SF FedViews: Prospects for AI-related Activity Add to Uncertainty Around the Economic Outlook in 2026
Despite the fourth quarter slowdown in growth, which was driven in part by the federal government shutdown, the…
Unauthorized Immigration Effects on Local Labor Markets
The rapid rise in unauthorized immigration beginning in 2021 and its slowdown starting in 2024 have prompted an…
The AI Moment? Possibilities, Productivity, and Policy
Today, I’m going to talk about artificial intelligence (AI). Now standing here in Silicon Valley, many of you…
‘Dismal’ Chinese trade leads freight slump at nation’s biggest port
The Port of Los Angeles is seen from the Goodyear Blimp on Thursday, Dec. 11, 2025 in Los…
The AI Moment? Possibilities, Productivity, and Policy
Watch the video Remarks as prepared for delivery.  Introduction Good afternoon and thank you for that kind introduction.…
Hiltzik: The Dow hit 50,000 points. A milestone, or is it?
The Dow Jones Industrial Average just crossed 50,000 points for the first time, but that doesn’t mean the…
SF FedViews: Slow Job Growth in a Strong Economy
Monthly job growth, a measure of labor demand, slowed to a near halt in 2025, but the unemployment…
What Can History Tell Us About Tariff Shocks?
The 15% increase in the average U.S. tariff rate in 2025 was the largest in the modern era.…
Listening, Learning, and Connecting: Twelfth District Year‑End Highlights
The SF Fed engages with businesses and communities across the region to gather real-time information on local economic…
Targeting infrastructure investments to build career opportunities for California’s left-behind workers
Executive summary The Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA), enacted in 2021 and…
Targeting infrastructure investments to build career opportunities for Los Angeles’ left-behind workers
Executive summary The Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA), enacted in 2021 and…
The Economic Effects of Tariffs
The United States has pursued a wide range of import tariffs against its trading partners since the beginning…