With the end of 2025 approaching, the Federal Reserve Bank of San Francisco (SF Fed) has highlighted its most widely read Economic Letter topics from the year. The list features research and insights produced by SF Fed economists and research staff. More details are available on the SF Fed blog.
The SF Fed plays a role in advancing the nation’s monetary, financial, and payment systems. It serves the Twelfth Federal Reserve District, which includes nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—as well as American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The institution focuses on achieving maximum employment and price stability as part of its dual mandate to support an inclusive economy.
