Slate Money The Coolest Thing in the World for an Econ Nerd
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Nov 28, 2025 
Austan Goolsbee, Chicago Fed President and monetary policy expert, joins the discussion. He shares insights from his first FOMC meeting, detailing the unique deliberation process. Goolsbee explains the shift in the Fed’s communication strategy towards transparency and why it’s crucial for public trust. He also addresses criticisms of the Fed and the dangers of the gold standard. With humor, he likens data analysis styles to 'data dogs' and 'data cats,' emphasizing their different approaches to economic indicators.
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First FOMC Meeting Experience
- Austan Goolsbee describes his first FOMC voting meeting as an econ nerd's dream with a giant table and strict no-phone rules.
- He recounts day-one economy briefings, day-two rate votes, and how members speak in seven-to-ten minute turns around the table.
Deliberation Over Days, Not Minutes
- FOMC deliberation mixes pre-meeting analysis with formal in-room statements where each of 19 members presents their independent view.
- Members use those presentations to refine positions across meetings, producing a deliberative but often steady decision process.
Why Many Fed Votes Seem Unanimous
- Votes are frequently unanimous because the chair and staff craft alternative statements and find language that can command broad agreement.
- Predicting votes is often straightforward, but meaningful movement can still occur before formal voting.