Annual Report 2023 | Federal Reserve Bank of St. Louis

Annual Report 2023

Federal Reserve Bank of St. Louis

Prices, Wages and Workers:
The Recent U.S. Inflation Experience

Prices, Wages and Workers:
The Recent U.S. Inflation Experience

President’s Message: A Commitment to Public Service and the Fed’s Mission

President Alberto Musalem

Alberto Musalem is the president and CEO of the Federal Reserve Bank of St. Louis.

Throughout its 110-year history, the Federal Reserve has been an important source of stability for the U.S. economy through ordinary and extraordinary business cycles, technological and societal changes, industrial evolution, international conflicts and unforeseen events. It has a profound responsibility to make decisions with broad and consequential effects on the well-being of the American public.

Background in Economics and Finance

Over a public and private sector career of nearly three decades in economic policy, finance and markets, I have participated in how economic policy is made in the U.S. and other countries, in different economic regimes. I have observed how business cycles ebb and flow, how inflation can rise and fall, how financial systems work and how financial crises occur and are managed. I am humbled by the opportunity to apply my background to leading the St. Louis Fed and to serving the Eighth Federal Reserve District and the nation.

Important Responsibilities of the Fed

Promoting a healthy economy and financial stability are at the heart of the Federal Reserve’s mission. Monetary policy is critical to that mission, driven by the Fed’s mandate from Congress to pursue maximum employment, stable prices and moderate long-term interest rates. The Federal Open Market Committee’s (FOMC) efforts to restore price stability are a focus of the main essay of this annual report.

I look forward to talking with constituents and communities across the Eighth District about their experiences with the economy and sharing my own perspectives as well. As has been said, economics is more than graphs and equations or supply and demand curves. It is about consistently improving the well-being of real people over time. Insights from the community engagement aspect of my role will be important input as I represent the Eighth District in monetary policy discussions at the FOMC table.

While monetary policy is an important part of fulfilling the Fed’s mission, so are its responsibilities for supervising and regulating financial institutions, providing a safe and efficient payments system, serving as fiscal agent for the U.S. Treasury, engaging in leading-edge economic research to understand the challenges of tomorrow, promoting economic education and advancing community development.

Mission and People

I believe in a mission and people approach to the success of organizations. The Fed’s mission and commitment to public service are the guideposts for all of our work at the Bank. How we do it is equally important—with integrity, transparency, competence and an inclusive, people-centric mindset. Fostering an environment of open dialogue, collaboration, analytical rigor and effective challenge helps a team solve complex problems productively, with a common purpose for a greater cause. It also promotes a culture of learning, innovation, change and growth, where people are energized and engaged by their work, feel ownership of outcomes and drive impact.

The St. Louis Fed is in great shape thanks to strong leadership from our board of directors; Jim Bullard, former president and CEO; Kathy O’Neill, first vice president and chief operating officer; and the Bank’s Management Committee. Over its more than 100 years of existence, the St. Louis Fed has had many generations of leaders and employees who have made it the strong institution it is today.

As the 13th president and CEO of the Federal Reserve Bank of St. Louis, my job is to continue to propel the Bank forward as a trusted and innovative partner within the Federal Reserve System in service to the Eighth District and the nation. I will work tirelessly with my colleagues of the St. Louis Fed, on the FOMC and throughout the System, along with the constituents in the Eighth District, to promote a strong, resilient and inclusive economy for all.

Musalem signature

Alberto G. Musalem
President and CEO
Federal Reserve Bank of St. Louis

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