On the program today, interest rates and older workers. Between them, honestly, pretty much the future of this economy. It is Wednesday, today, 29 January. Good as always to have you along, everybody.

We are going to go back to Tennessee, our series, The Age of Work work about the changing and aging demographics of this

economy in the second half of the program. But we begin today in the halls of monetary policy

power in Washington, D.C. Fed Chair Jay Powell's press conference. I think our policy stance is

very well calibrated, as I mentioned, to balance the achievement of our two

goals. Policy stance in FedSpeak, of course, means interest rates, two goals means maximum employment

and stable prices. We want policy to be restrictive enough to continue to foster further progress or a 2% inflation goal.

At the same time, we don't need to see further weakening in the labor market to achieve

that goal.

Cutting to the chase, reading between the lines, pick your metaphor, no change in interest

rates today.

Powell says the economy is doing fine.

They're going to want to see more data before they decide when or to be clear

whether to cut interest rates again. Now, about this particular moment in this economy?

Economic forecasting is really difficult beyond just a month or two out. So in the current

situation, there's probably some elevated uncertainty because

of significant policy shifts in those four areas that I mentioned, tariffs, the tariffs,

immigration, fiscal policy, and regulatory policy. So there's probably some additional uncertainty,

but that should be passing.

We should go through that. And then we'll be back to the regular amount of uncertains.

Ah, yes, the regular amount of uncertain. It should be noted here that question number one to the

Fed chair today was about President Trump and his demand, that's the president's word the other day,

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