"For me, relaxing the policy rate to make sure it continues to be modestly restrictive — but not so restrictive that it ...

The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ ...

Sylvain Leduc, executive vice president and director of research at the Federal Reserve Bank of San Francisco, shared views ...

Economic activity in the Twelfth District edged down slightly during the mid-August to September reporting period. Employment ...

I do want to caution us against thinking all bubbles are financial. I don't see many signs that that's the case. Research and ...

Financial markets repriced assets across a wide range of sectors following the U.S. trade policy announcement on April 2, 2025. Analysis suggests that market participants interpreted tariffs to have ...

After a prolonged decline, U.S. inflation-adjusted interest rates have increased somewhat since the pandemic—possibly implying a higher new normal. As central banks attempt to tame the post-pandemic ...

The unemployment rate has risen over half a percentage point since the second quarter of 2023. Individual survey data underlying the unemployment rate can help in assessing which labor market ...

Monetary policy is forward-looking and dependent on policymakers’ economic outlook. When the outlook is deemed highly uncertain, policymakers may put more weight on incoming data when making monetary ...

It’s great to be in New York again and to have the opportunity to speak with you about the economy and monetary policy. I very much appreciate the invitation, and I look forward to a lively discussion ...

Consumers’ perceptions of labor market conditions have historically aligned closely with the unemployment rate. However, the two diverged during the pandemic, when the unemployment rate spiked while ...

Shelter costs are one of the largest expenses for most households and an important component of overall inflation. It is therefore important to understand why shelter costs have remained stubbornly ...