Leaders from the Federal Reserve Bank of Kansas City visited Albuquerque in early February to meet with local business owners and community leaders, according to a March 4 announcement. The visit included a tour of Bueno Foods, a family-owned New Mexican food producer, as well as participation in the Economic Forum of Albuquerque and roundtable discussions with industry representatives.
The Kansas City Fed’s outreach aims to deepen its understanding of economic conditions in northern New Mexico, which is part of the seven-state region it serves at the Federal Open Market Committee. President Jeff Schmid said such visits are essential for connecting monetary policy decisions to real-world experiences. “Going into my third year at the Fed, I know that outreach like this tour is where our work comes to life,” Schmid said. “We serve the public to promote financial and economic stability. That’s not possible unless we’re connected to the people we serve.”
During the tour at Bueno Foods, owner Gene Baca discussed ongoing challenges such as labor shortages stemming from COVID-19 impacts and increased price sensitivity among retail customers. Baca also highlighted positive relationships with community banks that have supported his business’s access to capital. Nick Sly, executive and economist at the Kansas City Fed Denver Branch, emphasized that direct conversations with business owners provide valuable insights for shaping monetary policy. “This outreach gives us a chance to actually hear from people who are making decisions for their workforce, households, or businesses,” Sly said.
The trip also featured engagement with members of the Economic Forum of Albuquerque and a roundtable including leaders from finance, health care, engineering, and labor sectors. Del Esparza, Denver Branch board chair and CEO of Esparza Digital + Advertising Agency, introduced Schmid at the forum and noted how important it is for diverse perspectives from New Mexico communities to be represented in central bank deliberations. “One of my biggest takeaways from joining the board is how human-centric the Federal Reserve is: It drills down to every single person—what pain points they’re experiencing, from buying a home or car to how often they frequent restaurants,” Esparza said.
Other participants echoed these sentiments about collaboration between local stakeholders and federal policymakers. Janice Torrez, president of Blue Cross and Blue Shield of New Mexico, described the roundtable as an opportunity for collective problem-solving: “It was not only great to work with the Federal Reserve, but it also was great to be brought together. Collectively, we can identify opportunities and collaborate for a better economy in New Mexico.” Natalie Cordova of the New Mexico Education Trust Board added that showcasing state-specific economic realities helps ensure representation at higher levels.
Reflecting on his experience in Albuquerque, Schmid said he was inspired by local entrepreneurship: “To go from a kernel of white corn to one of the tastiest tamales you’ve ever eaten is just inspiring to me,” he said. He added that meeting people working within their communities makes “our mission very personal and very real.” In preparation for upcoming Federal Open Market Committee meetings, Schmid indicated that insights gathered during this trip would inform discussions about labor indicators and inflation rates while keeping community voices front-of-mind.
