The Federal Reserve: It’s More Than Just Interest Rates

Patrick T. Harker delivered a lecture to students at the Tulane University A.B. Freeman School of Business on the work and mission of the Federal Reserve Bank System. He discussed the varied career opportunities available at the Fed, noting that building “a more secure economic future that benefits all Americans requires attracting and retaining a diverse and dynamic set of individuals committed to service.” In discussing the Fed’s role in monetary policy, Harker emphasized the importance of data-driven decision-making, saying the Fed has remained “dependent on surveying all the available data and, importantly, taking a longer-look approach and not over- or under-reacting to one particular month or one particular dataset.” Harker additionally highlighted several collaborative, groundbreaking research projects conducted across the System, stating that “economic research goes far beyond monetary policy and into areas that can help us better understand the totality of life in our communities.” He concluded with thoughts on the increasing role of technology in the financial sector, citing the Fed’s efforts to assemble “teams needed to ensure that the sector’s future is safe and secure so that customers — and the global economy — can have faith in it.”