Centering the Black Economic Lens on Federal Reserve Movements and Economic Indicators

Monday, May 19

• New York Fed President John Williams Speech (8:45 AM ET)

Williams’ comments on inflation and growth will be closely watched. As a key voice in rate-setting, any hawkish signals could delay relief for African American borrowers already paying higher credit premiums.

• Fed Vice Chair Philip Jefferson Speech (8:45 AM ET)

Jefferson, the Fed’s first African American Vice Chair, may emphasize equitable employment and inclusive policy. His framing will matter for HBCUs and Black communities relying on federal support and labor stability.

• U.S. Leading Economic Indicators (Apr): -0.9% (Prev: -0.7%)

A steeper decline signals weakening momentum. This typically translates into fewer job openings, reduced wage growth, and tighter lending—especially damaging for African American workers and businesses still lagging in recovery.

Tuesday, May 20

• Richmond Fed President Tom Barkin Speech (9:00 AM ET)

Barkin’s region includes southern states with high African American populations. His insights could indicate whether regional policy and economic support are filtering down to underserved communities.

• Boston Fed President Susan Collins at Fed Listens (9:30 AM ET)

One of the few women of color leading a Fed bank, Collins’ presence at Fed Listens may bring attention to community feedback. Expect mentions of wealth inequality, which remains sharpest for Black Americans.

• St. Louis Fed President Alberto Musalem Speech (1:00 PM ET)

As a new voice in the Fed, Musalem’s outlook could influence policy leanings that shape access to capital—particularly relevant in Missouri and the Mississippi Delta region, home to several HBCUs and Black rural communities.

• Fed Governor Adriana Kugler Speech (5:00 PM ET)

Kugler’s focus on inclusive employment metrics may touch on disparities in Black unemployment and wage stagnation, helping guide equitable macroeconomic planning.

Wednesday, May 21

• Fed Listens Event: Barkin & Bowman (12:15 PM ET)

These sessions are critical opportunities to elevate Black institutional voices—including HBCUs, Black banks, and civil society groups. The listening format also reflects whether the Fed is serious about closing racial wealth gaps through policy.

Thursday, May 22

• Initial Jobless Claims (May 17): 230,000 (Prev: 229,000)

Little movement here masks a troubling truth: Black unemployment remains higher than national averages, and layoffs in service sectors often disproportionately affect African American workers.

• S&P Flash U.S. Services PMI (May): 50.8 (Same as Forecast)

Marginal growth in services is a mixed bag. Black-owned service businesses may benefit from stable demand, but credit costs and supply chain inflation continue to eat into profits.

• S&P Flash U.S. Manufacturing PMI (May): 49.8 (Below Forecast)

Contracting manufacturing output threatens industrial jobs—especially for African Americans in urban centers with historic manufacturing legacies and ongoing economic vulnerability.

• Existing Home Sales (Apr): 4.12M (Prev: 4.02M)

An uptick in sales signals improved market activity, but high interest rates still lock out many African Americans from homeownership, exacerbating wealth inequality.

• New York Fed President John Williams Speech (2:00 PM ET)

Williams’ second appearance may reinforce key monetary themes. If inflation remains the top concern, interest rates are unlikely to fall—delaying housing and business growth in communities that need it most.

Friday, May 23

• Kansas City Fed President Jeff Schmid Speech (9:35 AM ET)

The Kansas City district includes Black communities in the Midwest. A pro-growth message from Schmid could be welcomed news for those hit hardest by disinvestment and population loss.

• New Home Sales (Apr): 700,000 (Forecast: 724,000)

Falling slightly short of expectations, new home sales remain sensitive to mortgage rates. Limited access to credit and developer capital continues to stall Black homeownership and real estate entrepreneurship.

• Fed Governor Lisa Cook Speech (12:00 PM ET)

The only African American woman on the Fed Board, Cook consistently advocates for equitable economics. Her remarks will likely address systemic financial exclusion and how monetary tools can close racial wealth gaps.

Sunday, May 25

• Fed Chair Jerome Powell Commencement Address (2:40 PM ET)

Though ceremonial, Powell’s remarks will be widely covered. If he speaks to opportunity and equity, HBCUs and Black institutions can press for tangible follow-through in monetary policy and research funding.

HBCU Money Insight:
This week offers a mix of sobering and symbolic moments. With inflation slowing but economic indicators weakening, the question remains whether the Fed can pivot without sidelining Black workers, entrepreneurs, and institutions. For HBCUs and Black policymakers, these events are an opportunity to press for policy that doesn’t just stabilize the economy—but transforms who it works for.