Blog: Feeling the effects of drought in the Twelfth District
At the San Francisco Fed, we are students of the economy. We monitor ongoing and future risks to the economy, including climate risk. The economic impacts of a changing climate—including the frequency and magnitude of severe weather events—affect each of our three core responsibilities: conducting monetary policy, regulating, and supervising the banking system, and ensuring a safe and sound payment system. … Of course, it’s not just California and Utah grappling with a record drought—impacts are being felt across the Twelfth District. According to the journal Nature Climate Change, the megadrought in the Western United States has produced the region’s driest two decades in at least 1,200 years