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The department that’s helping the Fed look beyond the markets

Kai Ryssdal and Sean McHenry Jun 1, 2020
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The Federal Reserve building in Washington, D.C. The Opportunity and Inclusive Growth Institute is part of the Federal Reserve System. Olivier Douliery/AFP via Getty Images

The department that’s helping the Fed look beyond the markets

Kai Ryssdal and Sean McHenry Jun 1, 2020
Heard on:
The Federal Reserve building in Washington, D.C. The Opportunity and Inclusive Growth Institute is part of the Federal Reserve System. Olivier Douliery/AFP via Getty Images
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COPY

There’s a paradigm shift underway at the Federal Reserve. Historically, the central bank has focused much of its attention on the banking sector and financial markets. But ever since the 2008 recession, many Fed officials — Chair Jerome Powell included — have added economic inequality to their list of concerns.

According to Abigail Wozniak, director of the Opportunity and Inclusive Growth Institute at the Federal Reserve Bank of Minneapolis, her department intends to play a key part in helping the Fed address this concern.

“The Fed has deep roots in research communities that I think wouldn’t be a surprise to folks,” Wozniak said during an interview with Marketplace host Kai Ryssdal. “What we don’t have as strong a connection with [are] experts who understand how low-income families get by. I would say we have less connection to experts on exactly how work is restructured and evolving.”

Said Wozniak: “Bringing those voices, just injecting all that knowledge into the Federal Reserve System, is something we work to do at the institute.”

Wozniak discussed our current economic moment and the future of the Opportunity and Inclusive Growth Institute. To hear the full interview, use the media player above.

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