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College students as the Fed

Pace University's “National College Fed Challenge” team

Pace University won this year’s “National College Fed Challenge” — an annual collegiate competition hosted by the Federal Reserve on Friday.

How it works: Students evaluate the economy and present a monetary policy decision — just like the Fed's rate-setting committee — to a panel of judges who are working Fed officials.

Details: They were also quizzed on the practicality of negative rates in the U.S. (something President Trump is keen on) and monetary policy's impact on income inequality.

  • "Probably the most intense work ethic I've ever had is preparing for this competition," said the team's captain, Scarlett Bekus — who also noted that the team prepped seven days a week as the contest approached.

The team met Fed chair Jerome Powell. Marissa Kleinbauer, a junior on Pace's Fed team, tells Axios they predict Powell will keep rates on hold until [the Fed] sees inflation consistently high for a severe amount of time.”

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