Leaders from the Federal Reserve Bank of Kansas City visited Albuquerque in early February to meet with 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 local industry heads.
The trip aimed to give the Kansas City Fed a direct understanding of economic conditions in northern New Mexico. This region is part of the seven states represented by the Kansas City Fed at the Federal Open Market Committee. President Jeff Schmid said that connecting with business owners is essential for promoting financial and economic stability. “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, Gene Baca, owner of Bueno Foods, discussed ongoing challenges such as labor market impacts from COVID-19 and increased price sensitivity among retail customers. Baca also noted that partnerships with community banks have helped his business maintain access to capital. Nick Sly, executive and economist at the Kansas City Fed Denver Branch, said these conversations are important for informing monetary policy decisions. “This outreach gives us a chance to actually hear from people who are making decisions for their workforce, households, or businesses,” Sly said.
The visit also included engagement with members of the Economic Forum of Albuquerque and a roundtable discussion featuring representatives 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 highlighted how insights from local communities inform central bank policy 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,” Esparza said.
Janice Torrez, president of Blue Cross and Blue Shield of New Mexico, described the roundtable as an opportunity for collaboration among diverse business leaders. Natalie Cordova, executive director of the New Mexico Education Trust Board, emphasized that such visits help ensure representation for smaller states like New Mexico.
Reflecting on his experience in Albuquerque, Schmid said he was inspired by local entrepreneurship and community development efforts. “Meeting the people who are doing the work in Albuquerque and seeing how important that work is to their community and livelihood makes our mission very personal and very real,” Schmid said.
In coming months leading up to Federal Open Market Committee discussions, Kansas City Fed leaders plan to incorporate feedback gathered during their New Mexico visit into broader economic analyses.
