The competition encourages undergraduate students to learn about the U.S. economy, monetary policymaking and the role of the Federal Reserve System

Citlalli Chávez-Nava

UCLA secured third place in the prestigious National College Fed Challenge, an annual team competition that invites undergraduate students to learn about the U.S. economy and monetary policymaking, simulating the work of the Federal Open Market Committee (FOMC). The finals were held in Washington, D.C., on Nov. 21. 

This year’s UCLA team included five student presenters chosen from a group of 25 students enrolled in a spring quarter course that prepares students for the fall competition. During the first round of the challenge, the UCLA team recorded a video outlining their federal policy proposal, opting to hold interest rates steady, a decision which differed from both the Federal Reserve (the central bank of the United States) and many other university teams who proposed cutting interest rates.

“This difference reflected the students’ analysis that dealing with inflation was still a pressing concern even as the labor market began to weaken,” said Chris Surro ‘20, assistant adjunct professor of economics at UCLA and the team’s head coach.

After the video submission, UCLA’s team moved on to the semifinal round, which consisted of a remote question and answer sessions with judges from the Federal Reserve system and eventually to the final round in Washington D.C., where students had to perform their presentation in person followed by live questions from judges.

“Our UCLA team had great teamwork and chemistry. They were extremely well prepared and showcased tremendous poise throughout the competition,” said Surro. “During our preparation, we emphasized ‘sounding like an economist,’ using the jargon and language that economists use, the students accomplished this extremely well.”

Surro said UCLA’s team also relied on other classmates who worked behind the scenes, helping with research, making slides and graphs and writing scripts. Student teams were evaluated on their economic analysis, responses to the judges’ questions, teamwork and presentations.

Surro has advised the team since UCLA entered the competition in 2021. Initially, participation in the Fed Challenge was an unstructured, informal effort. Today, under Surro’s guidance, students prepare for the challenge through a dedicated course and collaborate closely with faculty and peers.

Third-year economics major Terrence Yu, one of this year’s UCLA team members, reflected on his recent experience.

“The most memorable part of the Fed Challenge was stepping inside the Federal Reserve building, where our team met Fed Governor Michael Barr,” he said. “Presenting our monetary policy recommendation in the actual FOMC boardroom to Federal Reserve economists, alongside my teammates, was truly a surreal and unforgettable experience.”

Yu said participating in the competition provided him with invaluable insights into economic policymaking.

“Before the Fed Challenge, I viewed monetary policy as fairly black-and-white, but stepping into the shoes of the FOMC showed me how nuanced and complex policymaking truly is. In an environment like today, every decision requires rigorous analysis of competing data, careful judgment under uncertainty and an awareness that every choice will be scrutinized,” he added.

The College Fed Challenge organizers praised the UCLA team for being so competitive despite this being only their fifth year in the program. Earlier this fall, UCLA’s Fed Challenge team won their division title, which earned them a spot in the finals.

In total, UCLA’s team has won four division titles and has earned two third place finishes during the final competition. This year’s College Fed Challenge included 139 schools from 36 states across the nation. Pace University earned first place, and Harvard College placed second.

“I thank these students for the dedication, creativity, and analytical skills they demonstrated as they grappled with real-world economic challenges,” said Federal Reserve Chair Jerome H. Powell in a statement.

Yu said he encourages sophomores and juniors interested in economic policy to apply to the class when applications open during winter quarter.

“The Fed Challenge offers a rare chance to dive deeply into both theory and real-world application while developing valuable technical and soft skills. It’s also one of the few opportunities to be part of a smaller, tight-knit economics class at UCLA and build lasting friendships.”

UCLA’s 2025 National College Fed Challenge Team:

Student team members: Blake Balak (4th year), Jiya Barman (4th year), Terrence Yu (3rd year), Loretta Lye (4th year), Valentina Alencar Barros (4th year).

Student support team: Michelle Chen, Matthew Cherfane, Christian Helleberg, Anshika Khandelwal, Misha Canin, Sebastian Diaz, Kristina Gharibyan, Lily Aronovitz.

Coaches:

Head Coach: Chris Surro ’20, Adjunct Assistant Professor

Assistant Coach: Ali Haider Ismail, UCLA PhD student

UCLA’s Department of Economics also thanks their Board of Visitors members John Bucher, Terry Kramer, Albert Lee, Elizabeth Obershaw and Tracy Stuart for funding the trip.