Marketplace All-in-One "We're trying to control what we can control": A Fed president reflects
Feb 24, 2026
Raphael Bostic, president of the Atlanta Federal Reserve Bank and longtime FOMC participant, reflects on his last Fed meeting and central banking tradeoffs. He talks about why uncertainty makes policy harder. He explores whether AI and tariffs are temporary shocks or structural shifts. He stresses focusing on controllables amid consumer stress and shifting labor dynamics.
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Last FOMC From A Hotel Room After Canceled Flights
- Raphael Bostic dialed into his final FOMC meeting virtually after three canceled flights during an ice storm.
- He used that moment to emphasize Atlanta Fed's distinctive voice and to thank colleagues.
When Models Fail Central Banks
- Unusual events make standard economic models less reliable, forcing the Fed to rely more on judgment and narratives.
- Raphael Bostic cites the pandemic and a war in Europe as unexpected shocks that turned policy-making into more art than science.
Distinguish Episodic Shocks From Structural Change
- Policymakers must separate episodic shocks from structural changes to set expectations and benchmarks correctly.
- Bostic uses AI and tariffs as examples that could permanently alter hiring, business models, and unemployment benchmarks.