FRED Adapts to AI Era with Model Context Protocol
The Federal Reserve Economic Data (FRED) database has adapted to accommodate artificial intelligence agents. The FRED MCP Connector uses the Model Context Protocol (MCP), an open standard introduced by Anthropic in 2024, to simplify connecting FRED data with AI systems.
In a speech delivered during FRED Con at the Federal Reserve Bank of St. Louis, Governor Christopher J. Waller explained that FRED has traditionally been designed for human users but now needs to be adapted for AI agents. He noted that half of FRED's visits are from AI agents retrieving data.
The FRED MCP Connector enables users to deploy their preferred AI agent to find and retrieve data from FRED, ensuring accurate and well-documented results. The connector will help address the challenge posed by AI systems that may not accurately cite sources or interpret data correctly.