Here's a simple activity to allow your students to see economic principles in action through Fed Chair Powell's March 16th news conference. Thanks to NGPF's Ren Makino and Melody Chou for turning around this concept in record time. They created time stamps for the questions that Chair Powell answered in the news conference, These show notes guide students working in groups so they know where to find answers to this short quiz with 8 questions. 

Quick synopsis of the activity: 

1. Form student groups of 3-4
2. Each group will work together to complete the short quiz (8 questions) 
3. Answers to the quiz questions can be found by going to the news conference video. Each of the questions has a time stamp where the answer can be found. 

For those who want to edit this form and add/edit questions, here's a link to an editable form. 

Timestamps:

• 0:00~7:30 Introductory Statement
• 7:30~8:55 Weighing the risk of recession to embedded inflation
• 8:55~11:03: Reduction in GDP projections from FED driven by spillover effects from Ukraine invasion
• 11:03~13:05: When do you expect to see inflation will start to come down due to fiscal aid being reduced, higher interest rates and supply chain issues clear up
• 13:05~15:15 Higher oil prices and supply chain issues leading to inflation pressure
• 15:15~18:30 Impact of the Fed raising interest rates on inflation rates
• 18:30~21:48 Future meetings on raising interest rates
• 21:48~23:33 Fed’s ability to curb inflation
• 23:33~25:04 Impact of service inflation
• 25:04~28:35 Why do unemployment expectations remain low even in light of the monetary tightening by the Fed?
• 28:35~31:11 Is it possible to reduce consumer demand without raising unemployment rates?
• 31:11~33:31 Older workers returning to the workforce
• 33:31~36:18 Shifting away from pandemic-era policies
• 36:18~38:15 Plans to shrink the balance sheet
• 38:15~42:12 Framework to anchor inflation expectations
• 42:12~44:03 Message to the general public on lowering inflation
• 44:03~45:39 Message to consumers struggling due to inflation
• 45:39~47:25 Message to workers fearing a recession
• 47:25~48:45 Long term concerns of sanctions on Russia
• 48:45~51:42 Are we seeing the possible beginning of a wage price spiral?
• 51:42~54:28 Looking back on policy decisions in hindsight

Have any suggestions on making this activity even better? Drop me a line at tim@ngpf.org

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Did you know that NGPF has an Economics Directory? It categorizes more than 150 NGPF activities into 11 Economics topics. Check it out here. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.