Roger Ferguson - The Making of a Policymaker

Hello and welcome to the Private Capital podcast. I'm Joe Reilly, head of Circulus Group, a network for family offices based in Greenwich, Connecticut. Our next family office summit is on November 20th in New York. It will feature Jose Minaya, Head of Investments at BNY, and former podcast guest Ken Kencel, president and CEO of Churchill Asset Management. Please subscribe at https://circulus.substack.com/ to stay in the loop.

Roger Ferguson, former Vice Chairman of the Federal Reserve, has had a compelling professional and intellectual career. In our candid and wide-ranging interview, we learn valuable lessons from his father and Paul Volcker, his learning economics during the 1970s inflation, unrest in Chile, and coal strikes in the UK. We learn what makes a good Fed governor. We also learn about Greenspan's thought process, "Fed Speak," and his essential moves on the morning of 9/11. Additionally, we gain insights into the last mile of inflation and the bursting of asset bubbles. I don't know if I have ever covered so much ground in a single interview, which I know you will enjoy.

Roger W. Ferguson, Jr. is the Executive Chairman of Andalusian Credit Partners. Mr. Ferguson served as the 17th Vice Chairman of the Board of Governors of the United States Federal Reserve System from 1999 to 2006 and as a member of the Board of Governors of the United States Federal Reserve System since 1997.

After leaving the United States Federal Reserve, Mr. Ferguson served as the President and CEO of TIAA ($1.4 trillion of AUM) from 2008 to 2021. Mr. Ferguson has been a member of the Board of Directors of Alphabet Inc. since 2016.

Mr. Ferguson is currently the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. From 2006–2008, Mr. Ferguson worked at Swiss Re, a global reinsurance company, where he served as Chairman of the firm's America Holding Corporation, Head of Financial Services, and a member of the Executive Committee. Mr. Ferguson has also worked as an Associate and Partner at McKinsey & Company.

Mr. Ferguson holds a B.A. in Economics, a Doctoral degree in Economics, and a Juris Doctor degree, all from Harvard University.

Please enjoy my conversation with Roger Ferguson.

Andalusian website: https://www.andalusian.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it.

S4E9

©2025 Joe Reilly