Joint Center for Political and Economic Studies hosted Dr. Lisa Cook. Ntsetselelo Dlamini, Intern, Skidmore College.

On February 10, 2023 the Joint Center for Political and Economic Studies hosted Dr. Lisa Cook as part of its Voice at the Table Series. It is worth noting that Dr Lisa Cook is the first black woman to be confirmed as Federal Reserve Board Governor in its 108-year history.

During the exchange, Dr Cook explained the role of the Federal Reserve in achieving its dual mandate of ensuring maximum employment and price stability. When asked about how monetary policy affects different demographics, she noted that inflation tends to disproportionately affect low income earners and that average unemployment tends to be higher among African-Americans. While monetary policy can be informed by this finding, it is a high level tool that targets the economy as a whole.

Her perspective on the economic outlook as we settle into 2023 is one characterized by sluggish growth. The key risks that could affect this outlook are the ongoing war in Ukraine as well as the implications of China's reopening its economy for global supply chains.

Overall, the event was a gentle reminder about the importance of representation in positions of power at the Federal Reserve Board. Different perspectives are essential in ensuring that discussions at the high level reflect the diversity of the nation. In this way we can all be more confident that these institutions are working on behalf of all citizens.

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