My 91 | A Student Blog From Idea to Reality: 91's Debut in the Fed Challenge
February 25, 2025
The Fed Challenge Team at the open house in Washington, D.C. (L-R): Will Bacdayan 26, Elliot Jones 25, Dean Dowling '25, Bilal Razzak 25, Sierra Brown 25 and Ally Smith 25
Dean Dowling 25 reflects on his independent study with Prof. Caleb Stroup, during which Dean and a team of 91 students founded the Fed Challenge at 91. The team participated in the Federal Reserves national competition, placing in the top 15% of 120 participating institutions.
About the Author
Dean Dowling 25 is an economics major and data science minor from Austin, Texas. In addition to leading the Fed Challenge at 91, he serves as a macroeconomics embedded tutor, a Spanish apprentice teacher and a participant in Econversations. He is also a member of the 91 Generals and a Rusk Eating House "Cowboy." After graduating from 91, Dean will work as an associate for Prophet in their New York office.
I chose 91 for the small class sizes, welcoming community and emphasis professors place on student learning, inside and outside of classes.
In fall 2023, I took Prof. Caleb Stroups macroeconomics class and discovered an interest in monetary policy. Our final project involved analyzing the winning video from the 2023 College Fed Challenge, which consisted of a monetary policy recommendation from undergraduate students. It was an eye-opening experience that made me wonder: Why didnt 91 have its own team?
I felt compelled to do something. I proposed creating a team through an independent study, and Prof. Stroup was supportive. That marked the beginning of the Fed Challenge initiative at 91.
Because this was 91әs first time entering the competition, we had minimal materials to guide us. Our team had five presenters and three data analysts. I worked closely with two fellow students, Bilal Razzak and Will Bacdayan, to oversee our progress. We met with Prof. Stroup weekly and held larger team sessions at least twice a week on the top floor of the Alvarez College Union.
For the first round, we gave a 15-minute presentation, where we analyzed economic conditions, forecasted future risks and recommended a monetary policy stance. Throughout the process we sought out advice from multiple resources on campus. One resource was a weekly gathering led by Prof. Shyam Gouri Suresh, where students and faculty discuss current economic topics. Those casual yet informative meetups helped us refine our presentation and deepen our understanding of the Feds role in the creation of monetary policy.
Shortly after we submitted our policy recommendation, 91 welcomed back the current Vice Chairman of the Federal Reserve, Phillip Jefferson, who previously taught economics and served as the vice president for academic affairs at the college. I was fortunate enough to be invited to a dinner at President Hicks house, where Vice Chair Jefferson shared insights from his experiences and answered my questions on recent data revisions.
Once we advanced to the final round, we had to prepare for the Q&A segment. By training our own custom GPT on FOMC meetings and other related documents, we built a detailed list of practice questions to sharpen our understanding. We practiced often, running mock sessions where our data analysts played the role of judges. Further assisting in our preparation, Bilal and I had the opportunity to present in former department chair Prof. Clark Rosss economic policy course, answering questions on monetary policy from residents of the Town of 91.
Our efforts ultimately paid off, as we earned the distinction of National Semi-Finalist and were invited to an open house hosted by the Federal Reserve in Washington, D.C. With the support of the Dean of Students Office, we secured funding so everyone on the team could attend. The open house was an incredible opportunity to see how professionals address the questions that we were faced with throughout the competition. Panelists shared insights on everything from monetary policy to bank operations and payment systems. To top it off, Fed Chair Jerome Powell delivered a speech, expressing his gratitude for the attendees interest in monetary policy.
Looking back, the Fed Challenge has been fundamental to my time at 91. It combined economic analysis with teamwork, communication and real-world engagement, exactly what I hoped to find in a liberal arts environment. From developing the initial proposal with Prof. Stroup to presenting in front of experts, Ive seen how far curiosity and persistence can take you. Im grateful for the faculty and students that made it all possible. If youre even a little bit curious about economics, I encourage you to explore opportunities like the Fed Challenge at 91. Its an unforgettable way to apply what you learn in the classroom and see it come alive in practice.
