Leaders from the Federal Reserve Bank of Kansas City visited Albuquerque in early February to meet with local 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 industry representatives.
The Kansas City Fed’s outreach aims to deepen its understanding of economic conditions in northern New Mexico, which is part of the seven-state region it serves. President Jeff Schmid said that connecting directly 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 at Bueno Foods, owner Gene Baca discussed ongoing challenges such as labor market impacts from COVID-19 and increased price sensitivity among retail customers. Baca also highlighted successful partnerships with community banks that have helped his business compete effectively. Nick Sly, executive and economist at the Kansas City Fed Denver Branch, emphasized the importance of hearing directly from local decision-makers: “This outreach gives us a chance to actually hear from people who are making decisions for their workforce, households, or businesses,” Sly said. “Those discussions provide important information for President Schmid as he develops his views on monetary policy.”
The trip also featured engagement with members of the Economic Forum of Albuquerque and a roundtable discussion involving leaders 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 spoke about how board members relay local insights to 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, from buying a home or car to how often they frequent restaurants,” Esparza said.
Other participants echoed appreciation for direct engagement with Federal Reserve officials. Janice Torrez, president of Blue Cross and Blue Shield of New Mexico, called it an opportunity for collaboration among diverse business leaders: “It was not only great to work with the Federal Reserve, but it also was great to be brought together. Collectively, we can identify opportunities and collaborate for a better economy in New Mexico,” Torrez said.
Reflecting on his experience in Albuquerque, Schmid described meeting local entrepreneurs as inspiring: “To go from a kernel of white corn to one of the tastiest tamales you’ve ever eaten is just inspiring to me,” he said. He added that these interactions make their mission personal and real: “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.”
In coming months leading up to Federal Open Market Committee discussions, Kansas City Fed leaders plan to incorporate insights gathered during their New Mexico visit into broader conversations about labor indicators and inflation rates.
