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To promote low inflation, full employment and financial stability, and provide services to financial institutions and the Treasury

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How does short and long-term prescription opioid use affect temporary disability claims and workforce participation? Our new one-minute video summarizes recent research findings.

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Economic Letter

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Posted April 1, 2019

Real estate has hit record high prices and elevated valuations in some markets. Do bank lenders have sufficient capital to withstand a large price drop?

Estimates using the Federal Reserve’s stress test scenarios suggest that, although a few small banks would be undercapitalized, the banking sector overall appears resilient enough to weather a steep decline in real estate prices.

View past Economic Letters

In the News

From the President


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March 22, 2019

John Fernald, senior research advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of March 14, 2019.

From the Board

March 6, 2019

Summary of Commentary on Current Economic Conditions by Federal Reserve District

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