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Nov 28, 2025
Austan Goolsbee, an influential economist and current president of the Federal Reserve Bank of Chicago, shares insights into the inner workings of the Fed. He explains the FOMC's meeting dynamics and how consensus emerges through debate and voting. Goolsbee champions modern transparency, arguing it fosters public trust. He addresses critiques of the Fed and the complexities of tackling stagflation, while distinguishing the Fed's monetary role from fiscal policy. His blend of economic wisdom and candid discussion reveals what truly drives monetary decisions.
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Inside An FOMC Meeting
- Austan Goolsbee describes his first FOMC meeting as an econ nerd's dream with assigned seats, closed shades, and no phones allowed.
- Each of 19 members gives a 7–10 minute prepared briefing and their aides furiously take notes for the next meeting's reactions.
Consensus Through Drafted Alternatives
- Votes at the FOMC are often unanimous because the chair negotiates language everyone can accept.
- The process produces consensus, but meaningful deliberation still shapes members' final choices.
Prioritize Clear Transparency
- Be transparent to rebuild public trust, Goolsbee argues, because institutions face massive declines in confidence.
- Explain what the Fed does plainly and treat the public like adults to counteract mistrust.