One of the biggest things I learned from the Fed Challenge is how complex the Federal Reserve’s job really is and how much information goes into just one policy decision. Before this experience, I thought interest rate changes were mostly based on inflation numbers and unemployment. After going through this course and preparing for the Fed Challenge, I learned that policymakers consider many factors at the same time, including wage growth, consumer spending, unemployment, inflation expectations, and financial conditions.
Another important thing I learned was how uncertainty plays a major role in economics. There is rarely a “perfect” answer in monetary policy. We talked a lot about how the Fed has to balance the risk of doing too much with the risk of doing too little. That really changed the way I think about interest rate decisions. It is not just about whether inflation is rising or falling, but about how confident policymakers are in trends continuing. I also learned that markets react not only to what the Fed does, but to what people think the Fed will do in the future, which made concepts like inflation expectations feel much more real.
A third major learning experience was understanding how to create a strong economic argument. During our preparation, we had to take large amounts of data and turn it into one clear recommendation. That taught me how important storytelling is in economics. You can have great charts, but if you cannot clearly explain why they matter, your argument falls apart. Over the summer, my team and I stayed up to date on current events and policy changes so we could come back better prepared. We also traveled to New York City, which helped me realize how high the level of competition is and pushed me to improve my own work.
Overall, this experience helped me see economics as something that directly affects people’s lives instead of just being a subject in a textbook.
Through the Fed Challenge, I developed several career skills that I know will help me long after college, especially critical thinking, communication, and teamwork.
First, I strengthened my critical thinking skills by learning how to look beyond the surface level of economic data. Instead of just accepting numbers as they were, I learned to ask questions like “Why is this happening?” and “What could this lead to?” We had to compare multiple reports at once and decide which mattered most. For example, strong job numbers might look positive, but if they also lead to higher inflation, the overall outcome may not be good. The Fed Challenge pushed me to think more deeply and view economics from a long-term perspective rather than focusing only on short-term results.
Second, I improved my communication skills through writing and presenting information in ways that others could understand. Economic topics can be confusing, especially to people who are not majoring in the subject. This course helped me practice turning technical ideas into clear explanations. Standing in front of judges and classmates forced me to become more confident in public speaking and defending my ideas. I also learned how to answer questions quickly while staying professional, which is not easy.
Third, teamwork played a huge role in the success of our group. A lot of the students in the class are also part of our economics club, The Economic Research and Policy Club. This made working together feel more like a team than just classmates. I had sat in on the class during the first semester with no credit just to learn and prepare myself, which made it easier for me to help others when I officially joined. Over the summer, we worked together to track monetary policy and stay updated on current events. Creating spaces through our club for students to study and work together also helped build stronger relationships within the group.
If I could take this course again, one of the main things I would change is how early I started preparing. While our group worked hard throughout the semester, starting research and practice sessions earlier would have given us more time to build confidence in our presentation. I would also push to have internal deadlines earlier so that everything didn’t feel as rushed near the end.
Another thing I would change is practicing Q&A sessions from the start. Being asked unexpected questions by judges can be stressful, and while we did not make it to that portion of the challenge, getting comfortable with thinking on your feet makes you sound more confident when you present. If we had practiced with tougher questions earlier, we would have been even more prepared. I would also start recording ourselves sooner to evaluate posture, voice tone, and clarity.
On a personal level, I would take advantage of even more opportunities to network with other students and professionals. Our trip to New York City really opened my eyes to how many people are interested in economics and policy. Watching other schools present and talking with students from different backgrounds encouraged me to raise my standards. I would try to meet up with another school, and we can grade each other on what we liked or did not for their presentation before we submit.
Even though there are things I would improve, I am proud of how far we have come and the friendships I’ve made along the way. Next semester, I plan to return and help new students prepare, which will allow me to apply everything I learned for an even better submission next year.