All right, we had that Powell speech. Now what happens? From American public media, this is Marketplace.

In Los Angeles, I'm Kyle Rizzdahl. It is Friday. Today, this one is the 22nd of August. Good as always to have you along, everybody.

Chair Powell spoke today for about 22-ish minutes, about 3,200 words if you want to measure it that way. That's not counting the footnotes, though. Tell me, by the way, this was a speech by a central banker without telling me it was a speech by a central banker right footnotes anyway that is the point

of departure for the top of the program today kate davidson is a bloomberg hellow long as a chief

economist at navy federal credit union hey you too hi kai kai kate you get to go first uh now that we've had

what six eight hours to digest that speech.

What sticks with you?

Sure.

So, I mean, I think that the biggest takeaway was that Chair Powell seemed to be opening,

clearly, you know, opening the door to an interest rate cut at the Fed's next meeting in September.

He didn't say September.

He didn't even use the word soon, but it kind of felt like that's what he's leaning into,

right?

You know, we've heard from Powell's colleagues, various Fed officials, and a number of them

have kind of signaled that they are open to this.

And, you know, that is despite worries that they've expressed all

year about inflation from tariffs. You know, they've said prices could be going up, but when we want to

wait and see how that filters through the economy. But it feels like they're getting to a point now

where they just can't wait too much longer. And that was, I think, the big idea from Powell's speech today.

Heather Long, same question to you. What stuck with you? Yeah, beyond the September rate cut,

big opening for that. I think what stuck with me is two things. Number one, he did basically a

180 on the labor market. Now he's talking about all the downside risk to employment arising

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