For the first time ever, Towson University advanced to the semifinals of the College Fed Challenge, marking a historic milestone for the College of Business and Economics (CBE). Towson competed among 139 participating schools from 36 states in the 2025 competition.
Representing the Federal Reserve’s Richmond (Region 5) District, Towson placed among the top three teams in its region—alongside Davidson College and Wake Forest University—and earned a top 18 national ranking. This is the first year Towson has advanced beyond the opening round.
This breakthrough underscores both the rising strength of CBE’s economics programs and the exceptional talent of its students, who continue to elevate Towson’s national profile.
Dr. Shuwei Zhang, assistant professor in the Department of Economics, advised the students throughout the competition. “Seeing our students reach this level is a tremendous achievement and a real tribute to their hard work,” she said. “They showed deep understanding of the U.S. economy and monetary policy, challenged themselves, and showed a level of professionalism well beyond their years. I couldn’t be prouder of what they accomplished together.”
The College Fed Challenge, hosted by the Federal Reserve System, invites undergraduate teams to assess U.S. economic and financial conditions, and formulate a monetary policy recommendation, modeling the Federal Open Market Committee. A successful presentation requires rigorous research, data-driven analysis, and the ability to clearly communicate complex ideas under pressure.
Preparation began in August, when 22 TU students—including 19 behind-the-scenes contributors—devoted months to economic research, forecasting, policy development, and intensive rehearsal. Their polished presentation and strong monetary policy argument propelled them through the opening round and into university history.
With most team members returning in 2026, enthusiasm for next year’s competition is already building. The 2025 speaking team included:
- senior Luke Ober (Mathematical Economics);
- juniors Hannah Chang (Financial Economics), Liam Walker (Economics and Political Science), and Nolan Wilson (Finance);
- and sophomores David Roda Da Costa (Economics and History) and alternate Olohittare Aghomon (Financial Economics).
The team’s development was fueled by real-world experiences outside the classroom, including an early mock presentation with industry professionals, and one at Morgan Stanley in Baltimore. These industry professionals and trained economists visited TU to run the students through rounds of tough questions, pushing them to think more critically and creatively about their analysis and presentation. These engagement opportunities sharpened their analysis and allowed students to operate like emerging economists preparing to enter the Federal Reserve ecosystem.
“The Fed Challenge opened doors for me in my career,” said Nolan Wilson, a junior studying Business Administration with a concentration in Finance. “Having this experience helped me stand out in the recruiting process and land my dream internship.”
Towson’s semifinal run concluded in early November, with Davidson College advancing from the Mid-Atlantic bracket. The young TU team has already begun preparing for next year, armed with valuable insights and feedback from this season.
“This milestone means so much for our department. It shows what our students are capable of when they’re encouraged to think critically, work collaboratively and engage with real-world economics,” Dr. Melissa Groves, chairperson of the Department of Economics, said. “The team’s success reflects the strength of our program and the momentum we’re building.”
The 2025 experience has given the team a clear sense of what it takes—and how much higher they can climb.
Fed Challenge members Liam Walker, David Roda Da Costa, and Olohittare Aghomon co-authored a research paper with Dr. Zhang expanding on the team’s competition analysis. Their work will be featured in the next issue of the Baltimore Business Review.
This year’s semifinal appearance sets a new benchmark for Towson’s Fed Challenge program. The team’s commitment, expertise, and competitive drive have elevated the university’s national visibility and laid the groundwork for future success.
Hear what the students had to say about their experiences with the Fed Challenge.
Hannah Chang, B.S. Economics, Financial Economics track
“This was my first time participating in the Fed Challenge and though it was very challenging, I felt our hard work paid off. I not only became educated about monetary policy, but I learned how to be a confident leader and create an environment where my teammates and I could collaborate. I am extremely grateful for my team members for trusting me to be the leader, Professor Jolly, our department chair Dr. Groves, and the economics department for supporting us through the entire process.”
David Rosa Da Costa, B.S. in Economics and B.A. History
“The College Federal Reserve Challenge allowed our team to be able to look at data and not do surface level analysis. When looking at the data, we had to connect it to a variety of factors and take into account how it would impact the Fed’s dual mandate. These skills I am sure will help in a future career.”
Liam Walker, B.S. in Economics and Political Science
“The competition allowed us to conquer our collective fears of public speaking. By practicing in front of industry professionals, including those at Morgan Stanley’s Baltimore office, our public speaking skills improved substantially, not just in terms of our confidence, but in our professional cadences as well.”
Nolan Wilson, B.S. Business Administration with a concentration in Finance
“The Fed Challenge opened doors for me in my career. Having this experience helped me stand out in the recruiting process and get my dream internship. Without being on this team, I would not be in the same position I am in now career-wise. All around, I became confident presenter, professional and networker through this challenge and I will most definitely be competing again next year.”