For Molloy University business students, some of the world’s most influential financial institutions are not an abstract concept or a faraway destination. They are less than an hour away.
On September 18, a group of business students traveled into New York City with Steve Kent, Assistant Professor of Economics and Finance, for an immersive look inside the New York Stock Exchange (NYSE) and Federal Reserve Bank of New York. The experience brought students beyond the classroom and into the environments where markets move, economic policy takes shape and many careers in business and finance begin.
At the Federal Reserve, students had the opportunity to hear directly from John C. Williams, president and CEO of the Federal Reserve Bank of New York, as he discussed the state of the economy and topics including inflation, unemployment and R-star, the estimated interest rate that neither stimulates nor restricts economic activity.
For Kent, hearing those concepts discussed by one of the nation’s leading monetary policymakers was an opportunity for students to connect economic theory with the decisions and conversations taking place beyond the classroom.
“When they heard John Williams talk about inflation, unemployment, R-star and other metrics, these are things we talk about in class and focus on in theory,” Kent said.
The visit also offered a glimpse into an institution whose role in the financial system extends well beyond monetary policy. Students saw firsthand the significant security surrounding the Federal Reserve Bank of
New York, which houses one of the world’s largest known stores of monetary gold in a vault deep below its Manhattan headquarters.
At the New York Stock Exchange, students encountered another side of the financial world and saw how decades of technological change have transformed one of Wall Street’s most recognizable institutions. While the trading floor remains synonymous with American finance, much of the activity that once took place face-to-face is now conducted electronically, dramatically changing the role and number of brokers physically operating on the floor.
For students studying business, economics and finance, witnessing that evolution firsthand offered context that cannot always be captured in a textbook.
Experiences like the September visit also demonstrate one of the opportunities that comes with pursuing a business education at Molloy: proximity to New York City and the expansive professional landscape that comes with it.
Major banks, investment firms, hedge funds and businesses across countless industries operate just miles from Molloy’s Rockville Centre campus, creating opportunities for students to pursue
