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Nov 28, 2025 
Austan Goolsbee, President of the Federal Reserve Bank of Chicago and former White House economic adviser, shares his insights into the inner workings of the Fed. He explains the intricate FOMC process, addressing how decisions are made and the importance of transparency in rebuilding trust. Goolsbee debates the shift from mystique to openness, tackles critiques of the Fed, and highlights the delicate balance between employment and price stability amid challenges like stagflation. His candid discussion offers a unique peek behind the curtain of central banking.
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Inside An FOMC Meeting
- Austan Goolsbee describes his first FOMC meeting as an econ nerd's dream with a huge table, drawn shades, and no phones allowed.
- He explains the two-day ritual: day one covers the economy, day two covers interest-rate votes.
Deliberation Happens Over Meetings
- Each of the 19 FOMC participants gives a 7–10 minute prepared view, which shapes deliberation across meetings rather than in-the-moment confrontation.
- That structure produces deliberation over time and informs subsequent meetings' positions.
Unanimity Masks Diverse Views
- Most FOMC votes are unanimous and predictable, but that masks real diversity of thought and behind-the-scenes polling by the chair.
- Austan argues unanimous statements reflect chair diplomacy and consensus-building before votes.