Old Westbury, NY – A team of NYIT School of Management students has advanced to the semi-finals of the Federal Reserve Bank of New York's College Fed Challenge, the best showing since NYIT began competing in 2006.

The five-member team battles against eight semi-finalists on the morning of November 14. If the team wins in the semi-final round, it will compete against two other finalists in the afternoon.

The annual challenge requires teams to make a policy recommendation to a Federal Reserve Bank committee that deals with the interbank lending rate, known as the federal funds rate. Teams present their ideas, accompanied by numerous charts and information about economic indicators such as consumer data and unemployment, and then defend their recommendation before judges.

High Marks for Teamwork

In last week's competition, NYIT's team scored 18 out of 20, earning the highest marks possible for its knowledge of current economic conditions and teamwork.

"All seemed relaxed and comfortable in answering questions," the judges wrote on a score sheet.

"The stronger points of our presentation were the hard work, team effort and the fact that every single member of the team was able to contribute equally in the Q&A section of the presentation," said Nicolas Jubera, a finance major who ran through his house to wake a teammate and share the good news earlier this week.

Jubera is one of three members of the Fed Challenge team who are also members of NYIT's men's tennis team. The others are Pedro Peixoto (captain of both the Fed Challenge team and the men's tennis team) and Julio Pulido.

In the initial Fed Challenge round, NYIT advanced over teams from numerous local colleges, including NYU and Fordham. Teams in the finals include Columbia, Hamilton, Pace, and Rutgers.

"The competition is tough and they did well," said advisor and Finance Professor Paul Kutasovic. "They practiced a lot, studied hard, and worked hard and they put it together at the right time."

Researching Today's Economy

Finance major Peixoto, veteran of two previous challenges, said he felt confident that the team would advance.

"Economic analysis covers many aspects, but the Fed Challenge presentation is about choosing the material that best supports your recommendations," said Peixoto.

"Everyone had to know about everything," added Pulido, a finance major, who credited Peixoto and Kutasovic for pushing the team's research and analysis throughout the semester.

Team members said they will continue to refine their work in the week leading to the final at the offices of the Federal Reserve Bank of New York.

"We will keep tracking the updated indicators of the economy because our recommendation depends on the data," said Junfei Zheng, a finance major.

"We've gotten this far – all we need is a fighting chance," added team member and management major John Lipovac.

Supplementary team members are Jingging Zhang and Xinya Zhou.

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About NYIT

New York Institute of Technology (NYIT) offers 90 degree programs, including undergraduate, graduate, and professional degrees, in more than 50 fields of study, including architecture and design; arts and sciences; education; engineering and computing sciences; health professions; management; and osteopathic medicine. A non-profit independent, private institution of higher education, NYIT has more than 12,000 students attending campuses on Long Island and Manhattan, online, and at its global campuses. NYIT sponsors 11 NCAA Division II programs and one Division I team.

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Elaine Iandoli
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