In a recent speech at the “Beyond the Numbers” conference hosted by the Research Division of the Federal Reserve Bank of St. Louis, Governor Christopher J. Waller discussed the use of economic data in understanding the economy. As a policymaker, Waller emphasized the importance of using economic and financial data to determine the stance of policy that will move the economy closer to its dual mandate of maximum employment and price stability. He highlighted the accessibility and usability of FRED (Federal Reserve Economic Data) as a tool for the public to access, plot, and analyze thousands of economic data series.
Waller shared how he utilizes FRED to analyze current and historical data, and how this data shapes his interpretation of economic activity, the labor market, and inflation. This comprehensive approach to data analysis not only informs monetary policy but also serves as a valuable resource for educators and students. By demonstrating the use of FRED in analyzing economic data, Waller aimed to show that individuals don’t have to wait for official speeches from Fed policymakers to get an update on the U.S. economy, as FRED provides the means for anyone to access and analyze the data themselves.
By making economic data more accessible and understandable, FRED serves as a powerful tool for policymakers, educators, and the public alike. Waller’s speech at the conference highlighted how the use of economic data is key to decision-making and how FRED enables individuals to engage in their own data analysis. The interactive nature of FRED empowers users to gain a deeper understanding of economic trends and indicators, ultimately contributing to a more informed and engaged public.
