A Fed Insider on the Looming Rate Cut

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 5 September 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This month, for the first time in over two years, the U.S. Federal Reserve is widely expected to cut interest rates. Mary Daly, the president of the Federal Reserve Bank of San Francisco, is one of 12 people who will decide how aggressive that cut should be. She talks to Kate about inflation, unemployment, the economy and Taylor Swift. Further Listening: - What the Stock Market Panic Says About the Economy - Why the Fed Is Steering Away From Rate Cuts Further Reading: - The Make-or-Break Moment That Will Determine the Economy’s Fate Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Hi guys, Kate, you look like you're in a closet. Yeah, welcome to my closet.
0:10.3	Okay, I'm almost ready.
0:13.0	A couple days ago, I called up Mary Daly.
0:16.0	She was at her office in San Francisco.
0:19.0	So President Mary Daly, welcome.
0:21.0	Oh, thank you. Mary is the president of the San Francisco Federal Reserve,
0:29.7	and later this month, Mary and other top officials from the Fed will make a decision that will
0:35.3	influence the fate of the U.S. economy.
0:38.8	That decision is whether it's finally time to cut interest rates and by how much.
0:45.7	Mary says their ultimate goal is to have a healthy economy.
0:50.7	What we know from all past history is a durable expansion, one that lasts a long time,
0:57.0	is the single best thing for Americans, and that's really what we were after.
1:02.0	Durable sounds like just good economy.
1:05.0	Good economy for a long time.
1:07.0	For a long time.
1:08.0	You want a good economy for a long time.
1:11.0	To achieve that, Mary and 11 other Fed officials have to figure out how quickly to cut interest rates without
1:21.1	stoking inflation again.
1:23.0	The idea is to strike just the right balance.
1:27.0	As a central banker, the commitment you have to make to do the job well
1:31.0	is to not run to a definitive answer with urgency when urgency is the very
1:38.0	thing that would cause a mistake.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Wall Street Journal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Wall Street Journal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.