Gwinnett Chamber members and leaders heard from the Federal Reserve Bank of Atlanta during this month’s On Topic presented by Porter Steel. Tracy Croom, director of financial management for the Fed, began her address by breaking down the role of the Reserve and how it is structured to support business and the economy. Of prime importance, she emphasized, is its mission to set interest rates and conduct the nation’s monetary policy.
Croom highlighted that with inflation decelerating, goods and products were beginning to move and consumer spending was increasing. Conversely, service-oriented businesses were seeing a steady decline in revenue, likely due to workforce shortages needed to implement the services. Croom also indicated that business leaders expected to see inflation decline considerably in the year ahead.
All-in-all, Croom concluded by sharing that the nation’s banking industry remains strong and the Federal Open Market Committee (FOMC), the Fed’s governing authority responsible for setting interest rates, is dedicated to returning inflation to its two-percent objective. To learn more about the Federal Reserve’s role in our economy, please visit https://www.atlantafed.org/.