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has-base-color">What We Study</h1> </div> </div> </div> </header> <main class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="entry-content wp-block-post-content is-layout-flow wp-block-post-content-is-layout-flow"> <div class="wp-block-group has-primary-navy-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex"> <div class="wp-block-column column--callout-border-right is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <p class="sffed-column--callout-border-right">The SF Fed is the largest District within the Federal Reserve System. We serve all Americans and countless global citizens through our work supervising banks, providing payment services, conducting research to inform monetary policy, and directly engaging with communities in our region to learn how Americans are experiencing the real economy. <br><br>This page collects the extensive work of the SF Fed according to key areas of focus. You can find information, research, and insights on the specific topics and subtopics below.<br></p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:33.33%"></div> </div> <div style="height:2vw" aria-hidden="true" class="wp-block-spacer"></div> </div> <div style="height:3vw" aria-hidden="true" class="wp-block-spacer tax-topics-type"></div> <div class="wp-block-group has-primary-cream-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-12 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-container-core-group-is-layout-11 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 All Topics</h2> <div class="wp-block-group sffed-topics-landing-grid is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-6 wp-block-group-is-layout-flex" style="padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-4 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img decoding="async" width="461" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Inflation-topics-page.webp?quality=100" alt="" class="wp-image-69408" srcset="https://www.frbsf.org/wp-content/uploads/Inflation-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Inflation-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Inflation-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/inflation">Inflation</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/inflation-cyclicality">Inflation Cyclicality</a><br><a href="/topics/inflation-expectations">Inflation Expectations</a><br><a href="/topics/services-inflation/">Services Inflation</a><br><a href="/topics/goods-inflation/">Goods Inflation</a><br><a href="/topics/housing-inflation/">Housing Inflation</a><br></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img decoding="async" width="460" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Labor-Markets-topics-page.webp?quality=100" alt="" class="wp-image-69409" srcset="https://www.frbsf.org/wp-content/uploads/Labor-Markets-topics-page.webp 460w, https://www.frbsf.org/wp-content/uploads/Labor-Markets-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Labor-Markets-topics-page.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/labor-markets/">Labor Markets</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/employment-rates/">Employment & Unemployment</a><br><a href="/topics/labor-turnover">Labor Turnover</a><br><a href="/topics/demographics/">Demographics</a><br><a href="/topics/wages/">Wages & Compensation</a></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="461" height="460" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Monetary-Policy-topics-page.webp?quality=100" alt="" class="wp-image-69410" srcset="https://www.frbsf.org/wp-content/uploads/Monetary-Policy-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Monetary-Policy-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Monetary-Policy-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/monetary-policy">Monetary Policy</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/interest-rates/">Interest Rates</a><br><a href="/topics/forward-guidance">Forward Guidance</a><br><a href="/topics/balance-sheet">Balance Sheet</a><br><a href="/topics/fomc/">FOMC (Federal Open Market Committee)</a><br><a href="/topics/central-banks">Central Banks</a><br></p> </details> </div> </div> </div> <div class="wp-block-group alignfull sffed-topics-landing-grid is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-7 wp-block-group-is-layout-flex" style="padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-5 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="461" height="460" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Banking-topics-page.webp?quality=100" alt="" class="wp-image-69418" style="aspect-ratio:1;object-fit:cover" srcset="https://www.frbsf.org/wp-content/uploads/Banking-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Banking-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Banking-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/banking">Banking</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/banks">Banks</a><br><a href="/topics/business-lending">Business Lending</a><br><a href="/topics/community-banking">Community Banking</a><br><a href="/topics/community-reinvestment-act">Community Reinvestment Act</a><br><a href="/topics/discount-window">Discount Window</a><br><a href="/topics/financial-stability">Financial Stability</a></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="460" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Financial-Markets-topics-page.webp?quality=100" alt="" class="wp-image-69413" srcset="https://www.frbsf.org/wp-content/uploads/Financial-Markets-topics-page.webp 460w, https://www.frbsf.org/wp-content/uploads/Financial-Markets-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Financial-Markets-topics-page.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/financial-markets">Financial Markets</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/financial-conditions">Financial Conditions</a><br><a href="/topics/u-s-treasury-markets/">U.S Treasury Markets</a><br><a href="/topics/securities-and-derivatives">Securities and Derivatives</a><br><a href="/topics/currencies-and-commodities">Currencies and Commodities</a><br></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="461" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Housing-Real-Estate-topics-page.webp?quality=100" alt="" class="wp-image-69411" srcset="https://www.frbsf.org/wp-content/uploads/Housing-Real-Estate-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Housing-Real-Estate-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Housing-Real-Estate-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/housing-real-estate">Housing & Real Estate</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/residential-real-estate">Residential Real Estate</a><br><a href="/topics/affordable-housing/">Affordable Housing</a><br><a href="/topics/commercial-real-estate">Commercial Real Estate</a><br><br></p> </details> </div> </div> </div> <div class="wp-block-group alignfull sffed-topics-landing-grid is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-8 wp-block-group-is-layout-flex" style="padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-6 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="460" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/US-Economy-topics-page.webp?quality=100" alt="" class="wp-image-69415" srcset="https://www.frbsf.org/wp-content/uploads/US-Economy-topics-page.webp 460w, https://www.frbsf.org/wp-content/uploads/US-Economy-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/US-Economy-topics-page.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/us-economy/">US Economy</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/macroeconomics">Macroeconomics</a><br><a href="/topics/microeconomics">Microeconomics</a><br><a href="/topics/small-businesses/">Small Businesses</a><br><a href="/topics/consumer-spending/">Consumer Spending</a><br><a href="/topics/supply-chains/">Supply Chains</a><br><a href="/topics/u-s-gdp">U.S. GDP</a><br><a href="/topics/growth-productivity/">Growth & Productivity</a><br><a href="/topics/business-cycles">Business Cycles</a><br></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="461" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Global-Economy-topics-page.webp?quality=100" alt="" class="wp-image-69416" srcset="https://www.frbsf.org/wp-content/uploads/Global-Economy-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Global-Economy-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Global-Economy-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/global-economy">Global Economy</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/global-macroeconomics">Global Macroeconomics</a><br><a href="/topics/global-growth/">Global Growth</a><br><a href="/topics/international-trade">International Trade</a><br><a href="/topics/global-financial-markets/">Global Financial Markets</a><br><a href="/topics/emerging-markets">Emerging Markets</a></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="460" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Pacific-Basin-topics-page.webp?quality=100" alt="" class="wp-image-69420" srcset="https://www.frbsf.org/wp-content/uploads/Pacific-Basin-topics-page.webp 460w, https://www.frbsf.org/wp-content/uploads/Pacific-Basin-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Pacific-Basin-topics-page.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/pacific-basin">Pacific Basin</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/china">China</a><br><a href="/topics/japan">Japan</a></p> </details> </div> </div> </div> <div class="wp-block-group alignfull sffed-topics-landing-grid is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-9 wp-block-group-is-layout-flex" style="padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="461" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Technology-topics-page.webp?quality=100" alt="" class="wp-image-69414" srcset="https://www.frbsf.org/wp-content/uploads/Technology-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Technology-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Technology-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/technology">Technology</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/automation">Automation</a><br><a href="/topics/fintech">Fintech</a><br><a href="/topics/artificial-intelligence">Artificial Intelligence</a></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="460" height="461" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Economic-Inclusion-topics-page.webp?quality=100" alt="" class="wp-image-69422" style="aspect-ratio:1;object-fit:cover" srcset="https://www.frbsf.org/wp-content/uploads/Economic-Inclusion-topics-page.webp 460w, https://www.frbsf.org/wp-content/uploads/Economic-Inclusion-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Economic-Inclusion-topics-page.webp?resize=300,300 300w" sizes="(max-width: 460px) 100vw, 460px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/economic-inclusion">Economic Inclusion</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/community-development-finance">Community Development Finance</a><br><a href="/topics/financial-inclusion/">Financial Inclusion</a><br><a href="/topics/regional-equity">Regional Equity</a><br><a href="/topics/workforce-participation/">Workforce Participation</a><br><br></p> </details> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="461" height="460" src="https://frbsf-future-develop.go-vip.net/wp-content/uploads/Cash-Payment-Systems-topics-page.webp?quality=100" alt="" class="wp-image-69419" style="aspect-ratio:1;object-fit:cover" srcset="https://www.frbsf.org/wp-content/uploads/Cash-Payment-Systems-topics-page.webp 461w, https://www.frbsf.org/wp-content/uploads/Cash-Payment-Systems-topics-page.webp?resize=150,150 150w, https://www.frbsf.org/wp-content/uploads/Cash-Payment-Systems-topics-page.webp?resize=300,300 300w" sizes="(max-width: 461px) 100vw, 461px" /></figure> <details class="sffed-accordion__details"> <summary class="sffed-accordion__summary--topics-landing"><p class="links-underline-teal"><a href="/topics/cash-payment-systems/">Cash & Payment Services</a></p></summary> <p class="has-x-small-font-size"><a href="/topics/cash-operations">Cash Operations</a><br><a href="/topics/fednow">FedNow</a></p> </details> </div> </div> </div> <div class="wp-block-group alignfull sffed-topics-landing-grid is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-10 wp-block-group-is-layout-flex" style="padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8 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