Economic Letter

Risk of Business Insolvency during Coronavirus Crisis

Many firms had amassed high levels of debt even before the rapid rise in borrowing at the onset of COVID-19. Although the shock to their value significantly increased their risk, the default risk remains relatively small for most corporate debt. Nevertheless, outstanding liabilities among higher-risk firms is more than two times higher than at the peak of the global financial crisis.

Community Close-Up: The Donut Kids of California

"Donut kids" is a term coined by the children of Cambodian-American donut shop owners to acknowledge their shared identities growing up in and around donut shops. This photo series highlights their voices and experiences.

Work for the Fed

We like to say we work for the Fed, not at the Fed. That's because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.