"We're trying to control what we can control": A Fed president reflects
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What insights does Raphael Bostic share about his time at the Atlanta Fed?
Turns out central bankers aren't all about monetary policy.
I've actually been a model for a skateboard company.
The president of the Atlanta Fed on the program today, embarrassing stories and all. From American Public Media, this is Marketplace.
From the studios of Georgia Public Broadcasting, today I'm Kyle Rizdahl. It is Tuesday, the 24th day of February. Good as always. Have you along, everybody. All right, so to be fair to Rafael Bostic, the skateboarding modeling gig was when he was a kid. But that is, in fact, how our interview started at an event this morning here in Atlanta. After nine years, Saturday is Bostic's last day on the job, running one of the 12 regional Federal Reserve banks and, on a rotating basis, voting on interest rate policy. So we started with him not getting to do that anymore. The first thing I want to ask you is, Not that you're done done, but what was it like leaving your last FOMC meeting, knowing that you were on your way out?
Yeah, you don't know this. So the last FOMC meeting I took virtually, it was in January, and that was the time when they had the ice storm. And I had three flights canceled trying to get up there. And so I figured three strikes, you're out. And I was just, so I dialed in. So it was kind of surreal to have the last few statements be from a distance and not be able to see people in the room. But, you know, it's funny when you notice the last time you're going to say things differently. you're going to make a different kind of statement. And what I really wanted people, my colleagues, to know is what I appreciated about what Atlanta allowed me to bring to the table and how we have a distinctive voice because of what we do and that more people needed to lean in on that and be that way.
And then I... I just said I'm going to be cheering for you as we move forward and know that from everything I've heard, Americans trust the Fed and believe in it and think it's a really important institution and need everyone to remember our mandates, remember our mission, and just be true to it always. So let's talk about right now.
This is, and you've said a version of this, as uncertain a time, as tough a time for monetary policy and central bankers as there has been in a very long while. First of all, why do you believe that? Why do you say that?
Well, I'll say it like this. When I go and talk in public settings, a question I often get is, what are the three things that are keeping you up at night? You have three things? Only three? I mean, I'm a regular guy, and I got like a dozen. Yeah, I try to be Zen. You got to push some things out. And in 2020, a global pandemic wasn't on my list. In 2021 and 2022, a war in Europe wasn't on my list. I've been talking with my team a lot about how much you should wait, what historical economic model's predict versus what we're hearing from people in the street. And in environments where the unexpected and the unusual is happening, those models become less effective. And so then it's much more art that you have to do, and it's much harder in that way.
I think you see that in terms of sort of how the committee has been over the last six to eight months in terms of dissents on both sides. I think part of it is because there's so much uncertainty about what's actually going to happen that people can have very different narratives about what they think is most likely.
Do those dissents bother you, the idea that people are going to not go along with the majority of the committee? No.
I actually think that's a sign of a healthy committee. I've been in a number of meetings where the data were pretty clear. And so the idea that you'd have five different views was really unlikely. And so in those situations, not having any dissents was fine because... I thought that things were pretty obvious. Today, very little is obvious. And so the dissents, I think, are a byproduct of that as opposed to a sign of dysfunction.
So let's talk about for a second what you're looking at right now in this economy. And you're not allowed to say labor market or inflation.
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Chapters
4 chapters
1
What insights does Raphael Bostic share about his time at the Atlanta Fed?
0:01–5:54
2
How does Bostic view the current state of monetary policy?
5:54–13:37
3
What factors are causing uncertainty in the economy right now?
13:37–21:44
4
How are technological advancements influencing labor markets?
21:44–25:35