News & Media How long before changes in the fed funds rate affect the economy?

How much should I change the fed funds rate in the game? - San Francisco Fed How much should I change the fed funds rate in the game?

Is the fed funds rate the only monetary policy tool? - San Francisco Fed Is the fed funds rate the only monetary policy tool?

Congratulations to our very own Òscar Jordà for being newly elected as a Fellow of the Econometric Society. This distinguished fellowship is a tremendous ...

Mark M. Spiegel, senior policy adviser at the Federal Reserve Bank of San Francisco, shared views on the current economy and the outlook from the Economic Research Department as of February 26, 2026.

AI adoption and use are still evolving, and the technology itself is changing rapidly. What we know about AI and its impact on productivity growth and the economy remains uncertain. Transformations ...

The large increase and subsequent decline of unauthorized immigrant workers in recent years have raised questions about the impact of these changes on local labor markets across the United States. New ...

In 2024, the San Francisco Fed and the Federal Reserve System Innovation Office launched the EmergingTech Economic Research Network (EERN) to support a better understanding of how new technologies ...

Revisions to Payroll Employment Gains in Historical Context visualizes a monthly assessment of volatility in U.S. payroll employment data based on revisions from the Bureau of Labor Statistics (BLS).

The Federal Reserve designed its Paycheck Protection Program Liquidity Facility to ease liquidity issues and support small business lending during the pandemic. The liquidity facility allowed banks to ...

Recent research suggests that generic large language models (LLMs) can match the accuracy of traditional methods when forecasting macroeconomic variables in pseudo out-of-sample settings generated via ...