Taking “ECON 3492 Practicum” this semester gave me a much deeper understanding of how the Federal Reserve works and how complicated monetary policy really is. Before this course, I mostly thought of the Fed in terms of interest rate decisions, but throughout the semester I learned how many layers go into every policy choice. We spent the first few weeks learning the structure of the Federal Reserve System, how the FOMC operates, and why the Fed focuses so heavily on both sides of the dual mandate. Reading policy statements, watching past competition videos, and studying the history of different monetary policy tools showed me how the Fed’s decisions evolve over time depending on the economic environment.

One of the most valuable parts of the course was analyzing economic indicators the way policymakers do. Every week, we had to look at inflation, labor market conditions, consumer spending, wages, financial markets, and other data, and then present what we thought those numbers meant for the broader economy. Doing this over and over helped me understand how each indicator connects to the next. It also taught me that economic data never moves in a perfectly clear direction. The Fed has to balance risks, interpret uncertainty, and make decisions even when the information is mixed. Seeing that process from the inside made me appreciate just how difficult it is to aim for stable prices and maximum employment at the same time.

The presentation assignments were another major learning experience. Creating a PowerPoint that included an economic analysis, a forecast, a discussion of risks, and a policy recommendation pushed me to synthesize huge amounts of information into something clear and defendable. This course taught me how to take complex, sometimes conflicting data and turn it into one consistent argument. The oral presentation also strengthened my communication skills. Talking through a policy recommendation in front of the class made me more confident in explaining economic ideas in a way that others can understand. Practicing our Q&A sessions later in the semester also helped me learn how to answer challenging questions quickly while staying calm and professional.

Teamwork played a big role in this course as well. Because everyone was responsible for different sectors or indicators, we had to rely on each other to build a complete picture of the economy. Sharing drafts, giving each other feedback, and revising our work helped us perform more like an actual research team. Watching the past UConn presentations and the winning teams from other years also showed us the level of detail and clarity expected in the real Fed Challenge. It pushed us to compare our own work to those standards and improve our reasoning and presentation quality.

Throughout the semester, I also developed several career skills. The course strengthened my critical thinking because it forced me to question data instead of just accepting it. It improved my ability to communicate complex information clearly. It taught me how to use technology effectively, especially when building presentations and organizing economic data. It also helped me grow in professionalism, meeting deadlines, preparing polished work, and participating in discussions that mirrored real policy environments.

Looking back, this class changed the way I understand economics. It made monetary policy feel less intimidating and more connected to real people, real businesses, and real outcomes. It also showed me how important it is to be precise, thoughtful, and open-minded when interpreting economic information. The practicum was challenging at times, but it gave me skills and confidence I’ll carry with me into future courses, internships, and eventually my career.