In this episode of Talks at GS, Dr. Raphael Bostic discusses leading the Atlanta Federal Reserve through the pandemic, his outlook on the US economy and monetary policy in 2021 and his views on the role of the central bank in addressing racial and economic inequality.
On the long-term economic impact of the pandemic: “What the pandemic has done is it’s put stress on everyone, such that those that were at the bottom of the profitability stack are going to face real challenges. So, I think we're going to see a restructuring there. And that's going to have real implications for what the labor market looks like – what skills are required from workers and what kind of training and retraining capacity we're going to have to have in our economy. And those are all things that are going to be really important.”
On addressing racial and economic inequality: “When we think about racial justice and racial equity, I've never in my lifetime heard so many business leaders talking about the issue. The awareness that is there – the difficulty that it creates. And because of that awareness, I'm hopeful that awareness will translate into action. And then that action will translate into progress. And so, we're going to continue to talk about these issues – lift them up, make sure that policymakers and that local leaders in business and in communities are aware of them and understand that there's stuff we can do to make it better, because having an economy that works for everyone is in all of our interests.”