95% of the time "The Fed" gets used in a backhanded way. So i get that. It was created to be said with disdain.
"New York" was always a thing and should always remain a thing for the history of it all.
Cody Rhodes says he blanks out when somebody refers to WWE as 'The Fed.'
“This has been a big discussion about etiquette and paying dues and that old-school (mentality). I don’t know where this really came from, but I’ve had a couple of really old guys make the joke, ‘Oh, now I know you’re stiff’ (after a handshake), but I don’t know any wrestler that I’ve really respected, and I respect like every wrestler, but I can’t recall one that did that. You know how people say, ‘New York’? ‘Oh, he went to New York.’ When I hear that, I know you don’t know anything about the modern world. It feels like it’s this old thing that the indies kept and that’s no longer how we say thing anymore, or ‘The Fed.’ If somebody hits me with ‘The Fed,’ I’m blanked out already. It feels passed down in the wrong way."
(What Do You Wanna Talk About?)