Marketplace "We're trying to control what we can control": A Fed president reflects
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Feb 24, 2026 
Raphael Bostic, president of the Atlanta Federal Reserve Bank and experienced monetary policy economist, reflects on central banking in an uncertain era. He discusses why policymaking feels more like art than science right now. He talks about inflation, credibility and the 2% target. He explores labor market shifts, AI and hiring dynamics, and how the Fed focuses on what it can control.
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Virtual Last FOMC Meeting And A Parting Message
- Raphael Bostic described his last FOMC meeting being taken virtually due to canceled flights during an ice storm which made the experience surreal.
- He used the moment to thank colleagues, stress Atlanta Fed's distinctive voice, and urge fidelity to the Fed's mandate.
When Models Fail Judgment Becomes Central Banking
- Bostic warned that recent extraordinary events (pandemic, war) reduce the usefulness of historical economic models and force the Fed to rely more on judgment.
- That heightened uncertainty explains recent FOMC dissents as differing narratives rather than dysfunction.
Episodic Versus Structural Changes Will Recalibrate Benchmarks
- Bostic highlighted the challenge of distinguishing episodic versus structural changes, using AI and tariffs as examples that could permanently alter business decisions.
- If AI reduces labor needs or tariffs persist, standard benchmarks like a 'good' jobs number may need recalibration.