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Spiegel</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r2"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_Economic-Letter_0325.jpg?quality=100&w=865" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_Economic-Letter_0325.jpg 865w, https://www.frbsf.org/wp-content/uploads/carousel_Economic-Letter_0325.jpg?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_Economic-Letter_0325.jpg?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-economic-letter fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter">Economic Letter</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2025/02/does-monetary-policy-tightening-reduce-inflation">Does Monetary Policy Tightening Reduce Inflation?</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-adam-shapiro fwpl-tax-people-associated">Adam Shapiro</span>, <span class="fwpl-term fwpl-term-rami-najjar fwpl-tax-people-associated">Rami Najjar</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r3"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="865" height="690" src="https://www.frbsf.org/wp-content/uploads/carousel_EL_Examining-the-Performance-of-FOMC-Inflation-Forecasts_1112.png?quality=100&w=865" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/carousel_EL_Examining-the-Performance-of-FOMC-Inflation-Forecasts_1112.png 865w, https://www.frbsf.org/wp-content/uploads/carousel_EL_Examining-the-Performance-of-FOMC-Inflation-Forecasts_1112.png?resize=300,239 300w, https://www.frbsf.org/wp-content/uploads/carousel_EL_Examining-the-Performance-of-FOMC-Inflation-Forecasts_1112.png?resize=768,613 768w" sizes="(max-width: 865px) 100vw, 865px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-economic-letter fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter">Economic Letter</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/11/examining-performance-of-fomc-inflation-forecasts">Examining the Performance of FOMC Inflation Forecasts</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-hamza-abdelrahman fwpl-tax-people-associated">Hamza Abdelrahman</span>, <span class="fwpl-term fwpl-term-kevin-lansing fwpl-tax-people-associated">Kevin J. Lansing</span>, <span class="fwpl-term fwpl-term-luiz-oliveira fwpl-tax-people-associated">Luiz Edgard Oliveira</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r4"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="558" height="380" src="https://www.frbsf.org/wp-content/uploads/Research-wp-facet.png?quality=100&w=558" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Research-wp-facet.png 558w, https://www.frbsf.org/wp-content/uploads/Research-wp-facet.png?resize=300,204 300w" sizes="(max-width: 558px) 100vw, 558px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-working-papers fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/working-papers">Working Papers</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/working-papers/2024/08/inflation-disagreement-weakens-the-power-of-monetary-policy">Inflation Disagreement Weakens the Power of Monetary Policy</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-ding-dong fwpl-tax-people-associated">Ding Dong</span>, <span class="fwpl-term fwpl-term-min-wei fwpl-tax-people-associated">Min Wei</span>, <span class="fwpl-term fwpl-term-pengfei-wang fwpl-tax-people-associated">Pengfei Wang</span>, <span class="fwpl-term fwpl-term-zheng-liu fwpl-tax-people-associated">Zheng Liu</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r5"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="670" height="340" src="https://www.frbsf.org/wp-content/uploads/relatedarticle_Economic-Letter_111722.jpg?quality=100&w=670" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/relatedarticle_Economic-Letter_111722.jpg 670w, https://www.frbsf.org/wp-content/uploads/relatedarticle_Economic-Letter_111722.jpg?resize=300,152 300w" sizes="(max-width: 670px) 100vw, 670px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-sf-fed-blog fwpl-tax-category"><a href="https://www.frbsf.org/research-and-insights/blog/category/sf-fed-blog/">SF Fed Blog</a></span></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/blog/sf-fed-blog/2024/07/02/gauging-stance-of-monetary-policy-on-weekly-basis/">Gauging the Stance of Monetary Policy on a Weekly Basis</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-andrew-foerster fwpl-tax-people-associated">Andrew Foerster</span>, <span class="fwpl-term fwpl-term-sabrina-considine fwpl-tax-people-associated">Sabrina Considine</span>, <span class="fwpl-term fwpl-term-zinnia-martinez fwpl-tax-people-associated">Zinnia Martinez</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r6"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="1024" height="818" src="https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_062424.jpg?quality=100&w=1024" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_062424.jpg 1690w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_062424.jpg?resize=300,240 300w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_062424.jpg?resize=768,613 768w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_062424.jpg?resize=1024,818 1024w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_062424.jpg?resize=1536,1227 1536w" sizes="(max-width: 1024px) 100vw, 1024px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-economic-letter fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter">Economic Letter</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/06/anatomy-of-post-pandemic-monetary-tightening-cycle">Anatomy of the Post-Pandemic Monetary Tightening Cycle</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-andrew-foerster fwpl-tax-people-associated">Andrew Foerster</span>, <span class="fwpl-term fwpl-term-zinnia-martinez fwpl-tax-people-associated">Zinnia Martinez</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r7"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="1024" height="843" src="https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_030424.jpg?quality=100&w=1024" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_030424.jpg 1700w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_030424.jpg?resize=300,247 300w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_030424.jpg?resize=768,632 768w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_030424.jpg?resize=1024,843 1024w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_030424.jpg?resize=1536,1265 1536w" sizes="(max-width: 1024px) 100vw, 1024px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-economic-letter fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter">Economic Letter</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/03/monetary-policy-and-financial-conditions">Monetary Policy and Financial Conditions</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-michael-bauer fwpl-tax-people-associated">Michael Bauer</span>, <span class="fwpl-term fwpl-term-zoe-arnaut fwpl-tax-people-associated">Zo毛 Arnaut</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r8"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="400" height="345" src="https://www.frbsf.org/wp-content/uploads/homepage-sm-wp-2024-05.jpg?quality=100&w=400" class="attachment-medium-large size-medium-large wp-post-image" alt="Crowd at an outdoor event." decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/homepage-sm-wp-2024-05.jpg 400w, https://www.frbsf.org/wp-content/uploads/homepage-sm-wp-2024-05.jpg?resize=300,259 300w" sizes="(max-width: 400px) 100vw, 400px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-working-papers fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/working-papers">Working Papers</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/working-papers/2024/02/regional-dissent-do-local-economic-conditions-influence-fomc-votes">Regional Dissent: Do Local Economic Conditions Influence FOMC Votes?</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-anton-bobrov fwpl-tax-people-associated">Anton Bobrov</span>, <span class="fwpl-term fwpl-term-mauricio-ulate fwpl-tax-people-associated">Mauricio Ulate</span>, <span class="fwpl-term fwpl-term-rupal-kamdar fwpl-tax-people-associated">Rupal Kamdar</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r9"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="400" height="345" src="https://www.frbsf.org/wp-content/uploads/homepage_sm_Economic-Letter_022024.jpg?quality=100&w=400" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/homepage_sm_Economic-Letter_022024.jpg 400w, https://www.frbsf.org/wp-content/uploads/homepage_sm_Economic-Letter_022024.jpg?resize=300,259 300w" sizes="(max-width: 400px) 100vw, 400px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label">Series: <span class="fwpl-term fwpl-term-economic-letter fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter">Economic Letter</a></span></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4pqv2l sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-0a29wh sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-jr2scm sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-xui245 sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-4dwl5u sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-uztt4 sffed-typography__h2 sffed-line-height--tight"><a href="https://www.frbsf.org/research-and-insights/publications/economic-letter/2024/02/price-stability-built-to-last">Price Stability Built to Last</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-mary-c-daly fwpl-tax-people-associated">Mary C. Daly</span></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div><div class="fwpl-result r10"><div class="fwpl-row el-i2dr9e"><div class="fwpl-col fwpl-col column--featured-image"><div class="fwpl-item el-sp8uev sffed-image--landscape-thumbnail"><img width="1024" height="538" src="https://www.frbsf.org/wp-content/uploads/opengraph_MCD_2024_NABE.jpg?quality=100&w=1024" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/opengraph_MCD_2024_NABE.jpg 1200w, https://www.frbsf.org/wp-content/uploads/opengraph_MCD_2024_NABE.jpg?resize=300,158 300w, https://www.frbsf.org/wp-content/uploads/opengraph_MCD_2024_NABE.jpg?resize=768,403 768w, https://www.frbsf.org/wp-content/uploads/opengraph_MCD_2024_NABE.jpg?resize=1024,538 1024w" sizes="(max-width: 1024px) 100vw, 1024px" /></div></div><div class="fwpl-col fwpl-col column--search-results"><div class="fwpl-item el-t2h599s sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-trr4h sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-2q8huf sffed-navigation__faceted-search--label is-empty"></div><div class="fwpl-item el-7xjd4e sffed-navigation__faceted-search--label">Speech: <span class="fwpl-term fwpl-term-mary-c-daly fwpl-tax-speech-series"><a href="https://www.frbsf.org/news-and-media/speeches/mary-c-daly">Mary C. 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