Women of the FOMC, ECB, Bank of Mexico, and Norges Bank at the
@KansasCityFed
Jackson Hole Symposium. Always great to reunite with this group and welcome new people every year.
An expected temporary rise in inflation poses little risk. But leaving 10 million workers on the sidelines leaves lasting damage. Let's remember the dual mandate is price stability AND full employment.
April 15 is Econ grad school decision day.
For all of you about to join us: welcome. We need you. Diverse views are essential. Your voice matters.
#EconTwitter
#DecisionDay
What is the real unemployment rate? Not 6.3%.
How can we know? Look around. Millions of people on unemployment benefits. Lines at food banks. Countless workers out of the labor force taking care of families.
This is a long way from full employment.
With so much going on in the world right now, seeing the smiling faces of my
@sffed
colleagues after two long years was pure joy. Though we’re not completely out of the woods yet, being back at the office gave me hope.
Women of the
#FOMC
at the
@KansasCityFed
Jackson Hole Symposium. What a great day and great company!
In this photo: Loretta J. Mester, Esther L. George, Lorie K. Logan, Lael Brainard, Susan M. Collins,
@drlisadcook
, Michelle W. Bowman (in spirit)
#JacksonHole
#FederalReserve
That economics is about people is never more clear than right now. A 30%+ decline in GDP doesn’t begin to capture our nation’s pain. 150,000+ lives lost. Countless sick. 20 million+ unemployed. (1/2)
Overreacting to what is likely a temporary inflation surge isn’t free.
It can short-circuit our recovery, ultimately undermining both full employment and price stability.
Prudent risk management requires balancing ALL the costs, present and future.
In this time of uncertainty, we can’t control everything. But we can control our intolerance of hate. Hate thrives when people stay quiet. So, it’s important for all of us to use this moment to speak up. We must say out loud that this is not okay. (1/2)
It’s clear racism is holding the U.S. economy back.
The question is: What’s our five-year plan for change? We can get nervous or we can get busy. Let's get busy.
#EconTwitter
#Equity
#Inclusion
Why do we have bottle necks? Newly vaccinated people are spending, so we have a “freedom-induced demand spurt.” Producers have to catch up. So ride through the temporary pops in inflation—the economy’s in transition.
Another glass ceiling has been shattered today.
@JanetYellen
has been nominated to become the first female Treasury Secretary. Proud to call her my colleague, mentor, and friend.
It's time to roll up our sleeves and rebuild the American dream together.
We face great challenges as a country right now. To recover, we must restore the American dream—a society where each person can rise to their potential and dream even bigger for their children.
As Treasury Secretary, I will work every day towards rebuilding that dream for all.
Check out the NPR All Things Considered piece about increasing gender diversity in the Federal Reserve System featuring Governor Brainard, Amanda Bayer, and me.
Higher than expected inflation requires detailed analysis.
So far, key drivers—airline and used car prices—don’t look to be long-lasting.
But the Fed has the tools to combat high inflation and a credible track record of using them.
We’re just not there yet.
The strength of the American economy depends on jobs—not just inflation. People without jobs can’t buy anything, no matter what the price.
#FullEmployment
#PriceStability
Thank you, Esther George, for bringing diverse perspectives to the Fed. This image only captures one small part of your enormous impact. The “Esther Effect” will continue to influence future generations of Fed leaders and Americans.
#WomeninFinance
#WomenEmpowerment
#EconTwitter
Extreme heat and raging fires are a stark reminder that climate matters.
The toll is measured in lost lives, lost livelihoods, and lost opportunities.
Climate risk is an economic risk, with the potential to disrupt growth today and in the future.
Last week,
@kylascan
and I took part in a lively and insightful conversation about economic challenges facing today's young people, held in coordination with the
@ChicagoCouncil
. Here's a glimpse of what happens behind the scenes of an event like this.
Join
@AtlantaFed
,
@BostonFed
, and Minneapolis Fed for a series of virtual events,
#RacismandtheEconomy
. The series will examine the economic impact of racism and advance ideas and actions to achieve an equitable economy. Register for first event on 10/7:
@R_Perli
Not enough coffee this morning. In the words of my dissertation advisor “if it seems surprising it’s probably a mistake”. I did mean after liftoff. Thanks for catching it.
In our daily lives and work, we must stay informed and be allies to those facing discrimination and racism. We must treat one another with respect and dignity. We must model what it means to be an inclusive, tolerant community. This is how our country thrives. (2/2)
Racial inequities cost us nearly $2.6 trillion in economic output in 2019.
These inequities leave millions of people on the sidelines and limit our global competitiveness.
This isn’t a zero-sum game. Increasing our output leaves a bigger economic pie for everyone.
We hoped fall would bring clarity on our economic recovery. But ask any parent and they'll tell you the picture is still cloudy.
Childcare and school infrastructure like buses and aftercare are strained.
Parents are a key part of our workforce and they're still struggling.
The costs are largely born by people of color, people with less education, and lower incomes. Getting the virus under control has to be step one in our nation’s recovery. (2/2)
That lunch changed me. It made me think differently about what we have to do to retain diverse voices in our organization.
Proud to call Monroe Gamble my friend and fellow economist.
SF Fed president
@marydalyecon
had lunch with Monroe. She saw his potential and urged him to stay. And he did.
He helped SF Fed to change up application vetting practices. Now he's at NYU, working with
@PeterBlairHenry
, still on the road to a Ph.D.
We are deeply saddened by the loss of Professor Alan Krueger. We express our condolences to his wife Lisa, his family, and the
@Princeton
community. Alan’s work taught us all so much. He will be sorely missed.
.
@marydalyecon
rose from high-school dropout to president of the Federal Reserve Bank of San Francisco. She thinks the central bank needs an upgrade too. It starts with recognizing that the economy is made up of actual humans.
My new favorite economic indicator: our vaccination rate.
Grateful to say I’m vaccinated. Thank you to the scientists, health care workers, and volunteers who make it happen.
Let’s keep up the momentum. Our recovery depends on it.
It’s been 1 year.
We ask: how are institutions holding themselves accountable? I also ask: how am I accountable?
What Black voices have I lifted up? What Black businesses have I supported? How am I learning, lifting, leading?
Equity & inclusion begins with me.
#GeorgeFloyd
Another historic moment. Thrilled that
@JanetYellen
has become the country's first female Secretary Treasury.
Economics is about people. And Secretary Yellen embodies what it means to be a public servant & a people-first leader.
Economics isn’t just something you find in a textbook. It can be a potent tool to right past wrongs and improve people’s lives. That’s why so many of Treasury’s 84,000 public servants joined the Department.
Today, I am proud to be one of them.
As many families start the school year, remember that it’s hard. Let’s all be parent allies: be empathic, patient, and helpful.
#Parenting
is also essential work.
Today is Mary Daly’s 1st official day as President & CEO! To commemorate the occasion, we wanted to share “10 Things You Didn’t Know About Mary." From research highlights to her artistic pursuits, we’re excited for you to get to know her better!
#ItsaNewDaly
#Marys10
#October1st
Thrilled to welcome Sarah Devany to the
@sffed
as our new First Vice President and COO! This is the first time in the Fed’s 108-year history that a Reserve Bank has a female President AND FVP. We have so much to gain from Sarah’s talent, years of leadership, and expertise.
Proud that the Fed is contributing to this important discussion. Climate change is an issue we can't afford to ignore—especially for our most vulnerable communities.
@FederalReserve
announces it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a member:
@NGFS_
A sign in my office says “Oakland Stands Against Hate.” It’s sad that I have to use it so often. Today, I stand in solidarity with the Asian American & Pacific Islander community against xenophobia, racism & violence.
Hate lives when good people stay quiet. Use your voice.
2020 brought challenges and clarity.
Here are my lessons learned:
1. We are all interconnected
2. Economic shocks do not fall equally
3. Differences in outcomes cost our economy
To move forward, we must come together.
2021 demands it of us.
It is important to note that the labor market is slowing but not falling off a cliff.
I'm resolute in my commitment to achieving both our dual mandate goals - price stability and full employment.
Watch my full conversation from Honolulu here:
WOMEN AND THE ECONOMY: With more than 26K jobs lost more than men,
@sffed
's
@MaryDalyEcon
tells
@margbrennan
women with children and caring for family members are "under siege" by the economic impacts of COVID.
She adds, however, it's too early to say if damage is long term.
#Juneteenth
is a day to celebrate, reflect, and recommit to justice for all. This mural in Oakland reminds us we all have a responsibility. Let’s
#ownjustice
together.
As we await the next labor market report, remember, the next few months will likely be volatile.
Let’s remain steady in the boat.
We have work to do to get to full employment and price stability.
Now is the time to put a stake in the ground—not only for what you believe in, but also for what you won’t tolerate. Racism, hate, and violence have no place in our society, and the SF Fed is committed to building a more just America.
The San Francisco Fed stands united against racism, hate and violence. We are dedicated to building an economy that works for everyone. Read the full statement here:
I asked
@ValerieRWilson
—why does she still hope?
Her answer—“There’s no other option. The audience willing to acknowledge structural racism & consider how we make this a better country is expanding. I'm here for the fight."
Let's be fiercely impatient.
#RacismandtheEconomy
11,064 students
14,431 degrees
35% first gen college students
Aged 16-77
It was an honor addressing the
@UVU
#Classof2022
, which was “mighty in spirits and numbers,” as
@uvu_president
Tuminez said. Congrats
#graduates
!
Research I've done shows that career progression is much slower for Black Americans. We need to close these gaps if we're going to create more equitable outcomes. We must all do our part by hiring, mentoring, coaching, and promoting people of color.
Thrilled to be back
@UMKC
today! Making it on the jumbotron has always been on my bucket list.
Congrats
#Classof2021RooStrong
—we can’t wait to see what you do next!
#RoyalRoos
Miss the release of the new FOMC monetary policy strategy? My summary in a nutshell:
1. The effective lower bound matters
2. Low unemployment alone is not a policy trigger
3. 2% inflation is an average not a ceiling
For the full statement:
This week, I’d like to give a shoutout to the 19,732 employees that work for the Federal Reserve System and the countless others who are also public servants dedicated to this country. Thank you! You are the definition of
#PublicServiceProud
.
For many, high inflation is as harmful as not having a job. Both make it hard to make ends meet. Americans need jobs and price stability. We’re committed to getting there.
#EconTwitter
#inflation
#jobs
#pricestability
Racial equity, inequality, and climate change are often thought of as social issues. That is a mistake. At their core, they are economic issues.
Proud to be a part of the Fed during this pivotal year.
New Year’s resolution for the economy: Vax, boost, mask and practice grace. Less COVID and more happiness leads to a brighter outlook for us all.
#happynewyear
#happynewyear2022
Fed’s job in the words of a young man: I finally have a great job with good wages and I just bought a car, but it's hard to afford gas. Is it wrong to want both?
Congress agreed. That’s why we have the dual mandate.
#pricestability
#fullemployment
#econtwitter
It was a pleasure meeting up with
@kairyssdal
in Oakland, the city and vibrant community I call home. Tune into
@marketplace
to hear our conversation about inflation, the debt ceiling and trust.
The arrival of the vaccine is really good news. But we're not there yet. Too many people are dying.
Let's collectively pull together to get through the final mile.
I’ve been thinking of ways to make a difference. One thing I’m trying to do is have empathy & lose the judgement. Everybody’s going through a tough time right now. So we need to give each other the benefit of the doubt. If we can do that, it’ll make everyone’s life a bit easier.
#Classof2020
: Graduating in a crisis doesn’t mean your life is on hold. It just means you might have to take a different path than you thought. So write down your goals & think about new ways you can achieve them. Make you, not
#COVID
, define 2020.
Really great to reconnect and recap my recent trip to Ireland with Robert O’Driscoll, Brian Glynn, and Fergal Mythen from
@dfatirl
in San Francisco!
#IrelandinSF
The dual mandate is often characterized as a trade-off. But that’s not quite right. These are intertwined goals. Full employment depends on price stability, and price stability depends on full employment.
Achieving each achieves both.
What do healthcare and used cars have in common?
They're the main drivers for the recent spike in prices and we know their increases will be short lived.
Let's stay steady in the boat.
#inflation
We need authentic dialogue on systemic racism to make progress towards an inclusive economy. Proud to be part of this important conversation with my colleagues tomorrow.
With schools closing, businesses short-staffed, and hospitals at capacity, it’s clear - we are done with COVID, but it’s not done with us.
The sooner we beat back
#omicron
, the sooner we get the economy we want.
#VaxBoostMask
#OmicronVariant
The pandemic is mostly to blame for recent supply chain disruptions. But we could easily be discussing bottlenecks caused by extreme weather. Looking forward to meeting with
@AEI
and
@MichaelRStrain
to discuss climate risk and the economy.
Nearly 10M people remain unemployed. Countless more on the sidelines.
The last expansion showed that full employment is possible.
Americans want to work.
#EconTwitter
The inequities around us have made it easier for some and harder for others to reach their full economic potential. Thanks to
@uclaanderson
for hosting me to discuss how we can use the lessons of the pandemic to forge a more inclusive society.
#UCLAForecast
Important research being done by the team here at the SF Fed. Lots of lessons to be learned from history, as we consider how to move forward from
#COVID19
.
Is the Federal Reserve contributing to economic inequality? Join us Oct 13, 5 p.m., for a discussion with
@sffed
President
@marydalyecon
, moderated by
@UCIrvine
soc sci dean Bill Maurer. Co-sponsored by the Dept of Economics and
@UCIPopCenter
. RSVP:
Excited to see this series kick off. Climate change is one of the most critical economic issues we’ll face in the years ahead. Please join the conversation.
The first session of our Virtual Seminar on Climate Economics is this Thursday, July 16! The
#VSCE
is open to all interested in the economics of
#climatechange
. Learn more and register here: |
#SFFedResearch
#EconTwitter
We always talk about being Public Service Proud at the SF Fed. Today, we honor our most devoted public servants: our veterans. They and their families put everything on the line for us, and they have our deep gratitude this
#VeteransDay
and every day.
#VeteransDay2020
Grateful to
@PIIE
for the discussion on climate risk. While the future is uncertain, here are 3 things we know:
1. A changing climate poses a significant risk to the economy
2. Economic transitions are inevitable
3. Preparation makes all the difference
The
#coronavirus
is something we’re all experiencing, but some are bearing the cost more than others. It’s a magnifying glass on our most striking inequalities, which can be hard to look at. But we need to keep looking.
The SF Fed is proud to be a
#ParentAlly
. We're intentionally building a culture that reduces tradeoffs & allows parents to be fully engaged at work & at home. As our employees find new & creative ways to integrate work, family & school responsibilities, we’ve got their backs.
As reported this week, emissions are down more than 10% as a result of the pandemic. But that's not enough.
To truly improve global climate outcomes, we need long-term policies that support sustainable energy.
Watch our video for more.
To fully see our problems and find solutions―we need everyone’s lens.
#FirstGens
, you are unique: resilient, determined, heartfelt. So own it and run with it.
#CelebrateFirstGen
We all need role models. It helps when your role models are giants. Becky Blank was one of those giants. I am deeply saddened to hear of her passing but her legacy lives on.
The four letter word we don't use enough is HOPE. Under frustration, pain, and fear—it survives.
If you think I'm wrong (or need inspiration) take a listen.
#ZipCodeEconomies
#SpecialSeries
#Trailer
Our Economic Research department is comprised of incredible women, from Research Associates to Economists. We asked them how they got interested in Economics and for their advice to women wanting to join the field: |
#WomeninEcon
#FedCollegeWeek
Today the Dallas Fed welcomed Lorie Logan as our new president and CEO. Our staff is excited to be working with her on her first priority: to get to know the people, economy, strengths and challenges of the region we serve.
Congrats
#Classof2021
!
You graduated in a pandemic. That’s the stuff of history. It’s also agency. The power to do anything going forward.
The future is yours. Make your place.
As the
#coronavirus
spreads in our district, across our country, and around the world, we all need to have empathy and remember that we’re in this together.
As the
#coronavirus
situation evolves, we are committed to being part of the solution. President Daly shares how we’re supporting our employees, our communities, and the nation during this challenging time. Watch here:
#HappyHolidays
! I’ll be spending time with family and friends—and also taking a break from social media to pause, recharge, and be present.
May your days be merry and bright!
Symbols matter, especially when they’re in the pockets of millions of young people. Proud to celebrate the release of the
@usmint
Maya Angelou quarter— and the progress and possibilities it represents— at a special
#WomensHistoryMonth
event.
#HerQuarter
Thanks for having me
@NPR
and
@HorsleyScott
. Rising costs impact all of us. While they’re likely pandemic-related, we’re watching the data closely and are prepared to use every tool we have to reach price stability and maximum employment.