Can the yield curve still predict recessions?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 23 January 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
An inverted yield curve is sending jitters across the US economy, Japanese IT conglomerate Fujitsu is in hot water over its involvement in the UK Post Office scandal, and new details have emerged over how the SEC’s X account was hacked.
Mentioned in this podcast:
UK Post Office scandal exposes risks of Fujitsu’s hands-off approach
Yield curve adds to mystery over US economy
SEC says bitcoin X breach came after phone number was swapped
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva, Gavin Kallmann, and Josh Gabert-Doyon. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | Good morning from the Financial Times. Today is Tuesday, January 23rd, and this is your |
| 0:17.3 | F.T. news briefing. |
| 0:20.4 | We now know how the SEC's X account got hacked and the US economy is humming along, but I have three words for you. |
| 0:29.0 | Inverted Yield Curve. |
| 0:31.0 | Since 1960, it's only once suggested there will be a recession and it was wrong. |
| 0:37.6 | Every other time the yield curve calls the recession. |
| 0:40.5 | Plus a huge IT company in Japan is in hot water over its role in the UK Post Office scandal. |
| 0:46.0 | I'm Mark Filipino and here's the news you need to start your day. The ex-account of the Securities and Exchange Commission got hacked a few weeks ago. |
| 1:05.3 | Someone posted from the account right before the SEC green-lit Spot Bitcoin Exchange |
| 1:11.4 | Traded Funds. |
| 1:12.4 | It made it seem like the SEC had Bot Bitcoin Exchange Traded Funds. |
| 1:13.0 | It made it seem like the SEC had already granted approval, which threw the whole world |
| 1:17.8 | of cryptocurrency into chaos. |
| 1:20.6 | The SEC said yesterday that the hack happened after someone took control of the cell phone linked to the X account. |
| 1:27.0 | They did it through something called a Sim swap, which basically involves transferring a phone number to a different device |
| 1:34.4 | without the owner's permission. The hacker then changed the SEC's |
| 1:38.2 | X password. Another interesting tidbit, the SEC said that it asked X to disable multi-factor |
| 1:44.9 | authentication a few months prior to the attack due to, quote, issues accessing the account. |
| 1:52.1 | It's back on now for pretty obvious reasons, |
| 1:54.6 | but I think there's a lesson there for all of us folks. |
... |
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