On Friday, November 9, a team of five students, Jenny Johnston, Anil Menon, Justin Pomerance, Luke Skarzynski, and Monica Yordan, competed in the Fed Challenge against teams from 18 other colleges and universities in New England, organized by the Federal Reserve of Boston. The winner in Boston goes to the Federal Reserve Board in Washington later this month to compete for the national prize. The teams each present their views of the state of the economy and financial markets, their analysis of what the Federal Reserve’s role should be in achieving its twin objectives of full employment and low inflation, and their proposals for the Fed’s policy going forward. For the first time, our team was chosen to compete in the final round at the Boston Fed, against three other schools, Bentley, Dartmouth, and Harvard. The judges admitted that it was a hard decision, and awarded Bentley the top prize, followed by Dartmouth. They did not give out third or fourth prizes, but it was nice to be at least on a par with Harvard, which won the national prize last year. Our team started preparations in the spring and summer and then made a big push this fall, including practice sessions with members of the economics department and with other students in the Student Investment Committee.