Macro Musings with David Beckworth Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review
Oct 6, 2025
Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta, shares his unique perspective on central banking. He discusses how birding fosters focus and humility in policymaking. Bostic also delves into the Atlanta Fed's tools for real-time economic analysis and the implications of the 2025 Fed framework revision. Inflation and its persistence are major concerns, alongside the impacts of AI on labor and housing mobility. Plus, he offers insights on fiscal pressures and the resilience of the treasury market.
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How Birding Became His Anchor
- Raphael Bostic discovered birding while hiking and it became a focused, recharging hobby that forces presence.
- He uses birding to disconnect from work and sharpen attention to local patterns and timing.
Birding Trains Policy-Relevant Skills
- Birding trains pattern recognition and humility, skills transferable to central banking decision-making.
- Bostic says synthesizing incomplete cues and staying humble helps policymakers under uncertainty.
Atlanta Fed As A Microcosm
- The Atlanta Fed's Sixth District mirrors the U.S. economy and provides diverse local signals for policy.
- Bostic relies on surveys and the RAIN team to supplement official data with forward-looking, real-world intel.
