The latest FedViews, from Oscar Jorda is out: https://sffed.us/3SaBJYY Employed workers plus job openings (labor demand) are now nearly equal to the size of the labor force (labor supply), implying that the labor market is close to balanced. Wage inflation remains above pre-pandemic levels and will likely need to decline a bit further to be compatible with a return of inflation to the Fed’s 2% longer-run goal. The “supercore” component of PCE inflation (core services excluding housing) remains about 1.2 percentage points above its pre-pandemic average while the housing services component remains 2.1 percentage points above its pre-pandemic average. Given that asking rent inflation is now close to its pre-pandemic average, we expect housing services inflation to decline over the next year or so. Movements in asking rent inflation tend to lead movements in housing services inflation by about a year.
Federal Reserve Bank of San Francisco
Financial Services
San Francisco, CA 29,792 followers
We’re Unreserved Here.
About us
We are the San Francisco Fed, public servants with a congressionally mandated mission to promote a healthy and sustainable economy and support the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, and Portland, as well as cash processing in Phoenix, we are the Twelfth Federal Reserve District. We serve one fifth of the nation’s population—the largest and most diverse of the twelve Federal Reserve Districts within the Federal Reserve System. As part of the nation’s central bank, we inform monetary policy, regulate banks, administer certain consumer protection laws, and act as a financial partner to the U.S. government. We listen, learn, and reflect the communities we serve so we can make better decisions and policy to help our nation thrive. We also have unique responsibilities and areas of expertise within the Federal Reserve System. For example, the San Francisco Fed is the headquarters for the Federal Reserve’s Cash Product Office, which oversees and supports the entire System’s cash distribution process. With global technology hubs in our District, our Fintech team facilitates innovation that is designed to improve market efficiency, yield public benefits, and promote people and businesses’ fair, informed, and transparent access to financial services. As part of our commitment to understanding how current and future risks affect our dual mandate goals, our Sustainable Growth team in Economic Research focuses their research on assessing the economic effects of a changing climate. Unreserved opportunity is the touchstone that guides our work. We believe opportunity is not a luxury—it is a necessity and needs to be accessible to everyone. By achieving our dual mandate of maximum employment and price stability, we see ourselves as opportunity builders, helping our economy and every American reach their full potential.
- Website
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http://www.frbsf.org/
External link for Federal Reserve Bank of San Francisco
- Industry
- Financial Services
- Company size
- 1,001-5,000 employees
- Headquarters
- San Francisco, CA
- Type
- Nonprofit
- Founded
- 1913
- Specialties
- Economic Research, Monetary Policy, Financial Institution Supervision and Credit, and Community Outreach and Education
Locations
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Primary
101 Market Street
San Francisco, CA 94105, US
Employees at Federal Reserve Bank of San Francisco
Updates
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Join us for a fireside chat with President Mary C. Daly and The New York Times reporter Jeanna Smialek at the Exploring Conventional Bank Funding Regimes in an Unconventional World conference, co-sponsored by the Federal Reserve Bank of Dallas and Federal Reserve Bank of Atlanta. The conversation will be livestreamed and also will be made available as a recording after the event.
Fireside Chat with Mary C. Daly and Jeanna Smialek
www.linkedin.com
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Watch Mary C. Daly speak live from Fortune's #BrainstormTech with Emma Hinchliffe:
At #BrainstormTech, Fortune’s award-winning journalists interrogate the most potent issues at the intersection of Silicon Valley, Wall Street, Washington, and Hollywood – and their impact on the world. We'll hear from: ➡️ Mary C. Daly, President and CEO of the Federal Reserve Bank of San Francisco ➡️ Vlad Tenev, Co-founder and CEO of Robinhood ➡️ Joe G., Co-founder of Airbnb and Samara Learn more: https://lnkd.in/dt5wDVZz
www.linkedin.com
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Did the pandemic lead to longer-term structural changes that affected normal labor market patterns? Our Letter finds that long-run breakeven employment growth has not changed much, but short-run breakeven employment growth will remain higher for some time. https://sffed.us/4czB7UQ
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Please join us on July 11 for a live presentation and moderated Q&A on technology and inequality in the age of AI, with Simon Johnson, Professor of Entrepreneurship at MIT Sloan School of Management. We invite you to register and submit a question: https://sffed.us/3RJMt08 #EERN
Simon Johnson | Technology and Inequality in the Age of AI
www.linkedin.com
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Join San Francisco Fed President Mary C. Daly and Fortune’s Emma Hinchliffe at Fortune Brainstorm Tech 2024 to discuss the outlook for the U.S. economy, how advancements in technology will affect monetary policy, and the impact of AI on the labor market. The conversation will be livestreamed and will also be available as a recording after the event.
Fortune Brainstorm Tech 2024 Session | The Bull, the Bear, and the Banker
www.linkedin.com
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What does recent robust job growth above its long-run trend mean for the labor market? Our Letter discusses the differences between estimates of breakeven employment growth over the short run and long-run. https://sffed.us/4czB7UQ
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How is technology impacting #inequality in the age of #AI? Join us for a live presentation and discussion with Simon Johnson, Professor of Entrepreneurship at MIT Sloan School of Management. #EERN https://sffed.us/3xOwasd
Please join us on July 11 for a live presentation and moderated Q&A on technology and inequality in the age of AI, with Simon Johnson, Professor of Entrepreneurship at MIT Sloan School of Management. We invite you to register and submit a question: https://sffed.us/3RJMt08 #EERN
Simon Johnson | Technology and Inequality in the Age of AI
www.linkedin.com
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During their ten weeks with us, our summer interns have the opportunity to learn all about the SF Fed. And there is a lot to learn! With four branch offices, a state-of-the-art cash processing center plus our headquarters in San Francisco, the SF Fed is a big organization, one that is responsible for an equally sizable region. Our district – the Twelfth – is by geography the largest in the entire Federal Reserve System. The people who live in the nine states, two territories, and one commonwealth of our district earn more than a quarter of the country’s personal income. To help our interns navigate such a large organization, we pair them with a bank buddy. The buddies help answer questions about their new roles and even offer professional advice. Our bank buddy network is one of the ways we deliver a unique, personal experience for our interns.
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