In a comprehensive discussion on the Masters of Scale podcast, Federal Reserve Bank of San Francisco President Mary C. Daly explored the key forces influencing the trajectory of the U.S. economy. She explained how the Federal Reserve formulates monetary policy, emphasizing the decentralized structure of the Reserve Banks and their role in shaping national and regional economic outcomes. Daly highlighted that while voting rights on the Federal Open Market Committee rotate among regional presidents, all participants contribute equally to policy deliberations.
She stressed the importance of grounding decisions in empirical evidence and maintaining disciplined leadership, noting that each policymaker brings insights from their district’s real-world economic conditions. This localized perspective, she said, ensures that broader monetary strategies reflect actual economic experiences across diverse communities.
The full conversation is available in the latest episode of the Masters of Scale series.
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What really shapes our economic future with Federal Reserve’s Mary C. Daly – Masters of Scale podcast
In the wide-ranging conversation, President Daly discussed the major factors shaping the U.S. economy, how the Federal Reserve works, the role of the Reserve Banks, the impact of Fed’s policies at the regional and national level, as well as what it means to lead with discipline and data. “We go to each and every FOMC meeting. We are rotating on votes, but we’re always participating. We’re thinking about our districts with their lived experiences in the economy and how that matters when we make monetary policy,” she added. Listen to the podcast here.