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Annual Reports

Each year, the St. Louis Fed publishes an annual report outlining the work and impact made by the employees of the Bank.

2017

Unconventional: A Policymaker’s Reflections on Crisis to Recovery

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Our 2017 annual report recounts the past decade’s transition from financial crisis to recovery through the lens of James Bullard, who marked his 10th anniversary as president and CEO of the St. Louis Fed on April 1, 2018. In conversations with fellow economists and Fed staff, Bullard shared his experience as a monetary policymaker, an academic and a CEO during a period he describes as “anything but ordinary.” Those reflections are captured in essays, short videos and a podcast. For pivotal events marking this period, see our Crisis to Recovery Timeline. Our board of directors chair, Kathleen M. Mazzarella, also shares her perspective on the role of the St. Louis Fed a decade after the crisis.

2016

Economic Literacy for Life: Today’s Lessons=Tomorrow’s Financial Stability and Success

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The heart of our 2016 report is a series of essays about the importance of educating one and all about the basics of economics and personal finance. The articles also explore our many resources that make for easy learning on these topics, whether in the classroom, at home or in the office. The accompanying short videos and podcasts show how people are doing just that. The annual report also includes messages from the chair of our board of directors and from our president and CEO. In addition, photos and “by the numbers” provide a snapshot of the St. Louis Fed’s work and people.

2015

The Road to Normal: New Directions in Monetary Policy

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Our main essay focuses on the Federal Reserve’s return to normal monetary policy after seven years of abnormally low interest rates, which were brought on by the financial crisis and Great Recession.  The author presents a little bit of history of unconventional monetary policy, a little bit of background on normalization, a little bit of economic theory – and a lot of understanding on how we got here and how we’re trying to get out of here.  The 2015 annual report also includes messages from our new chair of the board of directors and from our president.  In addition, photos and “by the numbers” tell the story of the St. Louis Fed’s work and people.

2014

Speed, Security, Efficiency: Improving the U.S. Payment System

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A safe, efficient, secure and broadly accessible U.S. payment system is crucial to the U.S. economy and contributes to the nation’s financial stability. As the nation’s central bank, the Federal Reserve has a stake in ensuring that the payment system is functioning at its highest level. Our 2014 annual report examines a project the Fed is spearheading to improve the payment system. The essay is written by St. Louis Fed First Vice President David Sapenaro, who recently completed his responsibilities as the project’s interim payments strategy director.

2013

100 Years of Service

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The Federal Reserve Bank of St. Louis, along with the rest of the Federal Reserve System, recently turned 100. To mark its centennial, the St. Louis Fed published "100 Years of Service." You'll read about the financial instability in the country that led to the birth of the Federal Reserve, our nation's third attempt at a central bank. You'll also find out why, a half-century later, the St. Louis Fed came to be known as the maverick in the Fed system. But the book also looks at the Bank today and what lies ahead. See how we serve not only financial institutions and the Treasury, but also educators, those who work in community development, the wide variety of people who look to us for economic research and data, and the public at large.

2012

After the Fall: Rebuilding Family Balance Sheets, Rebuilding the Economy

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In our 2012 annual report, you will learn about our work, our people, our mission and our results. As in the past, we feature an essay on a timely topic that is central to America's economy. This year's essay — “After the Fall: Rebuilding Family Balance Sheets, Rebuilding the Economy” — focuses on the need to rebuild household balance sheets in the wake of the financial crisis, a need that is important not only for families but for the economy overall. The co-authors are the director and chief economist for the St. Louis Fed's new Center for Household Financial Stability. That new center is the focus of the message from our president, James Bullard. Our chairman, Ward Klein, talks in his column about the roles and performance of the St. Louis Fed.

2011

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Sovereign Debt: A Modern Greek Tragedy

Our 2011 annual report includes an essay on the debt crisis facing many countries around the world. Written by Research Director Christopher J. Waller and Senior Economist Fernando Martin, “Sovereign Debt: A Modern Greek Tragedy” explains in simple terms the roots of the current crisis in Greece and other parts of Europe.

2010

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Many Moving Parts: A Look Inside the U.S. Labor Market

Our 2010 annual report essay, written by David Andolfatto and Marcela M. Williams, examines trends in the U.S. labor market; a sidebar shows how U.S. workers fared during the Great Recession compared with workers from other industrialized countries. In addition, President James Bullard writes about the Fed's dual mandate.

2009

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Why the Fed Is a Well-Designed Central Bank

Preserving the independence of the Federal Reserve is as important today as it was when Congress created the Fed in 1913. Read about why a well-designed central bank needs to be independent, credible, accountable and transparent in The St. Louis Fed's 2009 Annual Report.

2008

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The Federal Reserve Bank of St. Louis: Central to America's Economy

During 2008, the St. Louis Fed worked continually to provide better communication concerning the financial crisis and its effects on the U.S. economy. By better communicating who we are and what services we provide, we aim to increase the flow and expand the breadth of information about the Bank. In that spirit, the theme Central to America’s Economy is not just the title of the 2008 annual report; it is how we define ourselves as an institution.


For previous editions of our annual report, see the historical archive on FRASER