Michelle W Bowman: Opening remarks - "Fed Listens"
Speech by Ms Michelle W Bowman, Member of the Board of Governors of the Federal
Reserve System, at a Fed Listens event on "Exploring Challenges Facing the Childcare
Industry, Working Parents, and Employers", Chicago, Illinois, 10 July 2024.
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Thank you, Austan, for the warm welcome. It is really a pleasure to join you in Chicago
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for this year's Fed Listens event. When we started Fed Listens back in 2019, the
initiative was part of a broad, comprehensive review of the decisionmaking framework
we use to pursue our monetary policy goals of maximum employment and price
stability. In the years that followed, we have met with people from across the country
and from a wide variety of backgrounds and experiences to learn about how the
economy has been recovering from the COVID experience.
Each Fed Listens event created a wonderful opportunity to take a step back, to ask
questions of those who are directly impacted by our policies and the prevailing
economic conditions, and then really listen to their feedback. I am extremely proud that
Fed Listens has grown and developed into an ongoing venue for the Federal Reserve
Board and the Reserve Banks to foster an ongoing conversation and discussion with
those who are directly experiencing current economic conditions.
As many of you may recall, at last year's Fed Listens event here in Chicago, we
discussed youth employment and joining the labor force following the pandemic, which
were especially inspiring. So, in that spirit, today is not only a wonderful opportunity to
continue this important conversation in the Seventh District, but also an opportunity to
dig deeper into issues that affect local families through the childcare industry, working
parents, and employers.
Austan and I enjoyed getting to know our panelists better earlier today, and I am looking
forward to learning more about their experiences through the upcoming panels and
discussions. I am also very pleased to welcome our audience-both in person and those
tuning in online. I view Fed Listens as an excellent example of Board and System
convenings that enable us to gain important insights about economic conditions by
engaging directly with those experiencing the economy.
As you all know, Fed officials and economists review a vast amount of economic data
on a regular basis. Discussions like those we will engage in today provide color and
context to supplement the other economic data we monitor. Your perspectives help us
gain deeper insights into how we are meeting our dual mandate of maintaining
maximum employment and stable prices.
A better understanding of a wide variety of this type of data, from the considerations
families face in making spending decisions (including the costs of childcare) to factors
weighed by business owners in applying for loans and offering benefits to help attract
top talent, all provide better insight into our data collection. These conversations help us
to gain perspective on how Americans in different areas of the country are faring. Some
of the issues discussed today may be unique to the Seventh District, but certainly many
of these themes and dynamics are present throughout the country and across all 12
Federal Reserve Districts. Seeking out local perspectives is one of the great
advantages of the Federal Reserve System's regional structure and of the Fed Listens
structure in particular.
Earlier, I had the pleasure to meet each of the panelists you'll hear from today. Their
varied experiences and backgrounds across sectors lay an important foundation for
today's discussion. We hope that our attendees will also join in to share your own
observations as you experience these issues in your own lives, businesses, and
communities. Your perspective will help to inform our work as policymakers with the
responsibility to promote a strong and vibrant economy for all Americans.
So with that, I would like to say, thank you again, Austan, and especially to recognize
your entire Chicago Fed team for hosting this Fed Listens event today and for the
opportunity to be part of this discussion.
Without further ado, I am delighted to get our conversation started by turning things
over to Robin Newberger, who is a policy advisor here at the Chicago Fed.
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The views expressed here are my own and are not necessarily those of my
colleagues on the Federal Reserve Board or the Federal Open Market Committee.