Federal Reserve executive visits Jefferson County

The regional executive of the Louisville branch of the Federal Reserve Bank of St. Louis visited Madison last Thursday to get a sense of the local economy in Jefferson County.

Seema Sheth, who has served in the role since December of 2021, said her role helps to provide information for Federal Reserve Board in making its decisions on interest rates.

"We look at a ton of data to figure out what's happening in the economy. We also try to figure out anecdotally what's happening," said Sheth, on the reason for her visit to Jefferson County where she visited Arvin Sango and Grote Industries, took a tour of Madison on the trolley and participated in a roundtable with business leaders at the Madison Area Chamber of Commerce.

"To know what is going on in all the micro economies, the best way for me to do it is to come and see what's going on. I haven't been here yet, and I see a lot of growth in the area, and wanted to come down to visit," said Sheth.

"The data is useful but you need more than just data," said Sheth. "Data is backward looking, I want to know what's forward. Anecdotes are data before it becomes data."

"The federal funds rate for the entire country but the economy in San Francisco will be different than the economy in Madison, Indiana … To get the pulse of what's happening, oftentimes that is best done by listening to people who are living the story. You are living your economy, tell me what's great about it, what are the pain points, what are you excited about for the future, and what's holding you back."

Sheth said she was impressed with Jefferson County. "It's phenomenal. It's just gorgeous. I decided to come back when the leaves change because it's going to be great to see," she said. "Certainly, it's a little jewel in my region. I think it has a very interesting economy. It has a manufacturing base growing in tourism."