Fed signals more economic pain to come
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 22 September 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
The Federal Reserve raised its benchmark interest rate by 0.75 percentage points for the third time in a row on Wednesday, and Credit Suisse has drawn up plans to split its investment bank in three. Plus, the FT’s Hannah Murphy explains how companies, and the negotiators they hire, deal with a ransomware attack.
Mentioned in this podcast:
Jay Powell refuses to rule out US recession after third 0.75% rate rise
The ransomware game: test your skills in the world of hackers and negotiators
Credit Suisse considers splitting investment bank in three
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.6 | Today is Thursday, September 22nd, and this is your FT News Briefing. |
| 0:18.3 | The Federal Reserve raised rates again, and Chair Powell made it clear the Fed won't ease up. |
| 0:24.1 | The FT's got a scoop on a potential big shake-up at Credit Suisse, |
| 0:27.9 | plus we'll find out what companies do these days when they're hit by a ransomware attack. |
| 0:33.4 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:45.2 | The Federal Reserve raised interest rates by 75 basis points on Wednesday, |
| 0:49.3 | and Chair Powell made it clear the Fed will remain tough on inflation, |
| 0:53.6 | even if it means economic pain. He did not rule out a recession. |
| 0:58.0 | The chances of a soft landing are likely to diminish to the extent that policy needs to be |
| 1:03.1 | more restrictive, or restrictive for longer. |
| 1:06.9 | This means keeping rates higher for longer. |
| 1:09.8 | New projections show the benchmark federal funds rate rising to 4.4% by the end of this year. |
| 1:15.9 | Here's the FT's Colby Smith. |
| 1:18.1 | The Fed's message is clear cuts. They're not backing away from the fight against inflation |
| 1:23.4 | anytime soon, and they're not pausing the tightening cycle anytime soon, |
| 1:28.5 | and they're definitely not cutting interest rates anytime soon. |
| 1:32.4 | Colby, I'm very interested about what happened in the markets yesterday, |
| 1:36.5 | because as soon as the announcement came out that the Fed was going to raise interest rates again, |
| 1:42.5 | markets fell off a cliff. But then, as Jay Powell was talking, |
... |
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