CINXE.COM

<!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="1.1.14">  <meta name="be:sdk" content="php_sdk_1.5.11" /> <meta name="be:timer" content="42ms" /> <meta name="be:orig_url" content="https%3A%2F%2Fwww.frbsf.org%2Ftopics%2Ffinancial-markets%2F" /> <meta name="be:norm_url" content="https%3A%2F%2Fwww.frbsf.org%2Ftopics%2Ffinancial-markets%2F" /> <meta name="be:capsule_url" content="https%3A%2F%2Fixfd1-api.bc0a.com%2Fapi%2Fixf%2F1.0.0%2Fget_capsule%2Ff00000000280183%2F01117700175" /> <meta name="be:api_dt" content="Zy_2024;Zm_11;Zd_23;Zh_14;Zmh_40;p_epoch:1732372844379" /> <meta name="be:mod_dt" content="Zy_2024;Zm_11;Zd_23;Zh_14;Zmh_40;p_epoch:1732372844379" /> <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>  <meta name="description" content="Explore the SF Fed's insights and research on financial markets, including topics such as financial conditions, U.S. Treasury markets, securities and derivatives, and more."/> <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/topics/financial-markets" /> <link rel="next" href="https://www.frbsf.org/topics/financial-markets/page/2/" /> <meta property="og:locale" content="en_US" /> <meta property="og:type" content="article" /> <meta property="og:title" content="Research and Insights on Financial Markets" /> <meta property="og:description" content="Explore the SF Fed's insights and research on financial markets, including topics such as financial conditions, U.S. Treasury markets, securities and derivatives, and more." /> <meta property="og:url" content="https://www.frbsf.org/topics/financial-markets" /> <meta property="og:site_name" content="SF Fed" /> <meta property="article:publisher" content="https://www.facebook.com/SFFedReserve" /> <meta property="og:image" content="https://www.frbsf.org/wp-content/uploads/FRBSF-Open-Graph.png" /> <meta property="og:image:secure_url" content="https://www.frbsf.org/wp-content/uploads/FRBSF-Open-Graph.png" /> <meta property="og:image:width" content="1024" /> <meta property="og:image:height" content="538" /> <meta property="og:image:type" content="image/png" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:title" content="Research and Insights on Financial Markets" /> <meta name="twitter:description" content="Explore the SF Fed's insights and research on financial markets, including topics such as financial conditions, U.S. Treasury markets, securities and derivatives, and more." /> <meta name="twitter:image" content="https://www.frbsf.org/wp-content/uploads/FRBSF-Open-Graph.png" /> <meta name="twitter:label1" content="Events" /> <meta name="twitter:data1" content="69" /> <script type="application/ld+json" class="rank-math-schema">{"@context":"https://schema.org","@graph":[{"@type":"GovernmentOrganization","@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/sf-fed-logo.png","contentUrl":"https://www.frbsf.org/wp-content/uploads/sf-fed-logo.png","caption":"SF Fed","inLanguage":"en-US","width":"114","height":"114"}},{"@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"},{"@type":"CollectionPage","@id":"https://www.frbsf.org/topics/financial-markets#webpage","url":"https://www.frbsf.org/topics/financial-markets","name":"Research and Insights on Financial Markets","isPartOf":{"@id":"https://www.frbsf.org/#website"},"inLanguage":"en-US"}]}</script>  <title>Research and Insights on Financial Markets</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/" /> <link rel="alternate" type="application/rss+xml" title="San Francisco Fed » Financial Markets Topic Feed" href="https://www.frbsf.org/topics/financial-markets/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/??-eJyNjVsOwjAMwC5EF1p1XfuBOEuWZaKij4lkQtyecYLxa8syvDdDvSk3BX1wZQFZV14ARVgFSATyoV+iWTOW4QAX+COiXuvesn4MlS5s9s0wipqOz4JtOfODj36erHOWMF3HyCHN/Jvf681OzscQUvBfyylEIg==' 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.0d5839a46102ff2a1144.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.0d5839a46102ff2a1144.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--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-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-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-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;} </style> <link rel='stylesheet' id='all-css-6' href='https://www.frbsf.org/wp-includes/blocks/social-links/style.min.css?m=1732206008g' 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='sffed-blocks-sffed-breadcrumbs-style-inline-css'> .wp-block-sffed-blocks-sffed-breadcrumbs{font-size:var(--wp--preset--font-size--x-small)}.wp-block-sffed-blocks-sffed-breadcrumbs ol{padding:0}.wp-block-sffed-blocks-sffed-breadcrumbs ol,.wp-block-sffed-blocks-sffed-breadcrumbs ul{list-style:none;list-style-image:none}.wp-block-sffed-blocks-sffed-breadcrumbs li{display:inline-block;font-weight:600;text-transform:uppercase}.sffed-breadcrumbs__link{font-weight:600;text-decoration:none;text-transform:uppercase}.wp-block-sffed-blocks-sffed-breadcrumbs--separator{color:var(--wp--preset--color--primary-navy);display:inline-block;font-size:15px;font-weight:600;margin:0 .5rem;opacity:.25}.tax-podcasts-series .wp-block-sffed-blocks-sffed-breadcrumbs--separator,.tax-topics-type .wp-block-sffed-blocks-sffed-breadcrumbs--separator{color:var(--wp--preset--color--primary-silver)}.tax-podcasts-series .sffed-breadcrumbs__link a,.tax-topics-type .sffed-breadcrumbs__link a{color:var(--wp--preset--color--base)} </style> <style id='wp-block-query-title-inline-css'> .wp-block-query-title{box-sizing:border-box} </style> <style id='sffed-blocks-sffed-taxonomy-terms-meta-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-taxonomy-terms-meta/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. */ .wp-block-sffed-blocks-sffed-breadcrumbs { font-size: var(--wp--preset--font-size--x-small); } .wp-block-sffed-blocks-sffed-breadcrumbs ol { padding: 0; } .wp-block-sffed-blocks-sffed-breadcrumbs ul, .wp-block-sffed-blocks-sffed-breadcrumbs ol { list-style: none; list-style-image: none; } .wp-block-sffed-blocks-sffed-breadcrumbs li { display: inline-block; text-transform: uppercase; font-weight: 600; } .sffed-breadcrumbs__link { font-weight: 600; text-decoration: none; text-transform: uppercase; } .wp-block-sffed-blocks-sffed-breadcrumbs--separator { color: var(--wp--preset--color--primary-navy); opacity: 0.25; display: inline-block; margin: 0 0.5rem; font-size: 15px; font-weight: 600; } /*# sourceMappingURL=style-index.css.map*/ </style> <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-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='sffed-blocks-sffed-taxonomy-child-terms-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-taxonomy-child-terms/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. */ .sffed-paragraph__link-white { text-decoration: none; color: var(--wp--preset--color--white); font-size: 1rem; font-weight: 500; } .sffed-paragraph__link-white a { text-decoration: none; color: var(--wp--preset--color--white); font-size: 1rem; } .sffed-separator--subtopics { border-top: 4px solid #F0B921; margin-left: 0; margin-top: 0; width: 40px; } .sffed-subheading--subtopics { line-height: 1.15em; font-size: 0.875rem; font-weight: 500; text-transform: uppercase; letter-spacing: 2px; padding: 2rem 0 0 0; color: var(--wp--preset--color--base); } /*# sourceMappingURL=style-index.css.map*/ </style> <link rel='stylesheet' id='all-css-26' href='https://www.frbsf.org/wp-includes/blocks/image/style.min.css?m=1732206008g' type='text/css' media='all' /> <style id='sffed-blocks-sffed-featured-content-for-taxonomy-style-inline-css'> .large-video-feature-container{display:block;position:relative}.large-video-feature-image{display:block;height:auto;width:80%}.large-video-feature-text{bottom:calc(10vw - 30px);box-sizing:border-box;color:#fff;left:calc(10% - 10vw + 30px);padding:1em;transition:.3s;width:calc(75% + 25vw - 75px)}.play-btn{display:flex}.play-btn,.play-btn button[name=play]{background:transparent;height:50px;width:50px}.play-btn button[name=play]{border:2px solid #fff;border-radius:100%;margin:auto}.play-btn button[name=play]:focus{border:1px solid #82b0de;box-shadow:0 0 0 3px rgba(62,145,229,.5);outline:0}.play-btn button[name=play]:after{border-color:transparent transparent transparent #fff;border-style:solid;border-width:10px 0 10px 20px;content:"";display:inline-block;left:3px;position:relative;top:1px}.sffed-heading--is-white,.sffed-heading--is-white a:active,.sffed-heading--is-white a:hover,.sffed-heading--is-white a:link,.sffed-heading--is-white a:visited{color:var(--wp--preset--color--base);text-decoration:none}.has-background-dim{background-color:#000;opacity:.5}.wp-block-media-text{box-sizing:border-box;direction:ltr;display:grid;grid-template-columns:50% 1fr;grid-template-rows:auto}.wp-block-media-text .wp-block-media-text__media{grid-column:1;grid-row:1;margin:0}.wp-block-media-text .wp-block-media-text__content{direction:ltr;grid-column:2;grid-row:1;padding:0 8%;word-break:break-word}.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 .wp-block-media-text__content,.wp-block-media-text .wp-block-media-text__media,.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{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} </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-spacer-inline-css'> .wp-block-spacer{clear:both} </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> <style id='sffed-blocks-sffed-topics-faceted-search-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-topics-faceted-search/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. */ input[type=text] { padding: 0.7rem; border: solid 1px var(--wp--preset--color--primary-silver); border-radius: 6px; } .facetwp-search { align-items: flex-end !important; } .facetwp-facet-years { display: flex; gap: 1rem; } .sffed-margin-top-negative { margin-top: -4rem; } /*# sourceMappingURL=style-index.css.map*/ </style> <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> <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-42' href='https://www.frbsf.org/_static/??/wp-includes/css/dist/block-library/style.min.css,/wp-includes/css/dashicons.min.css?m=1732206008' 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-columns-is-layout-3{flex-wrap:nowrap;}.wp-container-core-columns-is-layout-4 > *{margin-block-start:0;margin-block-end:0;}.wp-container-core-columns-is-layout-4 > * + *{margin-block-start:0;margin-block-end:0;} </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 src="https://www.frbsf.org/wp-includes/js/dist/vendor/react.min.js?ver=18.3.1" id="react-js"></script> <script src="https://www.frbsf.org/wp-includes/js/dist/vendor/react-dom.min.js?ver=18.3.1" id="react-dom-js"></script> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJx9y0sKgCAQANALpWMGRYvoLOEIjaWGo31uX4uW0f49ODZBwawFLYNjQOIMuw0YEyQ7mSwcnyKVkMlb6SlIxxV8JYxePAOvXzXHuPArRj/UXaO1apXq3Q3pKzFu" ></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 src="https://www.frbsf.org/wp-includes/js/dist/a11y.min.js?ver=d90eebea464f6c09bfd5" id="wp-a11y-js"></script> <script type="text/javascript" src="https://www.frbsf.org/wp-includes/js/dist/url.min.js?m=1732206009g" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/api-fetch.min.js?ver=4c185334c5ec26e149cc" id="wp-api-fetch-js"></script> <script id="wp-api-fetch-js-after"> wp.apiFetch.use( wp.apiFetch.createRootURLMiddleware( "https://www.frbsf.org/wp-json/" ) ); wp.apiFetch.nonceMiddleware = wp.apiFetch.createNonceMiddleware( "5648238891" ); wp.apiFetch.use( wp.apiFetch.nonceMiddleware ); wp.apiFetch.use( wp.apiFetch.mediaUploadMiddleware ); wp.apiFetch.nonceEndpoint = "https://www.frbsf.org/wp-admin/admin-ajax.php?action=rest-nonce"; </script> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJx9zEsOwjAMRdEN4aYUCcQAsRY3MaqD86F2VKmrpxNmKON33nVbBc5eWiB1UV1gNTdLmYfEeYh6cv8ANiu1K46Ef4PSyii8o3HJEOiFTQwqrsfQvQeqK3k0Cn1WUncn9VgJFkvSd0KJsnUNK+iCImUD+jT8BZ/pcb5dpmm8juM9fgFyCnpO" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/keycodes.min.js?ver=034ff647a54b018581d3" id="wp-keycodes-js"></script> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJx9zEsOQDAQANALqSkSYiHOIjqLafSj0/G5PRs76f7lwRkV+XUTgwyWwRBniIlConyrXVCwduRryxX80TW4GLhs3u5YMqolEhdhQiOXSkEy+a+c3dQMXdvqXuvRPnjNP6Q=" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/data.min.js?ver=7c62e39de0308c73d50c" id="wp-data-js"></script> <script id="wp-data-js-after"> ( function() { var userId = 0; var storageKey = "WP_DATA_USER_" + userId; wp.data .use( wp.data.plugins.persistence, { storageKey: storageKey } ); } )(); </script> <script type="text/javascript" src="https://www.frbsf.org/wp-includes/js/dist/html-entities.min.js?m=1732206009g" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/rich-text.min.js?ver=4021b9e4e9ef4d3cd868" id="wp-rich-text-js"></script> <script type="text/javascript" src="https://www.frbsf.org/wp-includes/js/dist/shortcode.min.js?m=1732206009g" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/blocks.min.js?ver=0d232d232463200f5cfd" id="wp-blocks-js"></script> <script src="https://www.frbsf.org/wp-includes/js/dist/vendor/moment.min.js?ver=2.29.4" id="moment-js"></script> <script id="moment-js-after"> moment.updateLocale( 'en_US', {"months":["January","February","March","April","May","June","July","August","September","October","November","December"],"monthsShort":["Jan","Feb","Mar","Apr","May","Jun","Jul","Aug","Sep","Oct","Nov","Dec"],"weekdays":["Sunday","Monday","Tuesday","Wednesday","Thursday","Friday","Saturday"],"weekdaysShort":["Sun","Mon","Tue","Wed","Thu","Fri","Sat"],"week":{"dow":1},"longDateFormat":{"LT":"g:i a","LTS":null,"L":null,"LL":"F j, Y","LLL":"F j, Y g:i a","LLLL":null}} ); </script> <script src="https://www.frbsf.org/wp-includes/js/dist/date.min.js?ver=aaca6387d1cf924acc51" id="wp-date-js"></script> <script id="wp-date-js-after"> wp.date.setSettings( {"l10n":{"locale":"en_US","months":["January","February","March","April","May","June","July","August","September","October","November","December"],"monthsShort":["Jan","Feb","Mar","Apr","May","Jun","Jul","Aug","Sep","Oct","Nov","Dec"],"weekdays":["Sunday","Monday","Tuesday","Wednesday","Thursday","Friday","Saturday"],"weekdaysShort":["Sun","Mon","Tue","Wed","Thu","Fri","Sat"],"meridiem":{"am":"am","pm":"pm","AM":"AM","PM":"PM"},"relative":{"future":"%s from now","past":"%s ago","s":"a second","ss":"%d seconds","m":"a minute","mm":"%d minutes","h":"an hour","hh":"%d hours","d":"a day","dd":"%d days","M":"a month","MM":"%d months","y":"a year","yy":"%d years"},"startOfWeek":1},"formats":{"time":"g:i a","date":"F j, Y","datetime":"F j, Y g:i a","datetimeAbbreviated":"M j, Y g:i a"},"timezone":{"offset":-8,"offsetFormatted":"-8","string":"America\/Los_Angeles","abbr":"PST"}} ); </script> <script type="text/javascript" src="https://www.frbsf.org/_static/??/wp-includes/js/dist/primitives.min.js,/wp-includes/js/dist/warning.min.js?m=1732206009j" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/components.min.js?ver=36b97398bf090476214e" id="wp-components-js"></script> <script type="text/javascript" src="https://www.frbsf.org/wp-includes/js/dist/keyboard-shortcuts.min.js?m=1732206009g" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/commands.min.js?ver=73d702f6367f60b06d89" id="wp-commands-js"></script> <script type="text/javascript" src="https://www.frbsf.org/_static/??/wp-includes/js/dist/notices.min.js,/wp-includes/js/dist/preferences-persistence.min.js?m=1732206009j" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/preferences.min.js?ver=e7b06b8f8bdd714600e9" id="wp-preferences-js"></script> <script id="wp-preferences-js-after"> ( function() { var serverData = false; var userId = "0"; var persistenceLayer = wp.preferencesPersistence.__unstableCreatePersistenceLayer( serverData, userId ); var preferencesStore = wp.preferences.store; wp.data.dispatch( preferencesStore ).setPersistenceLayer( persistenceLayer ); } ) (); </script> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJzTLy/QzcxLzilNSS3WzyrWT8ksLtEvLqnMSdVNzUvPzEvVy83M08sq1tHHprAkPzs1TzcHyMSrrDy/KCU5vzQPpso+19bQ3NjIyMDMwMAyCwCEkS8M" ></script><script src="https://www.frbsf.org/wp-includes/js/dist/block-editor.min.js?ver=7ab6a9fdca1a0386ea66" id="wp-block-editor-js"></script> <script src="https://www.frbsf.org/wp-content/themes/sffed/sffed-plugins/sffed-blocks/build/blocks/sffed-topics-faceted-search/index.js?ver=f6391f5852e91c855f10" id="sffed-blocks-sffed-topics-faceted-search-script-js"></script> <script type="text/javascript" src="https://www.frbsf.org/_static/??-eJyNjusKwjAMhV/ILnOC4g/xWbo2nam9zF7Uvb1TpsgEOwgkJN/JOXDrGTlhssQIeqxLxjBMrbLkKh1X8A9ilrrAE37DwruELkFvckcuQlQKJRP5yUkW0Lz6m4pBgOUltUKechiH1nhxXihKvDXIvPqc54ty6p8Xi1zjFLMMX0miZ4a6U2r9HfocSA3lWDPZ5HO0h/Vu0zT1tq73+gG0lLG3" ></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/topics-type/1453" /><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" /> <style>img#wpstats{display:none}</style> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"WebPage","headline":"Financial Markets","url":"http:\/\/www.frbsf.org\/topics\/financial-markets\/"}</script>  <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>  <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() { $('.facetwp-template .is-loading').remove(); }); })(jQuery); </script> <script> (function($) { $(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="archive tax-topics-type term-financial-markets term-1453 wp-embed-responsive">  <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-MR34JJF7" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>  <div class="wp-site-blocks"><header class="wp-block-template-part"> <div id="sffed-main-header--block" class="sffed-header-block wp-block-group wp-block-cover__inner-container sffed-apply-dark-theme 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"> <svg width="65" height="46" viewBox="0 0 65 46" fill="none" xmlns="http://www.w3.org/2000/svg"> <g clip-path="url(#clip0_4996_6618)"> <path d="M12.1495 23C12.1495 24.1957 11.7932 25.3644 11.1257 26.3586C10.4582 27.3528 9.50944 28.1276 8.39942 28.5852C7.28941 29.0428 6.06798 29.1625 4.88959 28.9292C3.71121 28.696 2.6288 28.1202 1.77923 27.2747C0.929661 26.4293 0.351129 25.3521 0.116734 24.1794C-0.117661 23.0067 0.00261255 21.7912 0.462396 20.6865C0.922179 19.5819 1.70081 18.6377 2.6998 17.9734C3.69879 17.3091 4.87325 16.9546 6.07472 16.9546C6.87272 16.9537 7.66309 17.1094 8.40052 17.4129C9.13795 17.7164 9.808 18.1617 10.3723 18.7232C10.9365 19.2848 11.3839 19.9516 11.6889 20.6854C11.9939 21.4193 12.1504 22.2058 12.1495 23" fill="#028580" /> <path d="M22.7104 45.9931H18.0163C17.9706 45.9931 17.9266 45.9751 17.8943 45.9429C17.8619 45.9107 17.8438 45.8669 17.8438 45.8214V0.171744C17.8438 0.126195 17.8619 0.082524 17.8943 0.0503157C17.9266 0.0181074 17.9706 0 18.0163 0H22.7104C22.7562 0 22.8001 0.0181074 22.8325 0.0503157C22.8648 0.082524 22.883 0.126195 22.883 0.171744V45.8214C22.883 45.8669 22.8648 45.9107 22.8325 45.9429C22.8001 45.9751 22.7562 45.9931 22.7104 45.9931" fill="#028580" /> </g> </svg> <span class="sffed-logo-org__logotype desktop">Federal Reserve Bank <br>of San Francisco</span>  <span class="sffed-logo-org__logotype mobile">Federal Reserve Bank <br>of San Francisco</span> </div> </a>  <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">  <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" 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" 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" 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" 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" class="wp-block-social-link-anchor" aria-label="Share on YouTube" > <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">YouTube</span></a></li> </ul> </div> </div>  <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">Subscrip颅tions</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> <main class="wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-group sffed-main-content has-primary-navy-background-color has-global-padding is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:50%"> <nav class="wp-block-sffed-blocks-sffed-breadcrumbs " aria-label="breadcrumb"><ol><li><a class="sffed-breadcrumbs__link" href="https://www.frbsf.org" aria-label="home icon"><span class="sffed-home-icon"><svg width="13" height="12" viewBox="0 0 13 12" fill="currentColor" xmlns="http://www.w3.org/2000/svg"><title>Home</title><path d="M12.9998 5.85366L6.49992 0L0 5.85366L0.000164297 5.85381V12.0001H13V5.85372H12.9998L12.9998 5.85366Z"></path></svg></span></a><span class="wp-block-sffed-blocks-sffed-breadcrumbs--separator">/</span></li><li><p class="sffed-breadcrumbs__link"><a href="/topics">Topics</a></p></li></ol></nav> <h1 class="alignwide has-base-color has-text-color wp-block-query-title">Financial Markets</h1> <div class="has-base-color has-text-color sffed-term-description--has-dotted-divider has-alpha-channel-opacity"><p class="padding-bottom-add"><p>Financial markets refers to the broad activity of buying and selling financial securities and derivatives, including bonds, equities, currencies, commodities, and other financial instruments. Changes in security valuations can affect the flow of capital through the economy, which can impact economic activity and have implications for monetary policy.</p> <p>As part of its core responsibilities to inform U.S. monetary policy decisions, the SF Fed conducts extensive research on financial markets, financial conditions, and other related topics. This page features a collection of content on financial markets, including topics such as financial conditions, U.S. Treasury markets, securities and derivatives, and currencies and commodities.</p> </p></div> <h3 class="sffed-subheading--subtopics">Sub-topics</h3><hr class="sffed-separator--subtopics" /> <p class="sffed-paragraph__link-white"><a href="/topics/financial-conditions/">Financial Conditions</a></p> <p class="sffed-paragraph__link-white"><a href="/topics/u-s-treasury-markets/">U.S. Treasury Markets</a></p> <p class="sffed-paragraph__link-white"><a href="/topics/securities-and-derivatives/">Securities and Derivatives</a></p> <p class="sffed-paragraph__link-white"><a href="/topics/currencies-and-commodities/">Currencies and Commodities</a></p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:50%"> <figure class="wp-block-image size-large"><img src="https://www.frbsf.org/wp-content/uploads/Topics_Financial-Markets_Hero.jpg?quality=100&w=880" alt="" style="margin:0" /></figure> </div> </div> </div> <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-4 wp-block-columns-is-layout-flow" 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-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <h2 class="wp-block-heading has-text-align-right">Help our country reach its full economic potential.</h2> </div> <div class="wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow" style="padding-left:var(--wp--preset--spacing--20)"> <div class="wp-block-button sffed-button-cta is-style-with-arrow is-style-with-left-arrow"><a class="wp-block-button__link has-primary-teal-color has-primary-off-white-background-color has-text-color has-background wp-element-button" href="/work-with-us">Career Opportunities</a></div> </div> </div> <div style="height:50px" aria-hidden="true" class="wp-block-spacer"></div> <div class="wp-block-group alignfull has-primary-cream-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained" 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)"> <div class="wp-block-group sffed-margin-top-negative has-primary-off-white-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained" 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)"> <h2 class="wp-block-heading has-text-align-center has-primary-navy-color has-text-color has-medium-font-size">Explore Financial Markets</h2> <form id="sffed-facetwp-form"> <div class="wp-block-group"> <div class="wp-block-columns"> <div class="wp-block-column" style="flex-basis:66.66%"> <div class="wp-block-columns sffed-navigation__faceted-search"> <div class="wp-block-column"> <p class="sffed-navigation__faceted-search--label">Filter:</p> </div> <div class="wp-block-column"> <details class="sffed-navigation__filter--details"> <summary> <span class="sffed-navigation__filter--summary">Content Type</span> </summary> <div class="sffed-navigation__filter--open"> <div class="facetwp-facet facetwp-facet-content_type facetwp-type-checkboxes" data-name="content_type" data-type="checkboxes"></div> </div> </details> </div> <div class="wp-block-column"> <details class="sffed-navigation__filter--details"> <summary> <span class="sffed-navigation__filter--summary">Topic</span> </summary> <div class="sffed-navigation__filter--open"> <div class="facetwp-facet facetwp-facet-topics facetwp-type-checkboxes" data-name="topics" data-type="checkboxes"></div> </div> </details> </div> <div class="wp-block-column"> <details class="sffed-navigation__filter--details"> <summary> <span class="sffed-navigation__filter--summary">Region</span> </summary> <div class="sffed-navigation__filter--open"> <div class="facetwp-facet facetwp-facet-regions facetwp-type-checkboxes" data-name="regions" data-type="checkboxes"></div> </div> </details> </div> </div> </div> <div class="wp-block-column" style="flex-basis:33.33%"> <div class="facetwp-facet facetwp-facet-search facetwp-type-search" data-name="search" data-type="search"></div> </div> </div> </div> <div class="wp-block-group has-global-padding is-layout-constrained"> <div class="wp-block-columns" style="justify-content:center"> <div class="wp-block-column" style="flex-basis:90%"> <div class="facetwp-facet facetwp-facet-search_results_count facetwp-type-pager sffed-navigation__faceted-search--label sffed-typography__centered" data-name="search_results_count" data-type="pager"></div> <div class="facetwp-template" data-name="topics"><div class="fwpl-layout el-yvrp6d"><div class="fwpl-result r1"><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 decoding="async" fetchpriority="high" width="300" height="225" src="https://www.frbsf.org/wp-content/uploads/default-facetwp.webp?quality=100&w=300" alt=""></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">Event: <span class="fwpl-term fwpl-term-conferences fwpl-tax-events-series"><a href="https://www.frbsf.org/news-and-media/events/conferences">Conferences</a></span></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/news-and-media/events/conferences/2025/02/macroeconomics-and-monetary-policy-conference-2025">Call for Papers: Annual Conference on Macroeconomics and Monetary Policy</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker is-empty"></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="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/2024/10/a-currency-premium-puzzle">A Currency Premium Puzzle</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-jingye-wang fwpl-tax-people-associated">Jingye Wang</span>, <span class="fwpl-term fwpl-term-tarek-a-hassan fwpl-tax-people-associated">Tarek A. Hassan</span>, <span class="fwpl-term fwpl-term-thomas-mertens fwpl-tax-people-associated">Thomas M. Mertens</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="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/corporate-debt-maturity-matters-for-monetary-policy">Corporate Debt Maturity Matters for Monetary Policy</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-immo-schott fwpl-tax-people-associated">Immo Schott</span>, <span class="fwpl-term fwpl-term-joachim-jungherr fwpl-tax-people-associated">Joachim Jungherr</span>, <span class="fwpl-term fwpl-term-matthias-meier fwpl-tax-people-associated">Matthias Meier</span>, <span class="fwpl-term fwpl-term-timo-reinelt fwpl-tax-people-associated">Timo Reinelt</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/credit-supply-prices-and-non-price-mechanisms-in-the-mortgage-market">Credit Supply, Prices, and Non-price Mechanisms in the Mortgage Market</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-john-mondragon fwpl-tax-people-associated">John Mondragon</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="400" height="345" src="https://www.frbsf.org/wp-content/uploads/fedview_homepage_feat_400x345.png?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/fedview_homepage_feat_400x345.png 400w, https://www.frbsf.org/wp-content/uploads/fedview_homepage_feat_400x345.png?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-fedviews fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/fedviews">FedViews</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/fedviews/2024/07/fedviews-july-18-2024">FedViews: July 18, 2024</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-oscar-jorda fwpl-tax-people-associated">Oscar Jorda</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="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 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="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 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="1024" height="818" src="https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_061724.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_061724.jpg 1690w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_061724.jpg?resize=300,240 300w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_061724.jpg?resize=768,613 768w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_061724.jpg?resize=1024,818 1024w, https://www.frbsf.org/wp-content/uploads/homepage_lg_Economic-Letter_061724.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/why-are-overall-profits-outpacing-financing-costs">Why Are Overall Profits Outpacing Financing Costs?</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker"><span class="fwpl-term fwpl-term-alexandre-sollaci fwpl-tax-people-associated">Alexandre Sollaci</span>, <span class="fwpl-term fwpl-term-anton-bobrov fwpl-tax-people-associated">Anton Bobrov</span>, <span class="fwpl-term fwpl-term-carter-davis fwpl-tax-people-associated">Carter Davis</span>, <span class="fwpl-term fwpl-term-james-traina fwpl-tax-people-associated">James Traina</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="800" height="690" src="https://www.frbsf.org/wp-content/uploads/macro-finance-conference-2024_image.png?quality=100&w=800" class="attachment-medium-large size-medium-large wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/macro-finance-conference-2024_image.png 800w, https://www.frbsf.org/wp-content/uploads/macro-finance-conference-2024_image.png?resize=300,259 300w, https://www.frbsf.org/wp-content/uploads/macro-finance-conference-2024_image.png?resize=768,662 768w" sizes="(max-width: 800px) 100vw, 800px" /></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">Event: <span class="fwpl-term fwpl-term-conferences fwpl-tax-events-series"><a href="https://www.frbsf.org/news-and-media/events/conferences">Conferences</a></span></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/news-and-media/events/conferences/2024/10/conference-on-advances-in-macro-finance-research">Conference on Advances in Macro-Finance Research</a></div><div class="fwpl-item el-jp7gh sffed-meta-kicker is-empty"></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="400" height="345" src="https://www.frbsf.org/wp-content/uploads/fedview_homepage_feat_400x345.png?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/fedview_homepage_feat_400x345.png 400w, https://www.frbsf.org/wp-content/uploads/fedview_homepage_feat_400x345.png?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-fedviews fwpl-tax-publication-type"><a href="https://www.frbsf.org/research-and-insights/publications/fedviews">FedViews</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/fedviews/2024/05/fedviews-may-30-2024">FedViews: May 30, 2024</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></div></div></div><div class="fwpl-row el-m3dr7o"><div class="fwpl-col fwpl-col el-lh341m"></div></div></div></div> <style> .fwpl-layout, .fwpl-row { display: grid; } .fwpl-layout.el-yvrp6d { grid-template-columns: repeat(1, 1fr); grid-gap: 10px; } .fwpl-row.el-i2dr9e { grid-template-columns: 35% 65%; } .fwpl-row.el-m3dr7o { grid-template-columns: 1fr; } </style> </div> <div class="facetwp-facet facetwp-facet-pager_ facetwp-type-pager sffed-navigation__faceted-search--label sffed-typography__centered" data-name="pager_" data-type="pager"></div> </div> </div> </div> </form> </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"> <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>  <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" 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" 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" 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" 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" class="wp-block-social-link-anchor" aria-label="Share on YouTube" > <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">YouTube</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/us-economy/">Research and Insights on the US Economy</a></li> <li class="be-list-item"><a class="be-related-link" href="https://www.frbsf.org/topics/monetary-policy/">Research and Insights on Monetary Policy</a></li> <li class="be-list-item"><a class="be-related-link" href="https://www.frbsf.org/topics/labor-markets/">Labor Markets</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>漏 2024 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/??-eJyNzdEKwjAMBdAfsgZlVH0QvyXtstnZNqVJmZ/vJoLgg/oUws25gbkYz1kpK+iVEgnIMFAPKEIqMC37HApV45sop+0kG/htxsgO45/HdC+Ye3SRjGuqnD9diW0M+QUNes+1D5yNi+xvEIN7vqzcyjv83uFbRV0nLkooglQPCcPKLum8O+y7o7Un200P2gxrcA==" ></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=1732128866j" ></script><script src="https://stats.wp.com/e-202448.js" id="jetpack-stats-js" data-wp-strategy="defer"></script> <script id="jetpack-stats-js-after"> _stq = window._stq || []; _stq.push([ "view", JSON.parse("{\"v\":\"ext\",\"blog\":\"201690440\",\"post\":\"0\",\"tz\":\"-8\",\"srv\":\"www.frbsf.org\",\"hp\":\"vip\",\"j\":\"1:14.0\"}") ]); _stq.push([ "clickTrackerInit", "201690440", "0" ]); </script> <link href="https://www.frbsf.org/wp-content/plugins/facetwp/assets/css/front.css?ver=4.1.9" rel="stylesheet"> <script src="https://www.frbsf.org/wp-content/plugins/facetwp/assets/js/dist/front.min.js?ver=4.1.9"></script> <script src="https://www.frbsf.org/wp-content/plugins/facetwp/assets/js/src/accessibility.js?ver=4.1.9"></script> <script> window.FWP_JSON = {"a11y":{"label_page":"Go to page","label_page_next":"Go to next page","label_page_prev":"Go to previous page"},"prefix":"_","no_results_text":"No results found","ajaxurl":"https:\/\/www.frbsf.org\/wp-json\/facetwp\/v1\/refresh","nonce":"5648238891","preload_data":{"facets":{"content_type":"<div class=\"facetwp-checkbox\" data-value=\"sffed_publications\"><span class=\"facetwp-display-value\">Publications<\/span><span class=\"facetwp-counter\">(37)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"post\"><span class=\"facetwp-display-value\">Posts<\/span><span class=\"facetwp-counter\">(13)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"sffed_events\"><span class=\"facetwp-display-value\">Events<\/span><span class=\"facetwp-counter\">(7)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"sffed_speeches\"><span class=\"facetwp-display-value\">Speeches<\/span><span class=\"facetwp-counter\">(5)<\/span><\/div><div class=\"facetwp-checkbox disabled\" data-value=\"page\"><span class=\"facetwp-display-value\">Pages<\/span><span class=\"facetwp-counter\">(0)<\/span><\/div>","topics":"<div class=\"facetwp-checkbox checked\" data-value=\"financial-markets\"><span class=\"facetwp-display-value\">Financial Markets<\/span><span class=\"facetwp-counter\">(62)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"monetary-policy\"><span class=\"facetwp-display-value\">Monetary Policy<\/span><span class=\"facetwp-counter\">(28)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"financial-conditions\"><span class=\"facetwp-display-value\">Financial Conditions<\/span><span class=\"facetwp-counter\">(26)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"interest-rates\"><span class=\"facetwp-display-value\">Interest Rates<\/span><span class=\"facetwp-counter\">(26)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"us-economy\"><span class=\"facetwp-display-value\">U.S. Economy<\/span><span class=\"facetwp-counter\">(22)<\/span><\/div><div class=\"facetwp-overflow facetwp-hidden\"><div class=\"facetwp-checkbox\" data-value=\"inflation\"><span class=\"facetwp-display-value\">Inflation<\/span><span class=\"facetwp-counter\">(20)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"banking\"><span class=\"facetwp-display-value\">Banking<\/span><span class=\"facetwp-counter\">(14)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"currencies-and-commodities\"><span class=\"facetwp-display-value\">Currencies and Commodities<\/span><span class=\"facetwp-counter\">(13)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"global-economy\"><span class=\"facetwp-display-value\">Global Economy<\/span><span class=\"facetwp-counter\">(13)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"macroeconomics\"><span class=\"facetwp-display-value\">Macroeconomics<\/span><span class=\"facetwp-counter\">(12)<\/span><\/div><\/div><a class=\"facetwp-toggle\">See {num} more<\/a><a class=\"facetwp-toggle facetwp-hidden\">See less<\/a>","regions":"<div class=\"facetwp-checkbox\" data-value=\"california\"><span class=\"facetwp-display-value\">California<\/span><span class=\"facetwp-counter\">(4)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"arizona\"><span class=\"facetwp-display-value\">Arizona<\/span><span class=\"facetwp-counter\">(1)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"idaho\"><span class=\"facetwp-display-value\">Idaho<\/span><span class=\"facetwp-counter\">(1)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"utah\"><span class=\"facetwp-display-value\">Utah<\/span><span class=\"facetwp-counter\">(1)<\/span><\/div><div class=\"facetwp-checkbox\" data-value=\"washington\"><span class=\"facetwp-display-value\">Washington<\/span><span class=\"facetwp-counter\">(1)<\/span><\/div>","search":"<span class=\"facetwp-input-wrap\"><i class=\"facetwp-icon\"><\/i><input type=\"text\" class=\"facetwp-search\" value=\"\" placeholder=\"Keyword Search\" autocomplete=\"off\" \/><\/span>","search_results_count":"Displaying 1 - 10 of 62 results","pager_":"<div class=\"facetwp-pager\"><a class=\"facetwp-page first active\" data-page=\"1\">1<\/a><a class=\"facetwp-page\" data-page=\"2\">2<\/a><a class=\"facetwp-page\" data-page=\"3\">3<\/a><a class=\"facetwp-page dots\">\u2026<\/a><a class=\"facetwp-page last\" data-page=\"7\">7<\/a><a class=\"facetwp-page next\" data-page=\"2\">Next \u00bb<\/a><\/div>"},"template":"","settings":{"debug":{"query_args":{"topics-type":"financial-markets","error":"","m":"","p":0,"post_parent":"","subpost":"","subpost_id":"","attachment":"","attachment_id":0,"name":"","pagename":"","page_id":0,"second":"","minute":"","hour":"","day":0,"monthnum":0,"year":0,"w":0,"category_name":"","tag":"","cat":"","tag_id":"","author":"","author_name":"","feed":"","tb":"","paged":1,"meta_key":"","meta_value":"","preview":"","s":null,"sentence":"","title":"","fields":"","menu_order":"","embed":"","category__in":[],"category__not_in":[],"category__and":[],"post__in":[133979,133893,119336,119125,114690,110063,109476,109407,101374,101261],"post__not_in":[],"post_name__in":[],"tag__in":[],"tag__not_in":[],"tag__and":[],"tag_slug__in":[],"tag_slug__and":[],"post_parent__in":[],"post_parent__not_in":[],"author__in":[],"author__not_in":[],"search_columns":[],"tax_query":[{"taxonomy":"publication-type","field":"slug","operator":"NOT IN","terms":["eern-system-research","system-research-atlanta-fed","system-research-boston-fed","system-research-chicago-fed","system-research-cleveland-fed","system-research-dallas-fed","system-research-kansas-city-fed","system-research-minneapolis-fed","system-research-new-york-fed","system-research-philadelphia-fed","system-research-richmond-fed","system-research-san-francisco-fed","system-research-st-louis-fed"]}],"facetwp":true,"posts_per_page":10,"post__in_count":62},"sql":"SELECT SQL_CALC_FOUND_ROWS wp_posts.ID\n\t\t\t\t\t FROM wp_posts LEFT JOIN wp_term_relationships ON (wp_posts.ID = wp_term_relationships.object_id)\n\t\t\t\t\t WHERE 1=1 AND wp_posts.ID IN (<62 IDs>) AND ( \n wp_posts.ID NOT IN (\n\t\t\t\tSELECT object_id\n\t\t\t\tFROM wp_term_relationships\n\t\t\t\tWHERE term_taxonomy_id IN (2696,2697,2698,2699,2700,2701,2702,2703,2704,2705,2706,2707,2708,2822)\n\t\t\t) \n AND \n wp_term_relationships.term_taxonomy_id IN (1453,1503,1535,1542,1601)\n) AND ((wp_posts.post_type = 'page' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'post' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_data' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_education' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_events' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_news' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_people' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_podcasts' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_publications' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_speeches' AND (wp_posts.post_status = 'publish')) OR (wp_posts.post_type = 'sffed_videos' AND (wp_posts.post_status = 'publish')))\n\t\t\t\t\t GROUP BY wp_posts.ID\n\t\t\t\t\t ORDER BY wp_posts.post_date DESC\n\t\t\t\t\t LIMIT 0, 10","facets":{"content_type":{"name":"content_type","label":"Content Type","type":"checkboxes","source":"post_type","parent_term":"","modifier_type":"off","modifier_values":"","hierarchical":"no","show_expanded":"no","ghosts":"yes","preserve_ghosts":"yes","operator":"or","orderby":"count","count":"10","soft_limit":"5","selected_values":[]},"topics":{"name":"topics","label":"Topics","type":"checkboxes","source":"tax\/topics-type","parent_term":"","modifier_type":"off","modifier_values":"","hierarchical":"no","show_expanded":"yes","ghosts":"yes","preserve_ghosts":"yes","operator":"or","orderby":"count","count":"10","soft_limit":"5","selected_values":["financial-markets"]},"regions":{"name":"regions","label":"Regions","type":"checkboxes","source":"tax\/regions-type","parent_term":"","modifier_type":"off","modifier_values":"","hierarchical":"no","show_expanded":"no","ghosts":"no","preserve_ghosts":"no","operator":"or","orderby":"count","count":"10","soft_limit":"5","selected_values":[]},"search":{"name":"search","label":"Search","type":"search","search_engine":"","placeholder":"Keyword Search","auto_refresh":"no","operator":"or","selected_values":""},"search_results_count":{"name":"search_results_count","label":"Search Results Count","type":"pager","pager_type":"counts","inner_size":"2","dots_label":"\u2026","prev_label":"\u00ab Prev","next_label":"Next \u00bb","count_text_plural":"Displaying [lower] - [upper] of [total] results","count_text_singular":"1 result","count_text_none":"No results","load_more_text":"Load more","loading_text":"Loading...","default_label":"Per page","per_page_options":"10, 25, 50, 100","operator":"or","selected_values":[]},"pager_":{"name":"pager_","label":"Pager","type":"pager","pager_type":"numbers","inner_size":"2","dots_label":"\u2026","prev_label":"\u00ab Prev","next_label":"Next \u00bb","count_text_plural":"[lower] - [upper] of [total] results","count_text_singular":"1 result","count_text_none":"No results","load_more_text":"Load more","loading_text":"Loading...","default_label":"Per page","per_page_options":"10, 25, 50, 100","operator":"or","selected_values":[]}},"template":{"name":"topics","label":"Topics","query":"","template":"","layout":{"items":[{"type":"row","items":[{"type":"col","items":[{"type":"item","source":"featured_image","settings":{"image_size":"full","link":{"type":"none","href":"","target":""},"border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-sp8uev","css_class":"sffed-image--landscape-thumbnail","is_hidden":""}}],"settings":{"border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"column--featured-image","css_class":""}},{"type":"col","items":[{"type":"item","source":"tax\/category","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"Series: ","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-t2h599s","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/publication-type","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"Series: ","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-trr4h","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/events-series","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"Event: ","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-2q8huf","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/speech-series","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"Speech: ","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-7xjd4e","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/videos-series","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-4pqv2l","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/podcasts-series","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"Series: ","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-0a29wh","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/people-categories","settings":{"separator":", ","term_link":{"type":"none","href":"","target":""},"prefix":"","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-jr2scm","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/news-categories","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"News: ","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-xui245","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"tax\/data-releases-topics","settings":{"separator":", ","term_link":{"type":"term","href":"","target":""},"prefix":"","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-4dwl5u","css_class":"sffed-navigation__faceted-search--label","is_hidden":""}},{"type":"item","source":"post_title","settings":{"link":{"type":"post","href":"","target":""},"prefix":"","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-uztt4","css_class":"sffed-typography__h2 sffed-line-height--tight","is_hidden":""}},{"type":"item","source":"tax\/people-associated","settings":{"separator":", ","term_link":{"type":"none","href":"","target":""},"prefix":"","suffix":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-jp7gh","css_class":"sffed-meta-kicker","is_hidden":""}}],"settings":{"border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"column--search-results","css_class":""}}],"settings":{"grid_template_columns":"35% 65%","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-i2dr9e","css_class":""}},{"type":"row","items":[{"type":"col","items":[],"settings":{"border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-lh341m","css_class":""}}],"settings":{"grid_template_columns":"1fr","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-m3dr7o","css_class":""}}],"settings":{"num_columns":1,"grid_gap":10,"no_results_text":"","border":{"style":"none","color":"","width":{"unit":"px","top":0,"right":0,"bottom":0,"left":0}},"background_color":"","padding":{"unit":"px","top":0,"right":0,"bottom":0,"left":0},"text_color":"","text_style":{"align":"","bold":false,"italic":false},"font_size":{"unit":"px","size":0},"name":"el-yvrp6d","css_class":"","custom_css":""}},"query_obj":{"post_type":[],"posts_per_page":10,"orderby":[{"key":"date","order":"DESC","type":"CHAR"}],"filters":[]},"modes":{"display":"visual","query":"visual"}},"settings":{"thousands_separator":",","decimal_separator":".","prefix":"_","load_jquery":"no","load_a11y":"yes","strict_query_detection":"yes","debug_mode":"on"},"last_indexed":"4 months","row_counts":{"business_lines":4701,"business_lines_copy":4701,"categories":558,"content_type":6071,"eern_econ_topics":2824,"eern_tech_topics":82,"people":2207,"podcasts_series":83,"publication_series":3229,"regions":363,"speech_series":310,"topics":2822,"years":99},"hooks_used":{"pre_get_posts":["wp-content\/mu-plugins\/search\/es-wp-query\/adapters\/vip-search.php:237","wp-content\/mu-plugins\/search\/includes\/classes\/class-cache.php:24","wp-content\/mu-plugins\/search\/elasticpress\/includes\/classes\/Indexable\/Post\/QueryIntegration.php:106","wp-content\/mu-plugins\/performance\/media.php:7","wp-content\/themes\/sffed\/functions.php:1044","wp-content\/themes\/sffed\/functions.php:1069","wp-content\/mu-plugins\/search\/elasticpress\/includes\/classes\/Feature\/Facets\/Facets.php:262","wp-content\/client-mu-plugins\/sffed-post-types\/inc\/classes\/Taxonomy\/Event_Series.php:93","wp-content\/mu-plugins\/search\/es-wp-query\/class-es-wp-query-shoehorn.php:30"],"facetwp_shortcode_html":["wp-content\/themes\/sffed\/includes\/global-functions\/facetwp.php:32"],"facetwp_query_args":["wp-content\/themes\/sffed\/includes\/global-functions\/facetwp.php:55"],"facetwp_preload_url_vars":["wp-content\/themes\/sffed\/includes\/global-functions\/facetwp.php:109"],"facetwp_is_main_query":["wp-content\/themes\/sffed\/includes\/global-functions\/facetwp.php:136"],"facetwp_builder_item_value":["wp-content\/themes\/sffed\/includes\/global-functions\/facetwp.php:170"]}},"pager":{"page":1,"per_page":10,"total_rows":62,"total_pages":7},"num_choices":{"content_type":5,"topics":10,"regions":5},"labels":{"content_type":"Content Type","topics":"Topics","regions":"Regions","search":"Search","search_results_count":"Search Results Count","pager_":"Pager"},"content_type":{"show_expanded":"no"},"topics":{"show_expanded":"yes"},"regions":{"show_expanded":"no"},"search":{"auto_refresh":"no"},"search_results_count":{"pager_type":"counts"},"pager_":{"pager_type":"numbers"}}},"expand":"[+]","collapse":"[-]"}; window.FWP_HTTP = {"get":[],"uri":"topics\/financial-markets","url_vars":{"topics":["financial-markets"]}}; </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>  </body> </html>