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!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: 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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: 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var(--wp--preset--font-size--data-viz-medium) !important;}.has-data-viz-large-font-size{font-size: var(--wp--preset--font-size--data-viz-large) !important;}.has-greycliff-cf-font-family{font-family: var(--wp--preset--font-family--greycliff-cf) !important;} :root :where(.wp-block-button .wp-block-button__link){background-color: var(--wp--preset--color--primary-teal);border-radius: 4px;border-color: var(--wp--preset--color--primary-teal);border-style: solid;color: var(--wp--preset--color--base);font-size: var(--wp--preset--font-size--x-small);font-weight: 700;} :root :where(.wp-block-post-title){font-size: var(--wp--preset--font-size--x-large);font-weight: 700;margin-top: 1.25rem;margin-bottom: 1.25rem;} :root :where(.wp-block-post-title a:where(:not(.wp-element-button))){text-decoration: none;} :root :where(.wp-block-post-title a:where(:not(.wp-element-button)):hover){text-decoration: underline;} :root :where(.wp-block-post-title a:where(:not(.wp-element-button)):focus){text-decoration: 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class="wp-block-column sffed-column--callout-border-right is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:60%"> <p>The Economic Research Department provides recurring updates of specific data sets related to its research. Topics include inflation, excess savings, productivity, employment, news sentiment, and other areas of research.</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:40%"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-meta-kicker sffed-has-margin-top-none">Latest Beige Book</p> <figure class="wp-block-image size-large"><img decoding="async" width="400" height="222" src="https://www.frbsf.org/wp-content/uploads/nl-secondary_green_BeigeBook_Template.jpg?quality=100&w=400" alt="" class="wp-image-167885" srcset="https://www.frbsf.org/wp-content/uploads/nl-secondary_green_BeigeBook_Template.jpg 400w, https://www.frbsf.org/wp-content/uploads/nl-secondary_green_BeigeBook_Template.jpg?resize=300,167 300w" sizes="(max-width: 400px) 100vw, 400px" /></figure> <div class="wp-block-group is-layout-flex wp-block-group-is-layout-flex"> <div class="wp-block-button has-custom-width wp-block-button__width-100 has-custom-font-size sffed-has-margin-right-add is-style-fill sffed-no-offsite-icon has-xx-small-font-size"><a class="wp-block-button__link wp-element-button" href="https://www.frbsf.org/research-and-insights/publications/san-francisco-fed-twelfth-district-beige-book/2025/01/beige-book-january-2025/?utm_source=frbsf-web_medium=sf-publications_campaign=beige-book"><strong>R</strong>ead the Report</a></div> <div class="wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button"><a class="wp-block-button__link wp-element-button" href="https://www.frbsf.org/research-and-insights/publications/san-francisco-fed-twelfth-district-beige-book/">View all Reports</a></div> </div> </div> </div> </div> </div> <div class="wp-block-group alignfull sffed-group--min-height has-base-color has-secondary-linen-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-6 wp-block-group-is-layout-constrained" style="padding-right:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--20)"> <h2 class="wp-block-heading has-contrast-color has-text-color" style="margin-right:0;margin-left:0;padding-top:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--20);padding-left:0">Featured Data Series</h2> <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" style="flex-basis:66%"> <figure class="wp-block-image size-full"><img decoding="async" width="588" height="464" src="https://www.frbsf.org/wp-content/uploads/treasury-yield-skewness.jpg" alt="" class="wp-image-133300" srcset="https://www.frbsf.org/wp-content/uploads/treasury-yield-skewness.jpg 588w, https://www.frbsf.org/wp-content/uploads/treasury-yield-skewness.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> </div> <div class="wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:33.33%"> <p class="sffed-meta-kicker has-primary-midnight-color has-text-color has-link-color wp-elements-15d7df14eedbe71d1ca4fc31e22a58d4">Center for Monetary Research</p> <h2 class="wp-block-heading sffed-has-no-underline has-contrast-color has-text-color"><a href="/research-and-insights/data-and-indicators/treasury-yield-skewness/" data-type="sffed_data" data-id="133215">Treasury Yield Skewness</a></h2> <p class="has-contrast-color has-text-color"><em>Treasury Yield Skewness</em> provides daily indicators measuring the risks to the future outlook for interest rates based on prices of Treasury derivatives.</p> <div class="wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button is-style-with-left-arrow"><a class="wp-block-button__link wp-element-button" href="/about-us/economic-research/center-for-monetary-research/data/">View more CMR data series</a></div> </div> </div> </div> </div> <div style="height:50px" aria-hidden="true" class="wp-block-spacer"></div> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-media-text has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-center has-base-color has-primary-off-white-background-color has-text-color has-background" style="padding-right:0;padding-left:0;grid-template-columns:auto 69%"><div class="wp-block-media-text__content"> <div class="wp-block-columns has-primary-teal-background-color has-background is-layout-flex wp-container-core-columns-is-layout-5 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="padding-top:var(--wp--preset--spacing--20);padding-right:0;padding-bottom:var(--wp--preset--spacing--20);padding-left:0;flex-basis:100%"> <p class="sffed-meta-kicker">SF FED Data Explorer</p> <h3 class="wp-block-heading" style="padding-top:0;padding-right:0;padding-bottom:0;padding-left:0">Charting New Stories with the SF Fed Data Explorer</h3> <div class="wp-block-buttons is-horizontal is-layout-flex wp-block-buttons-is-layout-flex"> <div class="wp-block-button is-style-with-arrow is-style-with-left-arrow"><a class="wp-block-button__link has-primary-navy-background-color has-background wp-element-button" href="/research-and-insights/data-and-indicators/sf-fed-data-explorer/">Start Exploring</a></div> </div> </div> </div> </div><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1690" height="1350" src="https://www.frbsf.org/wp-content/uploads/Data-and-Indicators_Data-Explorer-Feature2b_v2.jpg?resize=1024,818" alt="" class="wp-image-70792 size-full" srcset="https://www.frbsf.org/wp-content/uploads/Data-and-Indicators_Data-Explorer-Feature2b_v2.jpg 1690w, https://www.frbsf.org/wp-content/uploads/Data-and-Indicators_Data-Explorer-Feature2b_v2.jpg?resize=300,240 300w, https://www.frbsf.org/wp-content/uploads/Data-and-Indicators_Data-Explorer-Feature2b_v2.jpg?resize=768,613 768w, https://www.frbsf.org/wp-content/uploads/Data-and-Indicators_Data-Explorer-Feature2b_v2.jpg?resize=1024,818 1024w, https://www.frbsf.org/wp-content/uploads/Data-and-Indicators_Data-Explorer-Feature2b_v2.jpg?resize=1536,1227 1536w" sizes="(max-width: 1690px) 100vw, 1690px" /></figure></div> </div> <div style="height:50px" aria-hidden="true" class="wp-block-spacer"></div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-18 wp-block-columns-is-layout-flex"> <div class="wp-block-column sffed-column--callout-border-right is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-group is-layout-flex wp-block-group-is-layout-flex"> <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"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_China-Cyclical-Activity-Tracker_Thumb2.jpg?quality=100" alt="" class="wp-image-69112" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_China-Cyclical-Activity-Tracker_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_China-Cyclical-Activity-Tracker_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/china-cyclical-activity-tracker/" data-type="sffed_data" data-id="62788"></a><a href="/research-and-insights/data-and-indicators/china-cyclical-activity-tracker/" data-type="sffed_data" data-id="62788">China Cyclical Activity Tracker</a></p> <p>The China Cyclical Activity Tracker, China CAT, is an alternative measure of China鈥檚 economic growth based on research in Fernald, Hsu, and Spiegel (2019).</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="352" height="284" src="https://www.frbsf.org/wp-content/uploads/thumbnail-CPIcontributions.png" alt="" class="wp-image-133845" srcset="https://www.frbsf.org/wp-content/uploads/thumbnail-CPIcontributions.png 352w, https://www.frbsf.org/wp-content/uploads/thumbnail-CPIcontributions.png?resize=300,242 300w" sizes="(max-width: 352px) 100vw, 352px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/cpi-inflation-contributions-from-goods-and-services/">CPI Inflation Contributions from Goods and Services</a></p> <p>CPI Inflation Contributions from Goods and Services updates price changes of the typical goods and services that U.S. households consume to understand their role in driving changes in overall consumer price index (CPI) inflation.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-13 wp-block-group-is-layout-flex"> <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"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_Cyclical-and-Acyclical-Inflation_Thumb2.jpg?quality=100" alt="" class="wp-image-69119" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_Cyclical-and-Acyclical-Inflation_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_Cyclical-and-Acyclical-Inflation_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/cyclical-and-acyclical-core-pce-inflation/" data-type="sffed_data" data-id="62792">Cyclical and Acyclical Core PCE Inflation</a></p> <p>Cyclical and Acyclical Core PCE Inflation divides components of core personal consumption expenditures according to whether they move in tandem with economic cycles or are independent of the state of the overall economy. </p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_Daily-News-Sentiment_Thumb2.jpg?quality=100" alt="" class="wp-image-69117" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_Daily-News-Sentiment_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_Daily-News-Sentiment_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/daily-news-sentiment-index/" data-type="sffed_data" data-id="62794"></a><a href="/research-and-insights/data-and-indicators/daily-news-sentiment-index/" data-type="sffed_data" data-id="62794">Daily News Sentiment Index</a></p> <p>The Daily News Sentiment Index is a high frequency measure of U.S. economic sentiment based on lexical analysis of economics-related news articles.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-16 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image"><img decoding="async" src="https://www.frbsf.org/wp-content/uploads/interest-rate-distributions.jpg" alt="Interest Rate Probability Distributions Chart" class="wp-image-133285"/></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/interest-rate-probability-distributions/" data-type="sffed_data" data-id="62810">Interest Rate Probability Distributions</a></p> <p>Interest Rate Probability Distributions is a daily measure of the distribution of future short-term interest rates, calculated from prices of fixed-income derivatives.</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img decoding="async" src="https://www.frbsf.org/wp-content/uploads/monetary-policy-uncertainty.jpg?quality=100&w=588" alt="" class="wp-image-133276"/></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/market-based-monetary-policy-uncertainty/" data-type="sffed_data" data-id="62816">Market-Based Monetary Policy Uncertainty</a></p> <p>Market-Based Monetary Uncertainty provides daily indicators of the uncertainty about future short-term interest rates based on prices of money market derivatives.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-19 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large is-resized"><img decoding="async" src="/wp-content/uploads/monetary-policy-surprises.jpg?quality=100&w=588" alt="Monetary Policy Surprises Chart" class="wp-image-133270" style="width:301px;height:auto"/></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/monetary-policy-surprises/" data-type="sffed_data" data-id="62816">Monetary Policy Surprises</a></p> <p>Monetary Policy Surprises captures the exogenous changes in interest rates over tight windows around FOMC monetary policy announcements.</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_Pandemic-Savings_Thumb2.jpg?quality=100" alt="" class="wp-image-69113" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_Pandemic-Savings_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_Pandemic-Savings_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/pandemic-era-excess-savings/" data-type="sffed_data" data-id="63051"></a><a href="/research-and-insights/data-and-indicators/pandemic-era-excess-savings/" data-type="sffed_data" data-id="63051">Pandemic-Era Excess Savings</a></p> <p>Pandemic-Era Excess Savings updates estimates of the remaining stock of aggregate excess savings in the U.S. economy, defined as the difference between actual savings and the pre-pandemic trend.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-22 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-10 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="600" height="483" src="/wp-content/uploads/pce-data-page-icon.png?quality=100&w=600" alt="PCE Inflation Contributions from Goods and Services" class="wp-image-88135" srcset="https://www.frbsf.org/wp-content/uploads/pce-data-page-icon.png 600w, https://www.frbsf.org/wp-content/uploads/pce-data-page-icon.png?resize=300,242 300w" sizes="(max-width: 600px) 100vw, 600px" /></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/pce-inflation-contributions-from-goods-and-services/" data-type="sffed_data" data-id="62816">PCE Inflation Contributions from Goods and Services</a></p> <p>PCE Inflation Contributions from Goods and Services provides monthly updates on price changes for the broad categories of goods and services that U.S. households consume to understand their role in driving changes in overall personal consumption expenditures (PCE) inflation.</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_PCE-Inflation-Dispersion_Thumb2.jpg?quality=100" alt="" class="wp-image-69111" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_PCE-Inflation-Dispersion_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_PCE-Inflation-Dispersion_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/pce-personal-consumption-expenditure-price-index-pcepi/" data-type="sffed_data" data-id="62801"></a><a href="/research-and-insights/data-and-indicators/pce-personal-consumption-expenditure-price-index-pcepi/" data-type="sffed_data" data-id="62801">PCE Inflation Dispersion</a></p> <p>PCE Inflation Dispersion statistics present a more detailed summary of the personal consumption expenditure price index (PCEPI), a measure of U.S. inflation. Included are measures of the distribution of price changes across categories and diffusion indices.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-25 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-11 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img decoding="async" src="https://www.frbsf.org/wp-content/uploads/proxy-funds-rate.jpg?quality=100&w=588" alt="Proxy Funds Rate Chart" class="wp-image-133267"/></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/proxy-funds-rate/" data-type="sffed_data" data-id="62804"></a><a href="/research-and-insights/data-and-indicators/proxy-funds-rate/" data-type="sffed_data" data-id="62804">Proxy Funds Rate</a></p> <p>The Proxy Funds Rate uses a broad set of financial market indicators to assess the stance of monetary policy. The proxy rate can be interpreted as indicating what federal funds rate would typically be associated with prevailing financial market conditions if the federal funds rate were the only monetary policy tool being used.</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="588" height="464" src="https://www.frbsf.org/wp-content/uploads/regional-indicators-icon-beige.png?quality=100&w=588" alt="" class="wp-image-147212" srcset="https://www.frbsf.org/wp-content/uploads/regional-indicators-icon-beige.png 588w, https://www.frbsf.org/wp-content/uploads/regional-indicators-icon-beige.png?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/proxy-funds-rate/" data-type="sffed_data" data-id="62804"></a><a href="https://www.frbsf.org/research-and-insights/data-and-indicators/regional-indicators-for-labor-markets-and-prices/">Regional Indicators for Labor Markets and Prices</a></p> <p>Regional data provide indicators measuring characteristics of the dual mandate across the nation. This page provides data on labor market conditions, prices, and earnings for the 50 states and the District of Columbia and also for selected metropolitan areas within the SF Fed鈥檚 12th District.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-28 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-12 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="294" height="232" src="/wp-content/uploads/economic-growth.webp?quality=100" alt="" class="wp-image-69664"/></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/sf-fed-data-explorer/" data-type="sffed_data" data-id="61132">SF Fed Data Explorer</a></p> <p>The SF Fed Data Explorer is an interactive tool that gives users the ability to explore, analyze, and download detailed data for various groups of people in the U.S. labor market. The data come from responses to the monthly Current Population Survey (CPS).</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_Supply-and-Demand-Driven-PCE-Inflation_Thumb2.jpg?quality=100" alt="" class="wp-image-69116" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_Supply-and-Demand-Driven-PCE-Inflation_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_Supply-and-Demand-Driven-PCE-Inflation_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/supply-and-demand-driven-pce-inflation/" data-type="sffed_data" data-id="62790"></a><a href="/research-and-insights/data-and-indicators/supply-and-demand-driven-pce-inflation/" data-type="sffed_data" data-id="62790">Supply- and Demand-Driven PCE Inflation</a></p> <p>Supply- versus Demand-Driven PCE Inflation determines the monthly contributions to both headline and core personal consumption expenditures (PCE) inflation from supply-driven versus demand-driven components.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-31 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-13 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_Total-Factor-Productivity_Thumb2.jpg?quality=100" alt="" class="wp-image-69118" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_Total-Factor-Productivity_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_Total-Factor-Productivity_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/total-factor-productivity-tfp/" data-type="sffed_data" data-id="62808">Total Factor Productivity</a></p> <p>Total Factor Productivity (TFP) presents a real-time, quarterly data series for the U.S. business sector, adjusted for variations in factor utilization鈥攍abor effort and capital鈥檚 workweek.</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img decoding="async" src="https://www.frbsf.org/wp-content/uploads/treasury-yield-premiums.jpg?quality=100&w=588" alt="Treasury Yield Premiums Chart" class="wp-image-133266"/></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/treasury-yield-premiums/" data-type="sffed_data" data-id="62810">Treasury Yield Premiums</a></p> <p>The Treasury yield premium model decomposes nominal bond yields of various maturities into three components: expectations of the average future short-term interest rate, a term premium, and a model residual.</p> </div> </div> </div> </div> <div class="wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-34 wp-block-group-is-layout-flex"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-14 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img decoding="async" src="https://www.frbsf.org/wp-content/uploads/treasury-yield-skewness.jpg?quality=100&w=588" alt="Treasury Yield Skewness Chart" class="wp-image-133268"/></figure> <p class="links-underline-secondary-green sffed-button-link__arrow--with-line-secondary-green"><a href="/research-and-insights/data-and-indicators/treasury-yield-skewness/" data-type="sffed_data" data-id="62810">Treasury Yield Skewness</a></p> <p>Treasury Yield Skewness provides daily indicators measuring the risks to the future outlook for interest rates based on prices of Treasury derivatives.</p> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="588" height="464" src="/wp-content/uploads/Data_Indicators_Weather-Adjusted-Employment-Change_Thumb2.jpg?quality=100&w=588" alt="" class="wp-image-69109" srcset="https://www.frbsf.org/wp-content/uploads/Data_Indicators_Weather-Adjusted-Employment-Change_Thumb2.jpg 588w, https://www.frbsf.org/wp-content/uploads/Data_Indicators_Weather-Adjusted-Employment-Change_Thumb2.jpg?resize=300,237 300w" sizes="(max-width: 588px) 100vw, 588px" /></figure> <p class="links-underline-secondary-pink sffed-button-link__arrow--with-line-secondary-pink"><a href="/research-and-insights/data-and-indicators/weather-adjusted-employment-change/" data-type="sffed_data" data-id="62816">Weather-Adjusted Employment Change</a></p> <p>This page provides estimates of weather-adjusted employment change in the United States for the past six months. The estimates are aggregated from county-level estimates of weather鈥檚 employment effects, which were derived from a county-level analysis of the short-run effects of unusual weather on employment growth.</p> </div> </div> </div> </div> </div> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:33.33%"> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <h2 class="wp-block-heading">Recent Updates</h2> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-is-demi-bold sffed-is-para-small sffed-has-margin-bottom-none has-small-font-size"><a href="/research-and-insights/data-and-indicators/pce-inflation-contributions-from-goods-and-services/">PCE Inflation Contributions from Goods and Services</a></p> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-15 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:15%"> <p class="event-date">SEP<br>27</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <p class="sffed-is-para-small sffed-has-margin-bottom-none">Charts and downloadable data</p> </div> </div> </div> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-is-demi-bold sffed-is-para-small sffed-has-margin-bottom-none has-small-font-size"><a href="/research-and-insights/data-and-indicators/pandemic-era-excess-savings/" data-type="sffed_data" data-id="62816">Pandemic-Era Excess Savings</a></p> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-16 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:15%"> <p class="event-date">SEP<br>27</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <p class="sffed-is-para-small sffed-has-margin-bottom-none">Charts and downloadable data</p> <p class="sffed-meta-kicker sffed-has-padding-top-none sffed-has-margin-top-none"></p> </div> </div> </div> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-is-demi-bold sffed-is-para-small sffed-has-margin-bottom-none has-small-font-size"><a href="https://www.frbsf.org/research-and-insights/data-and-indicators/proxy-funds-rate/" data-type="sffed_data" data-id="62804">Proxy Funds Rate</a></p> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-17 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:15%"> <p class="event-date">SEP<br>24</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:66.66%"> <p class="sffed-is-para-small sffed-has-margin-bottom-none">Charts and downloadable data</p> <p class="sffed-meta-kicker sffed-has-padding-top-none sffed-has-margin-top-none"></p> </div> </div> </div> <h2 class="wp-block-heading has-small-font-size">Community Development Data</h2> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-has-margin-bottom-add--small has-small-font-size"><a href="https://www.frbsf.org/research-and-insights/data-and-indicators/community-development-data/wildfire-smoke-disruptions-local-level-data/" target="_blank" rel="noreferrer noopener">Disruptions from Wildfire Smoke: Data Portal and 12th District Regional Snapshots</a></p> <p class="sffed-meta-kicker sffed-has-margin-top-none sffed-has-padding-top-none">April 18, 2024</p> <p class="sffed-has-margin-bottom-add--small has-small-font-size"><a href="/research-and-insights/data-and-indicators/community-development-data/2021-small-business-credit-survey-reports/">2021 Small Business Credit Survey Reports: Arizona, California, Hawaii, Oregon, and Washington</a></p> </div> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-meta-kicker sffed-has-margin-top-none sffed-has-padding-top-none">November 9, 2022</p> </div> <div class="wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <p class="sffed-has-margin-bottom-add--small has-small-font-size"><a href="/research-and-insights/data-and-indicators/community-development-data/home-care-sector-snapshots-by-state/">Home Care in the Twelfth Federal Reserve District: Snapshots by State</a></p> <p class="sffed-meta-kicker sffed-has-margin-top-none sffed-has-padding-top-none">March 21, 2022</p> <p class="links-underline-teal has-small-font-size"><a href="/research-and-insights/data-and-indicators/community-development-data/">More Community Development Data</a></p> </div> </div> </div> </div> <div class="wp-block-group alignfull has-global-padding is-layout-constrained wp-block-group-is-layout-constrained"> <div class="wp-block-group alignfull has-secondary-linen-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-43 wp-block-group-is-layout-constrained" style="padding-top:var(--wp--preset--spacing--50);padding-right:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--50);padding-left:var(--wp--preset--spacing--20)"><div class="wp-block-create-block-sffed-curated-carousel"><div class="Carousel "><div class="carousel-details"><h2 class="carousel-details-title">Featured Economists </h2><p>Meet the authors of the research and data analysis featured on this page.</p><a class="button-bordered-link" href="/our-people/economists/" title="View All Economists">View All Economists</a><div class="sffed-carousel-nav"><button style="background-color: #0b807c" class="swiper-button-prev"><i class="sffed-chevron-left"></i></button><button style="background-color: #0b807c" class="swiper-button-next"><i class="sffed-chevron-right"></i></button></div></div><div class="swiper swiper-wrap sffed-curated-carousel" data-carousel-number-of-items="3" data-carousel-space-between-items="35" ><div class="swiper-wrapper"><article class="swiper-slide sffed-curated-carousel-article"><div class="sffed-curated-carousel-card sffed-curated-heading "><div class="sffed-curated-carousel-thumbnail sffed-no-aspect-ratio"><img decoding="async" width="370" height="450" src="https://www.frbsf.org/wp-content/uploads/Experts_Duzhak_sm.jpg?quality=100?w=350&h=350&crop=1" alt="Evgeniya Duzhak" class="sffed-thumbnail-image wp-image-69505" loading="lazy" srcset="https://www.frbsf.org/wp-content/uploads/Experts_Duzhak_sm.jpg 370w, 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