Everybody’s heard of spelling bees and science fairs, but number-savvy Iowa high schoolers are taking part in an economics competition today. The Federal Reserve Bank is holding its “Fed Challenge” in Cedar Falls, where teams of students need to know almost as much as Alan Greenspan.David Blatchley is an economic education specialist for the Federal Reserve Bank in Chicago. He says the teams of high schoolers will have to give an analysis of the current economic picture, predict where the economy is going, then detail what type of action is needed. Blatchley says it’s weighty stuff for most teenagers.Each team will have to deliver a 15-minute presentation on their monetary analysis and policy recommendations to a panel of judges — and defend what they say in a question-and-answer period. Blatchley says the Fed Challenge helps build a lot of fine character traits in young adults — including teamwork and public speaking skills.Teams taking part in today’s competition at U-N-I from 8 to 11 a-m include students from: Cedar Falls High, Cedar Rapids Washington & Monticello High. The winning five-member team from Iowa advances to the district contest next month in Chicago. The national contest is in May.