding-bottom: 0.667em;padding-left: 1.33em;} </style> <style id='wp-emoji-styles-inline-css'> img.wp-smiley, img.emoji { display: inline !important; border: none !important; box-shadow: none !important; height: 1em !important; width: 1em !important; margin: 0 0.07em !important; vertical-align: -0.1em !important; background: none !important; padding: 0 !important; } </style> <link rel='stylesheet' id='all-css-46' href='https://www.frbsf.org/wp-includes/css/dashicons.min.css?m=1742994394g' type='text/css' media='all' /> <style id='core-block-supports-inline-css'> .wp-container-core-columns-is-layout-1{flex-wrap:nowrap;}.wp-container-core-columns-is-layout-2{flex-wrap:nowrap;}.wp-container-core-group-is-layout-3 > .alignfull{margin-right:calc(0px * -1);margin-left:calc(0px * -1);}.wp-container-core-group-is-layout-3 > :where(:not(.alignleft):not(.alignright):not(.alignfull)){margin-left:0 !important;}.wp-container-core-columns-is-layout-3{flex-wrap:nowrap;}.wp-container-core-group-is-layout-4{flex-direction:column;align-items:center;}.wp-container-core-group-is-layout-5 > :where(:not(.alignleft):not(.alignright):not(.alignfull)){max-width:1200px;margin-left:auto !important;margin-right:auto !important;}.wp-container-core-group-is-layout-5 > .alignwide{max-width:1200px;}.wp-container-core-group-is-layout-5 .alignfull{max-width:none;}.wp-container-core-columns-is-layout-4{flex-wrap:nowrap;}.wp-container-core-group-is-layout-10 > .alignfull{margin-right:calc(var(--wp--preset--spacing--40) * -1);margin-left:calc(var(--wp--preset--spacing--40) * -1);}.wp-elements-42dc6eff4ab6f811624b7b0bc93d3e89 a:where(:not(.wp-element-button)){color:var(--wp--preset--color--contrast);}.wp-elements-a5827aeed85129179c51dd29835b944f a:where(:not(.wp-element-button)){color:var(--wp--preset--color--contrast);}.wp-elements-8e7203006112e52ef29562352feff57a a:where(:not(.wp-element-button)){color:var(--wp--preset--color--contrast);}.wp-elements-f3618d72b29510906e676096eed76edc a:where(:not(.wp-element-button)){color:var(--wp--preset--color--contrast);}.wp-container-core-group-is-layout-11{flex-direction:column;align-items:flex-start;}.wp-container-core-columns-is-layout-5{flex-wrap:nowrap;}.wp-container-core-columns-is-layout-6{flex-wrap:nowrap;}.wp-container-content-1{flex-basis:30px;}.wp-container-content-2{flex-basis:50px;}.wp-container-core-group-is-layout-15{flex-direction:column;align-items:flex-start;}.wp-container-core-columns-is-layout-7{flex-wrap:nowrap;}.wp-container-core-columns-is-layout-8{flex-wrap:nowrap;}.wp-container-core-social-links-is-layout-2{justify-content:center;}.wp-container-core-columns-is-layout-9 > *{margin-block-start:0;margin-block-end:0;}.wp-container-core-columns-is-layout-9 > * + *{margin-block-start:0;margin-block-end:0;}.wp-container-core-columns-is-layout-10{flex-wrap:nowrap;} </style> <style id='wp-block-template-skip-link-inline-css'> .skip-link.screen-reader-text { border: 0; clip: rect(1px,1px,1px,1px); clip-path: inset(50%); height: 1px; margin: -1px; overflow: hidden; padding: 0; position: absolute !important; width: 1px; word-wrap: normal !important; } .skip-link.screen-reader-text:focus { background-color: #eee; clip: auto !important; clip-path: none; color: #444; display: block; font-size: 1em; height: auto; left: 5px; line-height: normal; padding: 15px 23px 14px; text-decoration: none; top: 5px; width: auto; z-index: 100000; } </style> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJyNjusKwjAMhV/ILqgT2Q/xWbo2nam9zF7Uvb1TpsgEOwgkJN/JOXDrGTlhssQIeqxLxjBMrbLkKh1X8A9ilrrAE37DwruELkFvckcuQlQKJRP5yUkW0Lz6m4pBgOUltUKechiH1nhxXihKvDXIvPqc54ty6p8Xi1zjFLMMX0miZ4a6U2r9HfocSA3lWDPZ5HO0h/W+3jRNvW12+gG1GbHO" ></script><link rel="https://api.w.org/" href="https://www.frbsf.org/wp-json/" /><link rel="alternate" title="JSON" type="application/json" href="https://www.frbsf.org/wp-json/wp/v2/pages/61076" /><link rel="EditURI" type="application/rsd+xml" title="RSD" href="https://www.frbsf.org/xmlrpc.php?rsd" /> <meta name="generator" content="WordPress 6.6.2" /> <link rel='shortlink' href='https://www.frbsf.org/' /> <link rel="alternate" title="oEmbed (JSON)" type="application/json+oembed" href="https://www.frbsf.org/wp-json/oembed/1.0/embed?url=https%3A%2F%2Fwww.frbsf.org%2F" /> <link rel="alternate" title="oEmbed (XML)" type="text/xml+oembed" href="https://www.frbsf.org/wp-json/oembed/1.0/embed?url=https%3A%2F%2Fwww.frbsf.org%2F&format=xml" /> <style>img#wpstats{display:none}</style> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"WebPage","headline":"San Francisco Fed","url":"https:\/\/www.frbsf.org"}</script> <!-- Google Tag Manager --> <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-MR34JJF7');</script> <!-- End Google Tag Manager --> <link rel="icon" href="https://www.frbsf.org/wp-content/themes/sffed/assets/images/icons/favicon-16x16-uo.png" type="image/x-icon" /><link rel="icon" href="https://www.frbsf.org/wp-content/themes/sffed/assets/images/icons/favicon-32x32-uo.png" type="image/x-icon" /><link rel="icon" href="https://www.frbsf.org/wp-content/themes/sffed/assets/images/icons/favicon-96x96-uo.png" type="image/x-icon" /><style id='wp-fonts-local'> @font-face{font-family:"Greycliff CF";font-style:normal;font-weight:400;font-display:fallback;src:url('https://www.frbsf.org/wp-content/themes/sffed/assets/fonts/greycliff-cf/GreycliffCF-Regular.woff2') format('woff2');font-stretch:normal;} @font-face{font-family:"Greycliff CF";font-style:italic;font-weight:400;font-display:fallback;src:url('https://www.frbsf.org/wp-content/themes/sffed/assets/fonts/greycliff-cf/GreycliffCF-RegularOblique.woff2') format('woff2');font-stretch:normal;} @font-face{font-family:"Greycliff CF";font-style:normal;font-weight:600;font-display:fallback;src:url('https://www.frbsf.org/wp-content/themes/sffed/assets/fonts/greycliff-cf/GreycliffCF-DemiBold.woff2') format('woff2');font-stretch:normal;} @font-face{font-family:"Greycliff CF";font-style:normal;font-weight:700;font-display:fallback;src:url('https://www.frbsf.org/wp-content/themes/sffed/assets/fonts/greycliff-cf/GreycliffCF-Bold.woff2') format('woff2');font-stretch:normal;} </style> <script> (function($) { $(document).on('facetwp-refresh', function() { $('.facetwp-template').prepend('<div class="is-loading">Loading...</div>'); }); $(document).on('facetwp-loaded', function() { $('.facetwp-template .is-loading').remove(); }); $(document).on('facetwp-refresh', function() { if ( FWP.soft_refresh == true ) { FWP.enable_scroll = true; } else { FWP.enable_scroll = false; } }); $(document).on('facetwp-loaded', function() { if (FWP.enable_scroll == true) { $('html, body').animate({ scrollTop: $('.sffed-facetwp--pattern').offset().top // Scroll to the top of the element with class "sffed-facetwp--pattern" }, 30); } }); })(jQuery); </script> <script> (function($) { $(document).on('facetwp-loaded', function() { if (!FWP.loaded && 0 == FWP.settings.pager.total_rows) { FWP.loaded = true; FWP.reset(); $("#sffed-facetwp-form").remove(); } }); })(jQuery); </script> </head> <body class="home page-template page-template-front-page page page-id-61076 wp-embed-responsive"> <!-- Google Tag Manager (noscript) --> <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-MR34JJF7" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript> <!-- End Google Tag Manager (noscript) --> <div class="wp-site-blocks"> <div style="aspect-ratio:unset;" class="wp-block-cover sffed-intro--home"> <span aria-hidden="true" class="wp-block-cover__background has-background-dim-100 has-background-dim wp-block-cover__gradient-background has-background-gradient" style="background:linear-gradient(0deg,rgb(44,49,67) 0%,rgba(44,50,66,0.88) 62%,rgba(44,50,66,0.93) 99%)"></span> <img class="wp-block-cover__image-background wp-image-2038" alt="" src="/wp-content/uploads/FRBSF_Home-Page_Background-Hero.jpg" data-object-fit="cover" /> <div class="wp-block-cover__inner-container sffed-apply-dark-theme has-global-padding is-layout-constrained wp-block-cover-is-layout-constrained"> <div class="wp-block-group alignfull wp-block-group-"> <!-- Render Top main navigation block --> <header class="wp-block-template-part"> <div id="sffed-main-header--block" class="sffed-header-block wp-block-group alignwide wp-block-group-"> <div class=" wp-block-columns is-layout-flex wp-container-core-columns-is-layout-2 wp-block-columns-is-layout-flex"> <div class="wp-block-column sffed-nav-logo-wrapper is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:20%"> <a id="sffed-logo-org" href="/"> <div id="sffed-logo-group"> <span class="sffed-logo-org__logotype desktop">Federal Reserve Bank <br>of San Francisco</span> <!-- sffed-logo mobile version --> <span class="sffed-logo-org__logotype mobile">Federal Reserve Bank <br>of San Francisco</span> </div> </a> <!-- Hamburger icon (toggle menu) --> <button id="sffed-toggle-menu"><span></span></button> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:80%"> <div class="sffed-header-navigation--block wp-block-group alignwide items-justified-right"> <!-- Social media icon links --> <div class="sffed-header-social-icons is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <ul class="sffed-footer__social-links wp-block-social-links has-icon-color is-style-logos-only is-layout-flex wp-block-social-links-is-layout-flex" style="margin-top:5px;margin-bottom:0px;"> <li class="wp-social-link wp-block-social-link"> <a href="https://www.linkedin.com/company/federal-reserve-bank-of-san-francisco?utm_source=followbutton&utm_medium=frbsf&utm_campaign=linkedin" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on LinkedIn" > <svg width="44" height="44" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"> <path fill="#028580" d="M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z"> </path> </svg><span class="wp-block-social-link-label screen-reader-text">LinkedIn</span> </a> </li> <li class="wp-social-link wp-social-link-facebook wp-block-social-link sffed-footer__social-follow-link"> <a href="https://www.facebook.com/SFFedReserve?utm_source=followbutton&utm_medium=frbsf&utm_campaign=facebook" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on Facebook" > <svg width="44" height="44" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"> <path fill="#028580" d="M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z"> </path> </svg><span class="wp-block-social-link-label screen-reader-text">Facebook</span> </a> </li> <li class="wp-social-link wp-social-link-twitter wp-block-social-link"> <a href="https://twitter.com/sffed?utm_source=followbutton&utm_medium=frbsf&utm_campaign=twitter" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on X" > <svg width="25" height="28" viewBox="0 0 1200 1227" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M714.163 519.284L1160.89 0H1055.03L667.137 450.887L357.328 0H0L468.492 681.821L0 1226.37H105.866L515.491 750.218L842.672 1226.37H1200L714.137 519.284H714.163ZM569.165 687.828L521.697 619.934L144.011 79.6944H306.615L611.412 515.685L658.88 583.579L1055.08 1150.3H892.476L569.165 687.854V687.828Z" fill="rgb(1, 111, 107)" /> </svg><span class="wp-block-social-link-label screen-reader-text">X</span> </a> </li> <li class="wp-social-link wp-block-social-link"> <a href="https://www.youtube.com/@sffed?utm_source=followbutton&utm_medium=frbsf&utm_campaign=youtube" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on YouTube" > <svg width="44" height="44" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"> <path fill="#028580" d="M21.8,8.001c0,0-0.195-1.378-0.795-1.985c-0.76-0.797-1.613-0.801-2.004-0.847c-2.799-0.202-6.997-0.202-6.997-0.202 h-0.009c0,0-4.198,0-6.997,0.202C4.608,5.216,3.756,5.22,2.995,6.016C2.395,6.623,2.2,8.001,2.2,8.001S2,9.62,2,11.238v1.517 c0,1.618,0.2,3.237,0.2,3.237s0.195,1.378,0.795,1.985c0.761,0.797,1.76,0.771,2.205,0.855c1.6,0.153,6.8,0.201,6.8,0.201 s4.203-0.006,7.001-0.209c0.391-0.047,1.243-0.051,2.004-0.847c0.6-0.607,0.795-1.985,0.795-1.985s0.2-1.618,0.2-3.237v-1.517 C22,9.62,21.8,8.001,21.8,8.001z M9.935,14.594l-0.001-5.62l5.404,2.82L9.935,14.594z"> </path> </svg><span class="wp-block-social-link-label screen-reader-text">YouTube</span></a></li> <li class="wp-social-link wp-block-social-link"> <a href="https://www.instagram.com/sffed/?utm_source=followbutton&utm_medium=frbsf&utm_campaign=linkedin" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on Instagram" > <svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path fill="#028580" d="M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 s-0.009,2.688-0.052,3.637c-0.04,0.877-0.187,1.354-0.31,1.671c-0.163,0.42-0.358,0.72-0.673,1.035 c-0.315,0.315-0.615,0.51-1.035,0.673c-0.317,0.123-0.794,0.27-1.671,0.31c-0.949,0.043-1.233,0.052-3.637,0.052 s-2.688-0.009-3.637-0.052c-0.877-0.04-1.354-0.187-1.671-0.31c-0.42-0.163-0.72-0.358-1.035-0.673 c-0.315-0.315-0.51-0.615-0.673-1.035c-0.123-0.317-0.27-0.794-0.31-1.671C4.631,14.688,4.622,14.403,4.622,12 s0.009-2.688,0.052-3.637c0.04-0.877,0.187-1.354,0.31-1.671c0.163-0.42,0.358-0.72,0.673-1.035 c0.315-0.315,0.615-0.51,1.035-0.673c0.317-0.123,0.794-0.27,1.671-0.31C9.312,4.631,9.597,4.622,12,4.622 M12,3 C9.556,3,9.249,3.01,8.289,3.054C7.331,3.098,6.677,3.25,6.105,3.472C5.513,3.702,5.011,4.01,4.511,4.511 c-0.5,0.5-0.808,1.002-1.038,1.594C3.25,6.677,3.098,7.331,3.054,8.289C3.01,9.249,3,9.556,3,12c0,2.444,0.01,2.751,0.054,3.711 c0.044,0.958,0.196,1.612,0.418,2.185c0.23,0.592,0.538,1.094,1.038,1.594c0.5,0.5,1.002,0.808,1.594,1.038 c0.572,0.222,1.227,0.375,2.185,0.418C9.249,20.99,9.556,21,12,21s2.751-0.01,3.711-0.054c0.958-0.044,1.612-0.196,2.185-0.418 c0.592-0.23,1.094-0.538,1.594-1.038c0.5-0.5,0.808-1.002,1.038-1.594c0.222-0.572,0.375-1.227,0.418-2.185 C20.99,14.751,21,14.444,21,12s-0.01-2.751-0.054-3.711c-0.044-0.958-0.196-1.612-0.418-2.185c-0.23-0.592-0.538-1.094-1.038-1.594 c-0.5-0.5-1.002-0.808-1.594-1.038c-0.572-0.222-1.227-0.375-2.185-0.418C14.751,3.01,14.444,3,12,3L12,3z M12,7.378 c-2.552,0-4.622,2.069-4.622,4.622S9.448,16.622,12,16.622s4.622-2.069,4.622-4.622S14.552,7.378,12,7.378z M12,15 c-1.657,0-3-1.343-3-3s1.343-3,3-3s3,1.343,3,3S13.657,15,12,15z M16.804,6.116c-0.596,0-1.08,0.484-1.08,1.08 s0.484,1.08,1.08,1.08c0.596,0,1.08-0.484,1.08-1.08S17.401,6.116,16.804,6.116z"></path></svg><span class="wp-block-social-link-label screen-reader-text">Instagram</span></a></li> </ul> </div> </div> <!-- Loading utility menu --> <nav class="sffed-navigation is-responsive items-justified-right sffed-navigation--utility-pages" aria-label="Secondary Menu"><ul id="menu-utility-nav-menu" class="sffed-navigation__responsive-container-content"><li id="menu-item-61080" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-61080"><a href="/about-us/">About Us</a></li> <li id="menu-item-61081" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-61081"><a href="/our-people/">Our People</a></li> <li id="menu-item-61082" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-61082"><a href="/work-with-us/">Join Us</a></li> </ul></nav> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <nav class="menu-main-menu-container"> <ul id="menu-primary-nav-menu" class="main-nav"> <li class="menu-item menu-item-has-children"> <a href="/topics/" class="sffed-menu-parent-item--title" aria-haspopup="true" aria-expanded="false">What We Study</a> <button class="sffed-navigation--open-submenu" data-target="#sffed-child-menu-item-2" title="Open submenu" aria-expanded="false"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m1 15.5 7-7-7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg></button> <div class="sffed-title-submenu-wrapper"> <button class="sffed-submenu--back-button"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m9 15.5-7-7 7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg> <span>Back</span></button> What We Study</div> <ul class="sub-menu sffed-main-internal-menu" id="sffed-child-menu-item-2"> <li class="menu-item"> <a href="/topics/inflation" class="title">Inflation</a> </li> <li class="menu-item"> <a href="/topics/labor-markets" class="title">Labor Markets</a> </li> <li class="menu-item"> <a href="/topics/monetary-policy" class="title">Monetary Policy</a> </li> <li class="menu-item"> <a href="/topics/banking" class="title">Banking</a> </li> <li class="menu-item"> <a href="/topics/financial-markets/" class="title">Financial Markets</a> </li> <li class="menu-item"> <a href="/topics/housing-real-estate/" class="title">Housing & Real Estate</a> </li> <li class="menu-item"> <a href="/topics/us-economy" class="title">US Economy</a> </li> <li class="menu-item"> <a href="/topics/global-economy" class="title">Global Economy</a> </li> <li class="menu-item"> <a href="/topics/" class="title">View All Topics</a> </li> </ul> <svg class="chevron-down" width="10" height="9" viewBox="0 0 8 7" fill="none" xmlns="http://www.w3.org/2000/svg"><g stroke="currentColor" stroke-linecap="round"><path d="m1 1 3 2.5L7 1M1 3.5 4 6l3-2.5" /></g></svg></li> <li class="menu-item menu-item-has-children"> <a href="/about-us/our-district/" class="sffed-menu-parent-item--title" aria-haspopup="true" aria-expanded="false">Our District</a> <button class="sffed-navigation--open-submenu" data-target="#sffed-child-menu-item-12" title="Open submenu" aria-expanded="false"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m1 15.5 7-7-7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg></button> <div class="sffed-title-submenu-wrapper"> <button class="sffed-submenu--back-button"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m9 15.5-7-7 7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg> <span>Back</span></button> Our District</div> <ul class="sub-menu sffed-main-internal-menu" id="sffed-child-menu-item-12"> <li class="menu-item"> <a href="/about-us/our-district/alaska" class="title">Alaska</a> </li> <li class="menu-item"> <a href="/about-us/our-district/arizona" class="title">Arizona</a> </li> <li class="menu-item"> <a href="/about-us/our-district/california" class="title">California</a> </li> <li class="menu-item"> <a href="/about-us/our-district/hawaii" class="title">Hawai’i</a> </li> <li class="menu-item"> <a href="/about-us/our-district/idaho" class="title">Idaho</a> </li> <li class="menu-item"> <a href="/about-us/our-district/nevada" class="title">Nevada</a> </li> <li class="menu-item"> <a href="/about-us/our-district/oregon" class="title">Oregon</a> </li> <li class="menu-item"> <a href="/about-us/our-district/utah" class="title">Utah</a> </li> <li class="menu-item"> <a href="/about-us/our-district/washington" class="title">Washington</a> </li> <li class="menu-item"> <a href="https://www.frbsf.org/about-us/our-district/american-samoa-guam-mariana-islands/" class="title">Territories and Commonwealth</a> </li> <li class="menu-item"> <a href="https://www.frbsf.org/about-us/our-district/tribal-and-indigenous-communities/" class="title">Native Communities</a> </li> </ul> <svg class="chevron-down" width="10" height="9" viewBox="0 0 8 7" fill="none" xmlns="http://www.w3.org/2000/svg"><g stroke="currentColor" stroke-linecap="round"><path d="m1 1 3 2.5L7 1M1 3.5 4 6l3-2.5" /></g></svg></li> <li class="menu-item menu-item-has-children"> <a href="/research-and-insights/" class="sffed-menu-parent-item--title" aria-haspopup="true" aria-expanded="false">Research & Insights</a> <button class="sffed-navigation--open-submenu" data-target="#sffed-child-menu-item-24" title="Open submenu" aria-expanded="false"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m1 15.5 7-7-7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg></button> <div class="sffed-title-submenu-wrapper"> <button class="sffed-submenu--back-button"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m9 15.5-7-7 7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg> <span>Back</span></button> Research & Insights</div> <ul class="sub-menu sffed-main-internal-menu" id="sffed-child-menu-item-24"> <li class="menu-item"> <a href="https://www.frbsf.org/about-us/economic-research/" class="title">Economic Research</a> </li> <li class="menu-item"> <a href="/about-us/community-development-and-engagement/community-development/" class="title">Community Development</a> </li> <li class="menu-item"> <a href="https://www.frbsf.org/research-and-insights/emerging-tech-economic-research-network/" class="title">EmergingTech Economic Research Network (EERN)</a> </li> <li class="menu-item"> <a href="/research-and-insights/data-and-indicators" class="title">Data & Indicators</a> </li> <li class="menu-item"> <a href="/research-and-insights/blog" class="title">Blog Posts</a> </li> <li class="menu-item"> <a href="/research-and-insights/publications/" class="title">SF Fed Publications</a> </li> </ul> <svg class="chevron-down" width="10" height="9" viewBox="0 0 8 7" fill="none" xmlns="http://www.w3.org/2000/svg"><g stroke="currentColor" stroke-linecap="round"><path d="m1 1 3 2.5L7 1M1 3.5 4 6l3-2.5" /></g></svg></li> <li class="menu-item menu-item-has-children"> <a href="/news-and-media/" class="sffed-menu-parent-item--title" aria-haspopup="true" aria-expanded="false">News & Media</a> <button class="sffed-navigation--open-submenu" data-target="#sffed-child-menu-item-31" title="Open submenu" aria-expanded="false"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m1 15.5 7-7-7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg></button> <div class="sffed-title-submenu-wrapper"> <button class="sffed-submenu--back-button"><svg width="10" height="17" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="m9 15.5-7-7 7-7" stroke="currentColor" stroke-width="2" stroke-linecap="round" /></svg> <span>Back</span></button> News & Media</div> <ul class="sub-menu sffed-main-internal-menu" id="sffed-child-menu-item-31"> <li class="menu-item"> <a href="/news-and-media/events" class="title">Events</a> </li> <li class="menu-item"> <a href="/news-and-media/speeches" class="title">Speeches</a> </li> <li class="menu-item"> <a href="/news-and-media/news/" class="title">News</a> </li> <li class="menu-item"> <a href="/podcasts/zip-code-economies/" class="title">Zip Code Economies</a> </li> <li class="menu-item"> <a href="https://www.frbsf.org/subscriptions/" class="title">Subscriptions</a> </li> </ul> <svg class="chevron-down" width="10" height="9" viewBox="0 0 8 7" fill="none" xmlns="http://www.w3.org/2000/svg"><g stroke="currentColor" stroke-linecap="round"><path d="m1 1 3 2.5L7 1M1 3.5 4 6l3-2.5" /></g></svg></li> <li class="sffed-navigation--main-search" id="sffed-navigation-li--search"> <form role="search" method="get" id="sffed-main-search-form" action="https://www.frbsf.org/"> <label class="screen-reader-text" for="sffed-search-input">Search:</label> <div class="input-search-wrapper"><input type="search" placeholder="Search this website..." value="" name="s" id="sffed-search-input" title="Search for:"></div> <div class="sffed-navigation--search-buttons"> <button id="sffed-navigation-search-icon"> <svg width="27" height="28" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="11.5" cy="11.5" r="10.5" stroke="currentColor" stroke-width="2" stroke-linecap="round"></circle><line x1="19.2" y1="19.2" x2="25.8" y2="25.8" stroke="currentColor" stroke-width="2" stroke-linecap="round"></line></svg> </button> <input type="submit" id="search-submit" value=""> </div> </form> </li> </ul> </nav> </div> </div> </div> </div> </div> </div> </header> <div class="wp-block-group has-global-padding is-layout-constrained wp-container-core-group-is-layout-5 wp-block-group-is-layout-constrained"> <div class="wp-block-group is-vertical is-content-justification-center is-layout-flex wp-container-core-group-is-layout-4 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex" style="padding-top:0;padding-bottom:var(--wp--preset--spacing--60)"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:50%"> <p class="sffed-is-demi-bold has-base-color sffed-has-margin-top-none has-x-large-font-size" style="padding-right:0;padding-left:0">Building an economy that works <span class="sffed-highlighted-text">for all of us</span>.</p> </div> <div class="wp-block-column sffed-intro-paragraph is-layout-flow wp-block-column-is-layout-flow" style="padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--40);flex-basis:50%"> <p class="sffed-has-margin-top-none sffed-has-padding-top-none has-small-font-size" style="padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:0;padding-left:0">We are the Federal Reserve Bank of San Francisco, public servants with a mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans.</p> <div class="wp-block-group sffed-has-margin-top-add has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-3 wp-block-group-is-layout-constrained" style="padding-right:0;padding-left:0"> <div class="wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button has-custom-width wp-block-button__width-25 sffed-has-margin-right-add sffed-has-margin-bottom-add"><a class="wp-block-button__link wp-element-button" href="/about-us/">About Us</a></div> <div class="wp-block-button has-custom-width wp-block-button__width-25 is-style-outline sffed-has-margin-right-add sffed-has-margin-bottom-add is-style-outline--32d7d0b66e5f7b677b65ff442c11676f"><a class="wp-block-button__link wp-element-button" href="/our-people/">Our People</a></div> <div class="wp-block-button has-custom-width wp-block-button__width-25 is-style-outline sffed-has-margin-bottom-add is-style-outline--ef686a8ad5e6756c4c95a39dc15e00e6"><a class="wp-block-button__link wp-element-button" href="/work-with-us/">Explore Careers</a></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <main class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> </div> <div class="entry-content wp-block-post-content has-global-padding is-layout-constrained wp-block-post-content-is-layout-constrained"> <div class="wp-block-group alignfull has-primary-navy-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-media-text has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-center has-base-color has-primary-navy-background-color has-text-color has-background" style="grid-template-columns:auto 69%"><div class="wp-block-media-text__content"> <div class="wp-block-columns has-primary-teal-background-color has-background is-layout-flex wp-container-core-columns-is-layout-4 wp-block-columns-is-layout-flex" style="border-radius:5px"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:100%"> <p class="sffed-meta-kicker">Feature</p> <h3 class="wp-block-heading">The Economic Outlook and Work of the Federal Reserve</h3> <p class="has-small-font-size">President Mary C. Daly sat down with Brigitte C. Madrian, Dean of the Brigham Young University Marriott School of Business, for a moderated discussion on the economic outlook and work of the Federal Reserve.</p> <div class="wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button is-style-with-left-arrow"><a class="wp-block-button__link has-primary-navy-background-color has-background wp-element-button" href="https://www.frbsf.org/news-and-media/events/2025/04/mary-c-daly-economic-outlook-and-work-of-the-federal-reserve/?utm_source=frbsf-homepage&utm_medium=feature&utm_campaign=2025-04&utm_id=mcd-byu">Watch</a></div> </div> </div> </div> </div><figure class="wp-block-media-text__media"><img fetchpriority="high" decoding="async" width="1690" height="1350" src="https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1024,818" alt="" class="wp-image-190660 size-full" srcset="https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg 1690w, https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=300,240 300w, https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=768,613 768w, https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1024,818 1024w, https://www.frbsf.org/wp-content/uploads/homepage_lg_BYU_040825.jpg?resize=1536,1227 1536w" sizes="(max-width: 1690px) 100vw, 1690px" /></figure></div> </div> <div class="wp-block-group alignfull has-primary-navy-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained" style="padding-bottom:var(--wp--preset--spacing--50)"> <div style="height:50px" aria-hidden="true" class="wp-block-spacer"></div> <h2 class="wp-block-heading sffed-has-margin-top-none sffed-has-margin-left-add has-base-color has-text-color has-medium-font-size" style="margin-right:0;margin-left:0">The Latest</h2> <div class="wp-block-create-block-sffed-curated-carousel"><div class="Carousel noDescription"><div class="carousel-details"><div class="sffed-carousel-nav"><button style="background-color: #0b807c" class="swiper-button-prev"><i class="sffed-chevron-left"></i></button><button style="background-color: #0b807c" class="swiper-button-next"><i class="sffed-chevron-right"></i></button></div></div><div class="swiper swiper-wrap sffed-curated-carousel" data-carousel-number-of-items="3.5" data-carousel-space-between-items="35" ><div class="swiper-wrapper"><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_state.disparity_0425_aaaa34.jpg?quality=100?w=350&h=350&crop=1" alt="carousel_state.disparity_0425" class="sffed-thumbnail-image wp-image-196469" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_state.disparity_0425_aaaa34.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_state.disparity_0425_aaaa34.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_state.disparity_0425_aaaa34.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/04/changing-disparity-in-prices-across-states/?utm_source=frbsf-homepage&utm_medium=latest-carousel&utm_campaign=2025-08&utm_id=economic-letter">The Changing Disparity in Prices Across States</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0725.jpg?quality=100?w=350&h=350&crop=1" alt="Data analytics dashboard display. Business and financial investment. HUD infographic of financial. Information reports of business strategy for investment. 3d rendering" class="sffed-thumbnail-image wp-image-190661" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0725.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0725.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0725.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/03/do-low-survey-response-rates-threaten-data-dependence/?utm_source=frbsf-homepage&utm_medium=latest-carousel&utm_campaign=2025-04&utm_id=economic-letter">Do Low Survey Response Rates Threaten Data Dependence?</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-7_4.22.25.jpg?quality=100?w=350&h=350&crop=1" alt="carousel_EERN Seminar 7_4.22.25" class="sffed-thumbnail-image wp-image-190651" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-7_4.22.25.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-7_4.22.25.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-7_4.22.25.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2025/04/anton-korinek-economics-of-transformative-ai/?utm_source=frbsf-homepage&utm_medium=latest-carousel&utm_campaign=2025-04&utm_id=eern-seminar">Anton Korinek | The Economics of Transformative AI</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0625.jpg?quality=100?w=350&h=350&crop=1" alt="Row of identical houses" class="sffed-thumbnail-image wp-image-190519" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0625.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0625.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_0625.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/03/ups-and-downs-household-income/?utm_source=frbsf-homepage&utm_medium=latest-carousel&utm_campaign=2025-04&utm_id=economic-letter">The Ups and Downs of Household Income</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_-0525.jpg?quality=100?w=350&h=350&crop=1" alt="Historic buildings of Wall Street in the financial district of lower Manhattan, New York City" class="sffed-thumbnail-image wp-image-180538" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_-0525.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_-0525.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EconomicLetter_-0525.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/02/current-perceptions-about-monetary-policy/?utm_source=frbsf-homepage&utm_medium=latest-carousel&utm_campaign=2025-04&utm_id=economic-letter">Current Perceptions About Monetary Policy</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article></div></div></div></div></div> <div class="wp-block-group sffed-has-margin-top-negative has-base-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-10 wp-block-group-is-layout-constrained" style="padding-top:var(--wp--preset--spacing--40);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--40)"><div class="wp-block-create-block-sffed-curated-carousel"><div class="Carousel "><div class="carousel-details"><h2 class="carousel-details-title">What We Study:</h2><p>Insights, research, and data on various topics affecting our economy.</p><div class="sffed-carousel-nav"><button style="background-color: #0b807c" class="swiper-button-prev"><i class="sffed-chevron-left"></i></button><button style="background-color: #0b807c" class="swiper-button-next"><i class="sffed-chevron-right"></i></button></div></div><div class="swiper swiper-wrap sffed-curated-carousel" data-carousel-number-of-items="3.5" data-carousel-space-between-items="19" ><div class="swiper-wrapper"><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-square-ratio"><img decoding="async" width="461" height="461" src="https://www.frbsf.org/wp-content/uploads/Inflation-460x460-2.png?quality=100?w=350&h=350&crop=1" alt="inflation" class="sffed-thumbnail-image wp-image-66568" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Inflation-460x460-2.png 461w, https://www.frbsf.org/wp-content/uploads/Inflation-460x460-2.png?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Inflation-460x460-2.png?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="/topics/inflation/">Inflation</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-square-ratio"><img decoding="async" width="460" height="461" src="https://www.frbsf.org/wp-content/uploads/Labor-Markets-460x460-2.webp?quality=100?w=350&h=350&crop=1" alt="Labor-Markets-460×460-2" class="sffed-thumbnail-image wp-image-68515" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Labor-Markets-460x460-2.webp 460w, https://www.frbsf.org/wp-content/uploads/Labor-Markets-460x460-2.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Labor-Markets-460x460-2.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="/topics/labor-markets/">Labor Markets</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-square-ratio"><img decoding="async" width="461" height="460" src="https://www.frbsf.org/wp-content/uploads/Monetary-Policy-460x460-1_667e3c.webp?quality=100?w=350&h=350&crop=1" alt="monetary policy" class="sffed-thumbnail-image wp-image-68520" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Monetary-Policy-460x460-1_667e3c.webp 461w, https://www.frbsf.org/wp-content/uploads/Monetary-Policy-460x460-1_667e3c.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Monetary-Policy-460x460-1_667e3c.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="/topics/monetary-policy/">Monetary Policy</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-square-ratio"><img decoding="async" width="461" height="460" src="https://www.frbsf.org/wp-content/uploads/Banking-460x460-1_ee0d80.webp?quality=100?w=350&h=350&crop=1" alt="banking" class="sffed-thumbnail-image wp-image-68522" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Banking-460x460-1_ee0d80.webp 461w, https://www.frbsf.org/wp-content/uploads/Banking-460x460-1_ee0d80.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Banking-460x460-1_ee0d80.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="/topics/banking/">Banking</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-square-ratio"><img decoding="async" width="460" height="461" src="https://www.frbsf.org/wp-content/uploads/Financial-Markets-460x460-1_2d2d7e.webp?quality=100?w=350&h=350&crop=1" alt="Financial-Markets-460×460-1_2d2d7e" class="sffed-thumbnail-image wp-image-68524" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Financial-Markets-460x460-1_2d2d7e.webp 460w, https://www.frbsf.org/wp-content/uploads/Financial-Markets-460x460-1_2d2d7e.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Financial-Markets-460x460-1_2d2d7e.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="/topics/financial-markets/">Financial Markets</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article></div></div></div></div></div> <div style="height:100px" aria-hidden="true" class="wp-block-spacer"></div> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-6 wp-block-columns-is-layout-flex" style="padding-top:0;padding-right:0;padding-bottom:0;padding-left:0"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="border-right-color:var(--wp--preset--color--primary-silver);border-right-style:dotted;border-right-width:2px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20);flex-basis:33.33%"> <h2 class="wp-block-heading links-underline-teal">News & Media</h2> <div class="wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-11 wp-block-group-is-layout-flex"> <h3 class="wp-block-heading sffed-has-no-underline has-contrast-color has-text-color has-link-color has-small-font-size wp-elements-42dc6eff4ab6f811624b7b0bc93d3e89"><a href="https://www.frbsf.org/news-and-media/news-articles/news-coverage/2025/02/inflation-insights-with-san-francisco-fed-president-on-fox-10-phoenix">Inflation insights with San Francisco Fed President on Fox 10 Phoenix</a></h3> <p style="padding-top:var(--wp--preset--spacing--20)">February 19, 2025</p> <hr class="wp-block-separator has-alpha-channel-opacity" style="margin-top:12px;margin-bottom:12px"/> <h3 class="wp-block-heading sffed-has-no-underline has-contrast-color has-text-color has-link-color has-small-font-size wp-elements-a5827aeed85129179c51dd29835b944f"><a href="https://www.frbsf.org/news-and-media/news-articles/news-coverage/2025/02/fed-official-banking-system-generally-healthy-inflation-battle-on-track-az-central">Fed official: Banking system generally healthy, inflation battle on track – AZ Central</a></h3> <p style="padding-top:var(--wp--preset--spacing--20)">February 19, 2025</p> <hr class="wp-block-separator has-alpha-channel-opacity" style="margin-top:12px;margin-bottom:12px"/> <h3 class="wp-block-heading sffed-has-no-underline has-contrast-color has-text-color has-link-color has-small-font-size wp-elements-8e7203006112e52ef29562352feff57a"><a href="https://www.frbsf.org/news-and-media/news-articles/news-coverage/2025/02/fed-official-pushes-back-on-pre-emptive-policy-moves-the-new-york-times/">Fed Official Pushes Back on Pre-emptive Policy Moves – The New York Times</a></h3> <p style="padding-top:var(--wp--preset--spacing--20)">February 4, 2025</p> <hr class="wp-block-separator has-alpha-channel-opacity" style="margin-top:12px;margin-bottom:12px"/> <p class="links-underline-teal has-contrast-color has-text-color has-link-color wp-elements-f3618d72b29510906e676096eed76edc"><a href="/news-and-media/news/">More News</a></p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="border-style:none;border-width:0px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20);flex-basis:66.66%"> <div style="height:var(--wp--preset--spacing--30)" aria-hidden="true" class="wp-block-spacer"></div> <figure class="wp-block-image size-full"><img decoding="async" width="1690" height="1350" src="https://www.frbsf.org/wp-content/uploads/homepage_lg_MCD.reuters_0425.jpg" alt="" class="wp-image-196426" style="aspect-ratio:4/3;object-fit:cover" srcset="https://www.frbsf.org/wp-content/uploads/homepage_lg_MCD.reuters_0425.jpg 1690w, https://www.frbsf.org/wp-content/uploads/homepage_lg_MCD.reuters_0425.jpg?resize=300,240 300w, https://www.frbsf.org/wp-content/uploads/homepage_lg_MCD.reuters_0425.jpg?resize=768,613 768w, https://www.frbsf.org/wp-content/uploads/homepage_lg_MCD.reuters_0425.jpg?resize=1024,818 1024w, https://www.frbsf.org/wp-content/uploads/homepage_lg_MCD.reuters_0425.jpg?resize=1536,1227 1536w" sizes="(max-width: 1690px) 100vw, 1690px" /></figure> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-5 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:70px"> <p class="event-date">mar<br>28</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <h3 class="wp-block-heading sffed-has-no-underline sffed-has-margin-top-none" style="margin-top:0;margin-bottom:0;padding-top:0;padding-bottom:0"><a href="https://www.frbsf.org/news-and-media/news-articles/news-coverage/2025/03/reuters-feds-daly-says-two-rate-cuts-this-year-reasonable-firms-adjust-tariffs">Reuters Exclusive: Fed’s Daly says flat progress on inflation hurts confidence in rate cut outlook</a></h3> </div> </div> </div> </div> </div> <div class="wp-block-group alignfull has-primary-navy-background-color has-background is-layout-flow wp-block-group-is-layout-flow"> <div class="sffed-video-lightbox__container "><div class="sffed-video-lightbox__image--cover "><div class="sffed-video-lightbox__image--overlay "></div><img decoding="async" src="https://www.frbsf.org/wp-content/uploads/mary-daly-speech_aa8908.png" alt="mary-daly-speech_aa8908"/></div><div class="sffed-video-lightbox__overlay "><div class="sffed-video-lightbox__text"><h3>Speech</h3><h2>Community Banking: Aligning Ideals with Practice</h2><div class="sffed-video-lightbox__icon--text"><button id="openModalBtn1054316173" title="Close the video" class="sffed-video-lightbox__play--video" aria-haspopup="dialog" aria-controls="modal" data-url="https://vimeo.com/1054316173"><svg width="100%" height="100%" viewBox="0 0 71 70" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M68.2708 34.8116C68.2708 52.9169 53.4631 67.6232 35.1608 67.6232C16.8585 67.6232 2.05078 52.9169 2.05078 34.8116C2.05078 16.7063 16.8585 2 35.1608 2C53.4631 2 68.2708 16.7063 68.2708 34.8116Z" stroke="#FDFBF7" stroke-width="4"></path><path d="M47.8224 37.1006L30.8555 48.0489C29.1919 49.1224 27 47.9281 27 45.9483L27 24.0517C27 22.0719 29.1919 20.8776 30.8555 21.9511L47.8224 32.8994C49.3484 33.8841 49.3484 36.1159 47.8224 37.1006Z" fill="#FDFBF7" stroke="#FDFBF7"></path></svg></button><p>Watch SF Fed President Mary C. Daly’s Remarks</p></div></div></div></div> </div> <div class="wp-block-group alignfull has-primary-navy-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"><div class="wp-block-create-block-sffed-curated-carousel"><div class="Carousel "><div class="carousel-details"><h2 class="carousel-details-title">Meet the SF Fed</h2><p>Learn more about our groups and their work in pursuit of the SF Fed’s mission.</p><div class="sffed-carousel-nav"><button style="background-color: #0b807c" class="swiper-button-prev"><i class="sffed-chevron-left"></i></button><button style="background-color: #0b807c" class="swiper-button-next"><i class="sffed-chevron-right"></i></button></div></div><div class="swiper swiper-wrap sffed-curated-carousel" data-carousel-number-of-items="1.5" data-carousel-space-between-items="14.6" ><div class="swiper-wrapper"><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-portrait-ratio"><img decoding="async" width="800" height="1000" src="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_ER.jpg?quality=100?w=350&h=350&crop=1" alt="FRBSF_Home-Page_Meet-the-SF-Fed_ER" class="sffed-thumbnail-image wp-image-69602" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_ER.jpg 800w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_ER.jpg?resize=240,300 240w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_ER.jpg?resize=768,960 768w" sizes="(max-width: 800px) 100vw, 800px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/about-us/economic-research/">Economic Research</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-portrait-ratio"><img decoding="async" width="800" height="1000" src="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_PE2.jpg?quality=100?w=350&h=350&crop=1" alt="FRBSF_Home-Page_Meet-the-SF-Fed_CD_PE2" class="sffed-thumbnail-image wp-image-70291" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_PE2.jpg 800w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_PE2.jpg?resize=240,300 240w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_PE2.jpg?resize=768,960 768w" sizes="(max-width: 800px) 100vw, 800px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/about-us/community-development-and-engagement/" data-type="page" data-id="61111">Community Development & District Engagement</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-portrait-ratio"><img decoding="async" width="800" height="1000" src="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_Banking-Sup.jpg?quality=100?w=350&h=350&crop=1" alt="FRBSF_Home-Page_Meet-the-SF-Fed_CD_Banking-Sup" class="sffed-thumbnail-image wp-image-69605" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_Banking-Sup.jpg 800w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_Banking-Sup.jpg?resize=240,300 240w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_Banking-Sup.jpg?resize=768,960 768w" sizes="(max-width: 800px) 100vw, 800px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/about-us/banking-supervision/">Banking Supervision</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-portrait-ratio"><img decoding="async" width="800" height="1000" src="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_ITS.jpg?quality=100?w=350&h=350&crop=1" alt="FRBSF_Home-Page_Meet-the-SF-Fed_CD_ITS" class="sffed-thumbnail-image wp-image-69606" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_ITS.jpg 800w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_ITS.jpg?resize=240,300 240w, https://www.frbsf.org/wp-content/uploads/FRBSF_Home-Page_Meet-the-SF-Fed_CD_ITS.jpg?resize=768,960 768w" sizes="(max-width: 800px) 100vw, 800px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/work-with-us/careers/careers-in-information-technology-services/">Information Technology Services</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article></div></div></div></div></div> <div class="wp-block-group alignfull has-secondary-linen-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained" style="padding-top:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40)"> <h2 class="wp-block-heading has-text-align-center sffed-has-margin-top-none">Around the District</h2> <div class="wp-block-columns sffed-featured-content-pattern__container is-layout-flex wp-container-core-columns-is-layout-7 wp-block-columns-is-layout-flex" style="padding-bottom:0"> <div class="wp-block-column is-vertically-aligned-bottom is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:70%"> <figure class="wp-block-image alignleft size-large is-resized"><img decoding="async" width="850" height="700" src="https://www.frbsf.org/wp-content/uploads/state_feature_RemoteAlaska_1224.jpg?quality=100&w=850" alt="" class="wp-image-156844" style="aspect-ratio:1.625;object-fit:cover;width:650px;height:auto" srcset="https://www.frbsf.org/wp-content/uploads/state_feature_RemoteAlaska_1224.jpg 850w, https://www.frbsf.org/wp-content/uploads/state_feature_RemoteAlaska_1224.jpg?resize=300,247 300w, https://www.frbsf.org/wp-content/uploads/state_feature_RemoteAlaska_1224.jpg?resize=768,632 768w" sizes="(max-width: 850px) 100vw, 850px" /></figure> </div> <div class="wp-block-column is-vertically-aligned-bottom is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:50%"> <div class="wp-block-group is-vertical is-content-justification-left is-layout-flex wp-container-core-group-is-layout-15 wp-block-group-is-layout-flex"> <p class="sffed-meta-kicker sffed-has-padding-top-none wp-container-content-1">Read the blog</p> <h2 class="wp-block-heading sffed-has-no-underline"><a href="https://www.frbsf.org/research-and-insights/blog/around-the-district/2024/12/11/community-resiliency-in-alaska/" data-type="link" data-id="https://www.frbsf.org/research-and-insights/blog/around-the-district/2024/12/11/community-resiliency-in-alaska/">Community Resiliency in Remote Alaska</a></h2> <div style="height:0px" aria-hidden="true" class="wp-block-spacer wp-container-content-2"></div> <hr class="wp-block-separator has-alpha-channel-opacity separator-dotted"/> </div> </div> </div> <div class="wp-block-create-block-sffed-curated-carousel"><div class="Carousel "><div class="carousel-details"><h2 class="carousel-details-title">Video & Media</h2><p>Watch the latest videos from the SF Fed covering events and topics relevant to the Twelfth District and beyond.</p><div class="sffed-carousel-nav"><button style="background-color: #0b807c" class="swiper-button-prev"><i class="sffed-chevron-left"></i></button><button style="background-color: #0b807c" class="swiper-button-next"><i class="sffed-chevron-right"></i></button></div></div><div class="swiper swiper-wrap sffed-curated-carousel" data-carousel-number-of-items="2.5" data-carousel-space-between-items="35" ><div class="swiper-wrapper"><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/3carousel_hoover_1224.jpg?quality=100?w=350&h=350&crop=1" alt="3carousel_hoover_1224" class="sffed-thumbnail-image wp-image-156818" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/3carousel_hoover_1224.jpg 865w, https://www.frbsf.org/wp-content/uploads/3carousel_hoover_1224.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/3carousel_hoover_1224.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2024/12/mary-c-daly-stanford-university-hoover-institution-2024/">Conversation with Mary C. Daly at Stanford University’s Hoover Institution</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-5_12.4.24.jpg?quality=100?w=350&h=350&crop=1" alt="carousel_EERN Seminar 5_12.4.24" class="sffed-thumbnail-image wp-image-134024" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-5_12.4.24.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-5_12.4.24.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EERN-Seminar-5_12.4.24.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2024/12/david-autor-expertise-artificial-intelligence-and-work-of-the-future/">Expertise, AI, and the Work of the Future</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/mcd-boise_carousel-1022.png?quality=100?w=350&h=350&crop=1" alt="mcd-boise_carousel-1022" class="sffed-thumbnail-image wp-image-133797" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/mcd-boise_carousel-1022.png 865w, https://www.frbsf.org/wp-content/uploads/mcd-boise_carousel-1022.png?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/mcd-boise_carousel-1022.png?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2024/10/mary-c-daly-monetary-policy-economic-outlook-2024/">Monetary Policy and Economic Outlook</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EERN_Seminar-4.jpg?quality=100?w=350&h=350&crop=1" alt="carousel_EERN_Seminar 4" class="sffed-thumbnail-image wp-image-115032" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EERN_Seminar-4.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_EERN_Seminar-4.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EERN_Seminar-4.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2024/08/genai-for-economic-opportunity-early-learnings-from-philanthropy-and-nonprofits/" data-type="link" data-id="https://www.frbsf.org/news-and-media/events/2024/08/genai-for-economic-opportunity-early-learnings-from-philanthropy-and-nonprofits/">GenAI for Economic Opportunity: Early Learnings from Philanthropy and Nonprofits</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/MCD-Hawaii_carousel-1.jpg?quality=100?w=350&h=350&crop=1" alt="MCD-Hawaii_carousel-1" class="sffed-thumbnail-image wp-image-118964" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/MCD-Hawaii_carousel-1.jpg 865w, https://www.frbsf.org/wp-content/uploads/MCD-Hawaii_carousel-1.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/MCD-Hawaii_carousel-1.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2024/08/monetary-policy-and-economic-trends-mary-c-daly-2024/" data-type="link" data-id="https://www.frbsf.org/news-and-media/events/2024/08/monetary-policy-and-economic-trends-mary-c-daly-2024/">Monetary Policy and Economic Trends</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-almost-square-ratio"><img decoding="async" width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/Carousel_Commonwealth.jpg?quality=100?w=350&h=350&crop=1" alt="President Daly in conversation with CNBC’s Deirdre Bosa." class="sffed-thumbnail-image wp-image-109710" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Carousel_Commonwealth.jpg 865w, https://www.frbsf.org/wp-content/uploads/Carousel_Commonwealth.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/Carousel_Commonwealth.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div><div class="sffed-curated-carousel-header"><header><h3 class="sffed-headline"><a href="https://www.frbsf.org/news-and-media/events/2024/03/mary-c-dalys-keynote-remarks-nicrc" data-type="sffed_news" data-id="51786"></a><a href="https://www.frbsf.org/news-and-media/events/2024/06/mary-c-daly-remarks-commonwealth-club-2024/" data-type="link" data-id="https://www.frbsf.org/news-and-media/events/2024/06/mary-c-daly-remarks-commonwealth-club-2024/">Getting It Right: Meeting Uncertainty with Conditionality</a> </h3></header></div></div><div class="swiper-lazy-preloader"></div></article></div></div></div></div></div> <div class="wp-block-group alignfull has-base-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained" style="padding-top:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40)"> <div class="wp-block-group alignfull has-primary-off-white-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-media-text has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-center has-base-color has-primary-off-white-background-color has-text-color has-background" style="grid-template-columns:auto 69%"><div class="wp-block-media-text__content"> <div class="wp-block-columns has-primary-teal-background-color has-background has-primary-navy-background-color is-layout-flex wp-container-core-columns-is-layout-8 wp-block-columns-is-layout-flex" style="border-radius:5px"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="padding-top:0;padding-right:0;padding-bottom:var(--wp--preset--spacing--20);padding-left:0;flex-basis:100%"> <p class="sffed-meta-kicker">the 12th district</p> <h3 class="wp-block-heading">Explore the 12th District</h3> <p>The 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.</p> <div class="wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button is-style-with-left-arrow"><a class="wp-block-button__link has-primary-teal-background-color has-background wp-element-button" href="/about-us/our-district/">Explore Our Region</a></div> </div> </div> </div> </div><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1700" height="1352" src="https://www.frbsf.org/wp-content/uploads/home-12th-district-map-temp.png?resize=1024,814" alt="" class="wp-image-66602 size-full" srcset="https://www.frbsf.org/wp-content/uploads/home-12th-district-map-temp.png 1700w, https://www.frbsf.org/wp-content/uploads/home-12th-district-map-temp.png?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/home-12th-district-map-temp.png?resize=768,611 768w, https://www.frbsf.org/wp-content/uploads/home-12th-district-map-temp.png?resize=1024,814 1024w, https://www.frbsf.org/wp-content/uploads/home-12th-district-map-temp.png?resize=1536,1222 1536w" sizes="(max-width: 1700px) 100vw, 1700px" /></figure></div> </div> </div> <div class="wp-block-group alignfull has-base-color has-primary-teal-background-color has-text-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-10 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained" style="padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30)"> <div class="wp-block-columns alignfull has-base-color has-primary-teal-background-color has-text-color has-background is-content-justification-center is-layout-flow wp-container-core-columns-is-layout-9 wp-block-columns-is-layout-flow" style="padding-top:0;padding-right:0;padding-bottom:0;padding-left:0"> <div class="wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <h2 class="wp-block-heading has-text-align-right has-medium-font-size">Stay connected with us on our social media channels:</h2> </div> <div class="wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow" style="padding-left:0;flex-basis:25%"> <ul class="wp-block-social-links has-icon-color has-icon-background-color is-style-default is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-2 wp-block-social-links-is-layout-flex" style="margin-top:0;margin-right:0;margin-bottom:0;margin-left:0"><li style="color: #2c3143; background-color: #ffffff; " class="wp-social-link wp-social-link-linkedin has-primary-navy-color sffed-has-margin-right-add wp-block-social-link"><a rel="noopener nofollow" target="_blank" href="https://www.linkedin.com/company/federal-reserve-bank-of-san-francisco?utm_source=followbutton&utm_medium=frbsf&utm_campaign=linkedin" class="wp-block-social-link-anchor"><svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path d="M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z"></path></svg><span class="wp-block-social-link-label screen-reader-text">LinkedIn</span></a></li> <li style="color: #2c3143; background-color: #ffffff; " class="wp-social-link wp-social-link-facebook has-primary-navy-color sffed-has-margin-right-add wp-block-social-link"><a rel="noopener nofollow" target="_blank" href="https://www.facebook.com/SFFedReserve?utm_source=followbutton&utm_medium=frbsf&utm_campaign=facebook" class="wp-block-social-link-anchor"><svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path d="M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z"></path></svg><span class="wp-block-social-link-label screen-reader-text">Facebook</span></a></li> <li style="color: #2c3143; background-color: #ffffff; " class="wp-social-link wp-social-link-x has-primary-navy-color sffed-has-margin-right-add wp-block-social-link"><a rel="noopener nofollow" target="_blank" href="https://twitter.com/sffed?utm_source=followbutton&utm_medium=frbsf&utm_campaign=twitter" class="wp-block-social-link-anchor"><svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path d="M13.982 10.622 20.54 3h-1.554l-5.693 6.618L8.745 3H3.5l6.876 10.007L3.5 21h1.554l6.012-6.989L15.868 21h5.245l-7.131-10.378Zm-2.128 2.474-.697-.997-5.543-7.93H8l4.474 6.4.697.996 5.815 8.318h-2.387l-4.745-6.787Z" /></svg><span class="wp-block-social-link-label screen-reader-text">X</span></a></li> <li style="color: #2c3143; background-color: #ffffff; " class="wp-social-link wp-social-link-youtube has-primary-navy-color sffed-has-margin-right-add wp-block-social-link"><a rel="noopener nofollow" target="_blank" href="https://www.youtube.com/channel/UC3xpIrci6GZoInyYZbWlEKg?utm_source=followbutton&utm_medium=frbsf&utm_campaign=youtube" class="wp-block-social-link-anchor"><svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path d="M21.8,8.001c0,0-0.195-1.378-0.795-1.985c-0.76-0.797-1.613-0.801-2.004-0.847c-2.799-0.202-6.997-0.202-6.997-0.202 h-0.009c0,0-4.198,0-6.997,0.202C4.608,5.216,3.756,5.22,2.995,6.016C2.395,6.623,2.2,8.001,2.2,8.001S2,9.62,2,11.238v1.517 c0,1.618,0.2,3.237,0.2,3.237s0.195,1.378,0.795,1.985c0.761,0.797,1.76,0.771,2.205,0.855c1.6,0.153,6.8,0.201,6.8,0.201 s4.203-0.006,7.001-0.209c0.391-0.047,1.243-0.051,2.004-0.847c0.6-0.607,0.795-1.985,0.795-1.985s0.2-1.618,0.2-3.237v-1.517 C22,9.62,21.8,8.001,21.8,8.001z M9.935,14.594l-0.001-5.62l5.404,2.82L9.935,14.594z"></path></svg><span class="wp-block-social-link-label screen-reader-text">YouTube</span></a></li> <li style="color: #2c3143; background-color: #ffffff; " class="wp-social-link wp-social-link-instagram has-primary-navy-color wp-block-social-link"><a rel="noopener nofollow" target="_blank" href="https://www.instagram.com/sffed/" class="wp-block-social-link-anchor"><svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path d="M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 s-0.009,2.688-0.052,3.637c-0.04,0.877-0.187,1.354-0.31,1.671c-0.163,0.42-0.358,0.72-0.673,1.035 c-0.315,0.315-0.615,0.51-1.035,0.673c-0.317,0.123-0.794,0.27-1.671,0.31c-0.949,0.043-1.233,0.052-3.637,0.052 s-2.688-0.009-3.637-0.052c-0.877-0.04-1.354-0.187-1.671-0.31c-0.42-0.163-0.72-0.358-1.035-0.673 c-0.315-0.315-0.51-0.615-0.673-1.035c-0.123-0.317-0.27-0.794-0.31-1.671C4.631,14.688,4.622,14.403,4.622,12 s0.009-2.688,0.052-3.637c0.04-0.877,0.187-1.354,0.31-1.671c0.163-0.42,0.358-0.72,0.673-1.035 c0.315-0.315,0.615-0.51,1.035-0.673c0.317-0.123,0.794-0.27,1.671-0.31C9.312,4.631,9.597,4.622,12,4.622 M12,3 C9.556,3,9.249,3.01,8.289,3.054C7.331,3.098,6.677,3.25,6.105,3.472C5.513,3.702,5.011,4.01,4.511,4.511 c-0.5,0.5-0.808,1.002-1.038,1.594C3.25,6.677,3.098,7.331,3.054,8.289C3.01,9.249,3,9.556,3,12c0,2.444,0.01,2.751,0.054,3.711 c0.044,0.958,0.196,1.612,0.418,2.185c0.23,0.592,0.538,1.094,1.038,1.594c0.5,0.5,1.002,0.808,1.594,1.038 c0.572,0.222,1.227,0.375,2.185,0.418C9.249,20.99,9.556,21,12,21s2.751-0.01,3.711-0.054c0.958-0.044,1.612-0.196,2.185-0.418 c0.592-0.23,1.094-0.538,1.594-1.038c0.5-0.5,0.808-1.002,1.038-1.594c0.222-0.572,0.375-1.227,0.418-2.185 C20.99,14.751,21,14.444,21,12s-0.01-2.751-0.054-3.711c-0.044-0.958-0.196-1.612-0.418-2.185c-0.23-0.592-0.538-1.094-1.038-1.594 c-0.5-0.5-1.002-0.808-1.594-1.038c-0.572-0.222-1.227-0.375-2.185-0.418C14.751,3.01,14.444,3,12,3L12,3z M12,7.378 c-2.552,0-4.622,2.069-4.622,4.622S9.448,16.622,12,16.622s4.622-2.069,4.622-4.622S14.552,7.378,12,7.378z M12,15 c-1.657,0-3-1.343-3-3s1.343-3,3-3s3,1.343,3,3S13.657,15,12,15z M16.804,6.116c-0.596,0-1.08,0.484-1.08,1.08 s0.484,1.08,1.08,1.08c0.596,0,1.08-0.484,1.08-1.08S17.401,6.116,16.804,6.116z"></path></svg><span class="wp-block-social-link-label screen-reader-text">Instagram</span></a></li></ul> </div> </div> </div> </div> </div> </div> </div> </main> <footer class="wp-block-template-part"> <div class="sffed-footer alignfull has-text-color has-background is-layout-flow wp-block-group-is-layout-flow" style="color:#000000;background-color:#FDFBF7"> <div class="wp-block-columns alignfull has-text-color has-background has-global-padding is-layout-constrained wp-block-columns-is-layout-constrained" style="color:#000000;background-color:#FDFBF7"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <img decoding="async" src="/wp-content/uploads/FRBSF_Home-Page_Seal_2025.png" alt="" style="width:100%;max-width:200px" /> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p><a class="sffed-footer__link--heading" href="/topics/">What We Study<svg class="sffed-icon--double-chevron-right" width="10" height="10" viewBox="0 0 10 10" fill="#028580" xmlns="http://www.w3.org/2000/svg"> <path fill="#fff" d="M4.71875 9.42871L8.43624 5.00009L4.71875 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> <path fill="#fff" d="M1 9.42871L4.71749 5.00009L1 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> </svg></a></p> <p class="sffed-footer__links-section"> <a class="sffed-footer__link" href="/topics/inflation/">Inflation</a><br> <a class="sffed-footer__link" href="/topics/labor-markets/">Labor Markets</a><br> <a class="sffed-footer__link" href="/topics/monetary-policy/">Monetary Policy</a><br> <a class="sffed-footer__link" href="/topics/banking/">Banking</a><br> <a class="sffed-footer__link" href="/topics/financial-markets/">Financial Markets</a><br> <a class="sffed-footer__link" href="/topics/cash-payment-systems/">Cash & Payment Systems</a><br> <a class="sffed-footer__link" href="/topics/us-economy/">US Economy</a><br> <a class="sffed-footer__link" href="/topics/global-economy/">Global Economy</a> </p> <p><a href="/topics/">Explore more topics</a></p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p class="sffed-footer__links-section"><a class="sffed-footer__link--heading" href="/about-us/our-district/">Our District<svg class="sffed-icon--double-chevron-right" width="10" height="10" viewBox="0 0 10 10" fill="#028580" xmlns="http://www.w3.org/2000/svg"> <path fill="#fff" d="M4.71875 9.42871L8.43624 5.00009L4.71875 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> <path fill="#fff" d="M1 9.42871L4.71749 5.00009L1 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> </svg></a></p> <p class="sffed-footer__links-section"> <a class="sffed-footer__link" href="/about-us/our-district/alaska/">Alaska</a><br> <a class="sffed-footer__link" href="/about-us/our-district/arizona/">Arizona</a><br> <a class="sffed-footer__link" href="/about-us/our-district/california/">California</a><br> <a class="sffed-footer__link" href="/about-us/our-district/hawaii/">Hawaii</a><br> <a class="sffed-footer__link" href="/about-us/our-district/idaho/">Idaho</a><br> <a class="sffed-footer__link" href="/about-us/our-district/nevada/">Nevada</a><br> <a class="sffed-footer__link" href="/about-us/our-district/oregon/">Oregon</a><br> <a class="sffed-footer__link" href="/about-us/our-district/utah/">Utah</a><br> <a class="sffed-footer__link" href="/about-us/our-district/washington/">Washington</a><br> <a class="sffed-footer__link" href="/about-us/our-district/american-samoa-guam-mariana-islands/">American Samoa, Guam, & Mariana Islands</a><br> <a class="sffed-footer__link" href="/about-us/our-district/tribal-and-indigenous-communities/">Tribal and Indigenous Communities</a> </p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p><a class="sffed-footer__link--heading" href="/research-and-insights/">Research & Insights <svg class="sffed-icon--double-chevron-right" width="10" height="10" viewBox="0 0 10 10" fill="#028580" xmlns="http://www.w3.org/2000/svg"> <path fill="#fff" d="M4.71875 9.42871L8.43624 5.00009L4.71875 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> <path fill="#fff" d="M1 9.42871L4.71749 5.00009L1 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> </svg></a></p> <p class="sffed-footer__links-section"> <a class="sffed-footer__link" href="/research-and-insights/data-and-indicators/">Data & Indicators</a><br> <a class="sffed-footer__link" href="/research-and-insights/blog/">Blog Posts</a><br> <a class="sffed-footer__link" href="/research-and-insights/publications/">Publications</a><br> </p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p><a class="sffed-footer__link--heading" href="/news-and-media/">News & Media <svg class="sffed-icon--double-chevron-right" width="10" height="10" viewBox="0 0 10 10" fill="#028580" xmlns="http://www.w3.org/2000/svg"> <path fill="#fff" d="M4.71875 9.42871L8.43624 5.00009L4.71875 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> <path fill="#fff" d="M1 9.42871L4.71749 5.00009L1 0.571465" stroke="currentColor" stroke-linecap="round" fill-opacity="0"></path> </svg></a></p> <p class="sffed-footer__links-section"> <a class="sffed-footer__link" href="/news-and-media/events/">Events</a><br> <a class="sffed-footer__link" href="/news-and-media/speeches/">Speeches</a><br> <a class="sffed-footer__link" href="/news-and-media/news/">News</a><br> <a class="sffed-footer__link" href="/podcasts/zip-code-economies/">Zip Code Economies</a><br> <a class="sffed-footer__link" href="/subscriptions/">Subscriptions</a> </p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p><strong>About SF Fed</strong></p> <p class="sffed-footer__links-section"> <a class="sffed-footer__link" href="/about-us/">About Us</a><br> <a class="sffed-footer__link" href="/our-people/">Our People</a><br> <a class="sffed-footer__link" href="/work-with-us/">Join Us</a><br> </p> </div> </div> <div class="sffed-footer__social-container wp-block-columns alignfull has-text-color has-background has-global-padding is-layout-constrained wp-block-columns-is-layout-constrained is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p style="font-size: 1.5em; margin-top: 0;"><strong><a class="sffed-footer__subscribe-link sffed-is-teal" href="/subscriptions/">Subscribe</a> to receive our newsletter and emails.</strong></p> </div> <!-- Adding social media icons to the footer --> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <ul class="sffed-footer__social-links wp-block-social-links has-icon-color is-style-logos-only is-layout-flex wp-block-social-links-is-layout-flex" style="margin-top:5px;margin-bottom:0px;"> <li class="wp-social-link wp-block-social-link"> <a href="https://www.linkedin.com/company/federal-reserve-bank-of-san-francisco?utm_source=followbutton&utm_medium=frbsf&utm_campaign=linkedin" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on LinkedIn" > <svg width="44" height="44" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"> <path fill="#028580" d="M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z"> </path> </svg><span class="wp-block-social-link-label screen-reader-text">LinkedIn</span> </a> </li> <li class="wp-social-link wp-social-link-facebook wp-block-social-link sffed-footer__social-follow-link"> <a href="https://www.facebook.com/SFFedReserve?utm_source=followbutton&utm_medium=frbsf&utm_campaign=facebook" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on Facebook" > <svg width="44" height="44" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"> <path fill="#028580" d="M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z"> </path> </svg><span class="wp-block-social-link-label screen-reader-text">Facebook</span> </a> </li> <li class="wp-social-link wp-social-link-twitter wp-block-social-link"> <a href="https://twitter.com/sffed?utm_source=followbutton&utm_medium=frbsf&utm_campaign=twitter" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on X" > <svg width="25" height="28" viewBox="0 0 1200 1227" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M714.163 519.284L1160.89 0H1055.03L667.137 450.887L357.328 0H0L468.492 681.821L0 1226.37H105.866L515.491 750.218L842.672 1226.37H1200L714.137 519.284H714.163ZM569.165 687.828L521.697 619.934L144.011 79.6944H306.615L611.412 515.685L658.88 583.579L1055.08 1150.3H892.476L569.165 687.854V687.828Z" fill="rgb(1, 111, 107)" /> </svg><span class="wp-block-social-link-label screen-reader-text">X</span> </a> </li> <li class="wp-social-link wp-block-social-link"> <a href="https://www.youtube.com/@sffed?utm_source=followbutton&utm_medium=frbsf&utm_campaign=youtube" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on YouTube" > <svg width="44" height="44" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"> <path fill="#028580" d="M21.8,8.001c0,0-0.195-1.378-0.795-1.985c-0.76-0.797-1.613-0.801-2.004-0.847c-2.799-0.202-6.997-0.202-6.997-0.202 h-0.009c0,0-4.198,0-6.997,0.202C4.608,5.216,3.756,5.22,2.995,6.016C2.395,6.623,2.2,8.001,2.2,8.001S2,9.62,2,11.238v1.517 c0,1.618,0.2,3.237,0.2,3.237s0.195,1.378,0.795,1.985c0.761,0.797,1.76,0.771,2.205,0.855c1.6,0.153,6.8,0.201,6.8,0.201 s4.203-0.006,7.001-0.209c0.391-0.047,1.243-0.051,2.004-0.847c0.6-0.607,0.795-1.985,0.795-1.985s0.2-1.618,0.2-3.237v-1.517 C22,9.62,21.8,8.001,21.8,8.001z M9.935,14.594l-0.001-5.62l5.404,2.82L9.935,14.594z"> </path> </svg><span class="wp-block-social-link-label screen-reader-text">YouTube</span></a></li> <li class="wp-social-link wp-block-social-link"> <a href="https://www.instagram.com/sffed/?utm_source=followbutton&utm_medium=frbsf&utm_campaign=linkedin" target="_blank" rel="noopener noreferrer" class="wp-block-social-link-anchor" aria-label="Share on Instagram" > <svg width="24" height="24" viewBox="0 0 24 24" version="1.1" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false"><path fill="#028580" d="M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 s-0.009,2.688-0.052,3.637c-0.04,0.877-0.187,1.354-0.31,1.671c-0.163,0.42-0.358,0.72-0.673,1.035 c-0.315,0.315-0.615,0.51-1.035,0.673c-0.317,0.123-0.794,0.27-1.671,0.31c-0.949,0.043-1.233,0.052-3.637,0.052 s-2.688-0.009-3.637-0.052c-0.877-0.04-1.354-0.187-1.671-0.31c-0.42-0.163-0.72-0.358-1.035-0.673 c-0.315-0.315-0.51-0.615-0.673-1.035c-0.123-0.317-0.27-0.794-0.31-1.671C4.631,14.688,4.622,14.403,4.622,12 s0.009-2.688,0.052-3.637c0.04-0.877,0.187-1.354,0.31-1.671c0.163-0.42,0.358-0.72,0.673-1.035 c0.315-0.315,0.615-0.51,1.035-0.673c0.317-0.123,0.794-0.27,1.671-0.31C9.312,4.631,9.597,4.622,12,4.622 M12,3 C9.556,3,9.249,3.01,8.289,3.054C7.331,3.098,6.677,3.25,6.105,3.472C5.513,3.702,5.011,4.01,4.511,4.511 c-0.5,0.5-0.808,1.002-1.038,1.594C3.25,6.677,3.098,7.331,3.054,8.289C3.01,9.249,3,9.556,3,12c0,2.444,0.01,2.751,0.054,3.711 c0.044,0.958,0.196,1.612,0.418,2.185c0.23,0.592,0.538,1.094,1.038,1.594c0.5,0.5,1.002,0.808,1.594,1.038 c0.572,0.222,1.227,0.375,2.185,0.418C9.249,20.99,9.556,21,12,21s2.751-0.01,3.711-0.054c0.958-0.044,1.612-0.196,2.185-0.418 c0.592-0.23,1.094-0.538,1.594-1.038c0.5-0.5,0.808-1.002,1.038-1.594c0.222-0.572,0.375-1.227,0.418-2.185 C20.99,14.751,21,14.444,21,12s-0.01-2.751-0.054-3.711c-0.044-0.958-0.196-1.612-0.418-2.185c-0.23-0.592-0.538-1.094-1.038-1.594 c-0.5-0.5-1.002-0.808-1.594-1.038c-0.572-0.222-1.227-0.375-2.185-0.418C14.751,3.01,14.444,3,12,3L12,3z M12,7.378 c-2.552,0-4.622,2.069-4.622,4.622S9.448,16.622,12,16.622s4.622-2.069,4.622-4.622S14.552,7.378,12,7.378z M12,15 c-1.657,0-3-1.343-3-3s1.343-3,3-3s3,1.343,3,3S13.657,15,12,15z M16.804,6.116c-0.596,0-1.08,0.484-1.08,1.08 s0.484,1.08,1.08,1.08c0.596,0,1.08-0.484,1.08-1.08S17.401,6.116,16.804,6.116z"></path></svg><span class="wp-block-social-link-label screen-reader-text">Instagram</span></a></li> </ul> </div> </div> <div class="be-ix-link-block"> <div class="be-related-link-container"> <div class="be-label">Also of Interest</div> <ul class="be-list"> <li class="be-list-item"><a class="be-related-link" href="https://www.frbsf.org/topics/housing-real-estate/">Housing and Real Estate Resources</a></li> <li class="be-list-item"><a class="be-related-link" href="https://www.frbsf.org/topics/inflation/">Research and Insights on Inflation</a></li> <li class="be-list-item"><a class="be-related-link" href="https://www.frbsf.org/topics/interest-rates/">Adjustments in Interest Rates in the US</a></li> </ul></div> </div> <div class="wp-block-columns alignfull has-text-color has-background has-global-padding is-layout-constrained wp-block-columns-is-layout-constrained is-layout-flow wp-block-group-is-layout-flow"> <div class=" wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p>© 2025 Federal Reserve Bank of San Francisco</p> </div> <div class=" wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <p class="alignright"><span style="padding-right:20px"><a class="sffed-footer__link sffed-is-teal" href="/site-policies">Site Policies</a></span><span style="padding-right:20px"><a class="sffed-footer__link sffed-is-teal" href="/privacy">Privacy</a></span> <span class="sffed-footer__link" style="padding-right:20px"><a class="sffed-footer__link sffed-is-teal" href="/contact-us">Contact Us</a></span> </p> </div> </div> </div></footer></div> <script id="wp-block-template-skip-link-js-after"> ( function() { var skipLinkTarget = document.querySelector( 'main' ), sibling, skipLinkTargetID, skipLink; // Early exit if a skip-link target can't be located. if ( ! skipLinkTarget ) { return; } /* * Get the site wrapper. * The skip-link will be injected in the beginning of it. */ sibling = document.querySelector( '.wp-site-blocks' ); // Early exit if the root element was not found. if ( ! sibling ) { return; } // Get the skip-link target's ID, and generate one if it doesn't exist. skipLinkTargetID = skipLinkTarget.id; if ( ! skipLinkTargetID ) { skipLinkTargetID = 'wp--skip-link--target'; skipLinkTarget.id = skipLinkTargetID; } // Create the skip link. skipLink = document.createElement( 'a' ); skipLink.classList.add( 'skip-link', 'screen-reader-text' ); skipLink.href = '#' + skipLinkTargetID; skipLink.innerHTML = 'Skip to content'; // Inject the skip link. sibling.parentElement.insertBefore( skipLink, sibling ); }() ); </script> <script src="https://cdn.jsdelivr.net/npm/swiper@9/swiper-bundle.min.js?ver=6.6.2" id="swiper-js-js"></script> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJyNztsKwjAMBuAXsgvqRHYhPksP2datbUqTMh/fOUTBC/UqhPxfEliyspQEk4CMGJGB+x4daGYUhmntF5+xKFtZKDYT7+C3GQIZHf4M4y3r5LQJqEwVofTpcqiDT0+otLVUnKekTCA7Q/BmO1mo5vfw+w5bi5ZH1atiDMDFQtT+xXyyoTrc/nOeBUaimZu4Ja7xsj+3h65rj91pugMxbXf1" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/i18n.min.js?ver=5e580eb46a90c2b997e6" id="wp-i18n-js"></script> <script id="wp-i18n-js-after"> wp.i18n.setLocaleData( { 'text direction\u0004ltr': [ 'ltr' ] } ); wp.i18n.setLocaleData( { 'text direction\u0004ltr': [ 'ltr' ] } ); </script> <script id="wp-parsely-loader-js-before"> window.wpParselySiteId = 'frbsf.org'; </script> <script src="https://www.frbsf.org/wp-content/mu-plugins/wp-parsely-3.17/build/loader.js?ver=b681bb9905652ac12735" id="wp-parsely-loader-js"></script> <script data-parsely-site="frbsf.org" src="https://cdn.parsely.com/keys/frbsf.org/p.js?ver=3.17.0" id="parsely-cfg"></script> <script type="text/javascript" src="https://www.frbsf.org/_static/??/wp-content/themes/sffed/assets/js/gdpr-cookie.js,/wp-content/themes/sffed/assets/js/interstitial.js?m=1742934830j" ></script><script id="jetpack-stats-js-before"> _stq = window._stq || []; _stq.push([ "view", JSON.parse("{\"v\":\"ext\",\"blog\":\"201690440\",\"post\":\"61076\",\"tz\":\"-7\",\"srv\":\"www.frbsf.org\",\"hp\":\"vip\",\"j\":\"1:14.4.1\"}") ]); _stq.push([ "clickTrackerInit", "201690440", "61076" ]); </script> <script src="https://stats.wp.com/e-202515.js" id="jetpack-stats-js" defer data-wp-strategy="defer"></script> <script> (function($) { // Prevent page reload when pressing Enter/Return key. $(document).keypress(function(event) { const keycode = (event.keyCode ? event.keyCode : event.which); if (keycode == '13') { event.preventDefault(); const in_use = false; $.each(FWP.facets, function(name, val) { if (val.length > 0) { in_use = true; } }); if (in_use) { FWP.parseFacets(); FWP.setHash(); $(".fwp-submit").trigger("click"); } } }); // Hide facets with no options. document.addEventListener('facetwp-loaded', function() { $.each(FWP.settings.num_choices, function(key, val) { const $facet = $('.facetwp-facet-' + key); const $wrap = $facet.closest('.sffed-navigation__filter--details'); const $flyout = $facet.closest('.flyout-row'); if ($wrap.length || $flyout.length) { const $which = $wrap.length ? $wrap : $flyout; (0 === val) ? $which.hide() : $which.show(); } }); }); })(jQuery); </script> <!-- be_ixf, sdk, is --> </body> </html>