Fed Listens

The New York Fed will host a Fed Listens roundtable discussion on Monday, June 23, 2025. The discussion will include business and community leaders and focus on the effects that labor market conditions, inflation, and interest rates have on them. Attendees will participate in the discussion with Governor Adriana Kugler of the Board of Governors of the Federal Reserve System and New York Fed President John C. Williams.

In November 2024, the Federal Reserve announced its periodic review of its monetary policy strategy, tools, and communications—the framework it uses to pursue its Congressionally assigned goals of maximum employment and price stability. An important pillar of the 2025 framework review is the ongoing Fed Listens initiative.

Details of the meeting are below:

The New York Fed hosted a series of Fed Listens discussions in the fall of 2021. The discussions were part of a Federal Reserve System effort to better understand how the economic recovery from the COVID-19 pandemic is progressing across the United States.

John C. Williams, President and Chief Executive Officer of the New York Fed, and other New York Fed staff facilitated discussions with three groups. They included two external Advisory Groups: the Community Advisory Group (CAG), which is composed of leaders of nonprofits, community organizations, foundations and anchor institutions, and the Second District Advisory Council (SDAC), which includes senior executives from small, medium and large businesses across diverse industries. The third discussion was with a group of business and community leaders representing agriculture and food services, hospitality, housing, labor, manufacturing, real estate and small business.

Details of those meetings are below:

The New York Fed launched its Fed Listens sessions in 2019, soliciting a wide range of perspectives from diverse stakeholders about the job market, inflation and the transmission of monetary policy to the broader economy. Participants included external advisory groups that focus on small business, agriculture, Upstate New York's regional economy and community issues.

The Capstone Roundtable discussion in May 2019 featured a wide range of constituents, including labor and nonprofit leaders, local government officials, congressional district staff and regional academics. Richard H. Clarida, Vice Chair of the Board of Governors of the Federal Reserve System, and John C. Williams, President and CEO of the New York Fed, facilitated the dialogue.

Details of those meetings are below:

The Federal Reserve announced the strategic review that included Fed Listens on Nov. 15, 2018. The goal was to collect diverse perspectives on how the Federal Reserve can best pursue its statutory mandates regarding employment and inflation. Policymakers assessed the information gathered during the first round of events and described their findings in a report published on June 12, 2020. The Federal Reserve announced its intention to continue Fed Listens on June 23, 2021, to learn more about the economic recovery from the COVID-19 pandemic.

"Continuing the initiative in years that we are not reviewing our framework will similarly benefit the Federal Reserve's ongoing policymaking process, while also enhancing transparency and public accountability," said Governor Michelle W. Bowman.