The Fed, Unreserved with Chicago Fed President Austan Goolsbee
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What is the main topic discussed in this episode?
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Hey, everybody. Welcome to the weekly show podcast. My name is Jon Stewart. I'll be hosting this week's episode. It is Tuesday, July 14th. We are heading into the semifinals of the World Cup coming tomorrow. It's going to be two, I think, incredible matches. We are back at war with Iran. So the world is stabilizing, becoming more normal now. The Iran war will just be a low-level fire that is just burning for years and years underneath the surface of the Earth's mantle. It is Tuesday. Obviously, Lindsey Graham passed over the weekend. This won't air till Wednesday. Who knows how many more of the assisted living facility we call our United States government, how many more will fall till then? But we're not going to talk about that.
This, you know, the new CPI report, the new inflation report came out and it's creating ripples about what the Fed might possibly do. And it occurred to me that I have no fucking idea how they do that, what they do and how they do it. And so I am very excited. We are going to get inside scoop, ladies and gentlemen, not from a Fed observer, not from a Bloomberg analyst. No, my friends, from someone inside the belly of the beast, inside the room where it happens, a president of a regional Fed, Chicago, no less, the great city of Chicago. They, my friends, have sent us one of their best representatives. Did he get to go see Mulaney at Wrigley Field? He might not have, but a hell of a show that was if you were there.
But ladies and gentlemen, let's get to our president of the Chicago Fed right now. Ladies and gentlemen, what an exciting day on the weekly show podcast. We welcome back an old friend, a long lost pal, a king of the world of economics, Austin Goolsbee, who is now beyond all expectation, the president of the Federal Reserve Bank of Chicago. Austin Goolsbee, how are you, sir?
John, you thought they built the walls of the vault to keep people like me out of here, but it didn't work.
I thought for sure they did. And to see you elevated, to see you in the hallowed halls of the Federal Reserve of Chicago. How many presidents, what is there, 12 of you guys? How many presidents of regional feds are there?
Oh, I thought you meant ever at Chicago. Yeah, there's 12 reserve banks spread around the country.
How did now – did you run for president? Were you appointed?
How did this work? I was chosen. Each of those reserve banks is not a government agency. They're a not-for-profit, and they have a board of directors that's made up of kind of local – CEOs and civic leaders and bankers and the non-banker board members choose the presidents at each of the banks.
Let me tell you something. I can't even believe we've jumped in so hot and so fresh. You know what? We're not even dipping our toes in, Austin Goolsbee.
We haven't even gotten to the Federal Reserve Act of 1913, but we're going to.
Oh, but when we get to Eccles, the whole place is going to explode. We are we are diving right in. So you've got this 12 regional feds and they're chosen by local leaders, civic leaders. And then that mixes with the board of governors. And that is a more probably not political, but politically appointed.
Yeah, politically appointed, confirmed by the Senate. And each of those governors, the thing that's confusing is- Oh, it's all, Austin, it's all confusing. D.C. political appointees, their title is governor, but they're kind of more like senators and the presidents are more like governors because we're out and have a region. Those- Those governors that are political appointees are appointed to 14-year terms and they're staggered because from the beginning, they were trying to be as much as possible in a democracy. They were trying to keep it independent from political interference.
And the Fed's independence is a necessary because why, Austin? Why?
Because people hate inflation. That's the main reason that...
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:01–11:14
2
How is the Federal Reserve structured and how are regional Fed presidents chosen?
11:14–18:41
3
Why is Fed independence important and what historical examples show its value?
18:41–33:20
4
What happens inside the FOMC meetings and who actually votes on interest rates?
33:20–1:12:59
5
How do short-term Fed decisions influence long-term rates like mortgages and treasuries?
1:12:59–1:20:55
Speakers
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