Your Fed, Your Voice: Condrad Daniels

Seema Sheth: Hey, and welcome to Your Fed, Your Voice. I’m Seema Sheth, regional executive of the Federal Reserve Bank of St. Louis Louisville Branch. And today I’m really excited because I have a phenomenal guest for you all. He not only is the president of HJI Supply Chain Solutions, but he also happens to be a long-time part of the Fed family. He served on our industry councils and is currently the chair of the board here in Louisville. Condrad Daniels, thank you so much for joining us today.

Condrad Daniels: I’m extremely excited. I’m happy, and I just really enjoy the Fed, the board and everything that you’re doing here in the Louisville landscape.

Sheth: I know you and I work closely. There’s also a branch in Little Rock, who works with Matuschka Lindo Briggs, and the branch in Memphis that works with Douglas Scarboro. So, for somebody that doesn’t understand what a board of directors at the Fed does, can you explain a little bit about what that actually looks like?

Daniels: It is every type of business, every type of leader, for profit, nonprofit. It’s a really good, diverse landscape. We get to report out on who we’ve talked to. We get to report out on how it’s making us feel. And each person is prepared, and they report out on how the economy feels and the labor market. And we talk about everything from employment challenges to are we investing?

Sheth: Can you share with me how receiving economic insights from somewhere like the Fed helps you do your business better?

Daniels: Everyone wants data. Sometimes we just don’t know how to use it. And I think the Fed is really good at that. They’re really good at taking data, analyzing it and then providing something for us to be able to use in all of our positions, in what we’re trying to accomplish with our goals. So, the whole data analytics side, we all have volumes and volumes of data, but sometimes we just don’t know how to use it or even how to get it. And I think the Fed has done a phenomenal job with that.

Sheth: So, one thing that we’re always trying to do is not only produce great data but to make sure it’s in a way that people can digest. So can you talk a little bit about how important accessibility is as it pertains to economic data?

Daniels: We always talk about how data is only good if it’s readily retrievable. And I think the Fed does a phenomenal job. It’s there. It’s always there. You just have to worry about getting updates. The updates are going to come. And then I think we’re doing a much better job of educating young people about what we’re doing at the Fed. I didn’t know much about what the Fed did until I was into my 40s.

Sheth: Can you share a little bit around why you said yes to serving on the Louisville Branch board?

Daniels: Yeah, you led with people. And our purpose at HJI is to enrich the lives of our people, our community and provide peace of mind to our customers. So when you talk about people, we’re talking about personal elevation. When you’re talking about community at HJI, we’re talking about investing in our most vulnerable communities. And no one gives us the tools better than the Fed. So for me, it was an easy yes.

Sheth: Do you have any advice for future board members on how to make the most of being a board member?

Daniels: I mean, for those of us that are fortunate enough to be asked to serve, don’t take it lightly. It could go to anyone. And I think making sure that your presence is felt. So you’ve got to be present, and you’ve got to be engaged. And for those of us that have gotten the opportunity to serve on different boards, the Fed is one that you’re probably going to receive more than you give. And you may think that you’re giving a lot in your report outs. And however, the educational component of it is really-- you just don’t get it anywhere else, unless you have a full-time economist on your own team.

Sheth: For someone who isn’t following the economy or financial markets closely, what’s something that you think that they should know either about the Fed or about the community in Louisville?

Daniels: Oh, gosh. There are tools out there that you may not know about, free tools. It is our resource. This is our Fed, I think, was a really good way to put it.

Sheth: Thank you for being here with us today, for being the chair of the board here in Louisville. And for those of you that are watching, thank you so much for joining us for this episode of Your Fed, Your Voice. Again, I’m your host, Seema Sheth. Please like and subscribe if you haven’t already and share this podcast with a friend if they haven’t already seen it. Until next time, this has been Your Fed, Your Voice.

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