BREAKDOWN: Why the Fed Keeps Denying Its Role in Increasing Inequality
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 June 2020
⏱️ 28 minutes
🧾️ Download transcript
Summary
The Federal Reserve expects low inflation, says rates will stay close to zero through 2022 and keeps lying about the role of central banks in increasing inequality.
This episode is sponsored by Bitstamp and Ciphertrace.
Today on the Brief:
- Three Arrows holds more than 6% of Grayscale Bitcoin Trust
- New platform for censorship-resistant blogging
- Coinbase announces new token potentials as anti-surveillance hodlers flood out
Today's main topic: The Fed's inequality problem
Some key takeaways from yesterday’s Federal Open Markets Committee meeting:
- Interest rates are likely to stay near zero through 2022
- Unemployment anticipated to average between 9% and 10% during last three months of 2020
- Economy expected to contract 4% to 10% this year
- No specific discussion of yield curve control
- Inflation expected to be 1.0% this year and 1.5% in 2021, lower than Fed target of 2%
- According to Chairman Powell, inequality has nothing to do with Fed policy
On this episode, NLW recaps the above and dives deeper on two of the points:
- Net inflation stats gloss over specifics, including food prices that have been rising at an annual rate of 17.5%
- The Fed’s pronounced role in exacerbating inequality by propping up artificially high asset prices, effectively locking low and middle income households out of the mechanism for economic advancement
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Transcript
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| 0:43.9 | Wondery, UK. That's audible.com slash Wondery UK. |
| 0:53.8 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 1:03.3 | This episode is sponsored by BitStamp and Cipher Trace. |
| 1:07.5 | The breakdown is produced and distributed by CoinDesk. |
| 1:12.6 | And now, here's your host, NLW. |
| 1:17.6 | Welcome back to The Breakdown. |
| 1:19.6 | It is Thursday, June 11th. |
| 1:21.3 | And today, our main theme is going to be a recap of the Federal Reserve's FOMC meeting from yesterday, what it means for the economy, |
| 1:29.0 | and some specific focus on their continued assertion that there is no relationship, |
| 1:34.1 | no correlation between Fed policy and inequality, which, as you might imagine, I have a very |
| 1:39.3 | hard time buying. But first, let's start with the brief. First up on the brief, three arrows in |
| 1:46.0 | gray scale Bitcoin Trust. So what's the news? Based on a regulatory filing requirement in the |
| 1:51.9 | U.S., we have discovered that three arrows, which is a Singapore-based investment firm, |
... |
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