If you unpack the data, you don’t see inflation running up in services or housing, and importantly, you don’t see it ...

This brief updates prior work on homebuying behavior before and after the COVID-19 pandemic. It finds continued declines in ...

Getting monetary policy right requires looking at near- and medium-term economic impacts of cyclical and secular forces, ...

Appropriately adjusting recent labor market data shows that the growth in labor supply has slowed at the same pace as payroll ...

We study the pass-through of corporate taxes into consumer prices, leveraging 1,058 municipal tax rate changes affecting ...

Regional engagement furthers the SF Fed’s mission of advancing the nation’s monetary, financial, and payment systems to build ...

Banks may be indirectly exposed to trade policy through lending and through the broader effects of trade on the economy. Analysis finds that exposure to recent trade shocks was concentrated in large ...

Involuntary part-time employment—the share of people who work less than 35 hours per week but want and are available to work full-time—has increased since 2023. While this contrasts with steady ...

Payroll job growth has slowed significantly in the past year, yet the unemployment rate has barely budged. This has led policymakers to conjecture that labor supply has slowed. Our recent SF Fed Blog ...