Federal Reserve slows pace of rate rises
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 2 February 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
The US Federal Reserve increased its benchmark interest rate by a quarter of a percentage point on Wednesday, Adani Enterprises called off its $2.4bn equity fundraising, and banks that lost billions from the Archegos Capital Management meltdown will get back as little as 5 cents on the dollar. Plus, the FT’s Cristina Criddle looks at a new social media app launched by the founders of Instagram.
Mentioned in this podcast:
Federal Reserve shifts to quarter-point rate rise but warns of more to come
Adani Enterprises calls off $2.4bn share sale
Banks to recoup as little as 5 cents on the dollar in Archegos restructuring
Instagram founders launch Artifact to rival Twitter and tackle misinformation
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 |
| 0:10.1 | Good morning for the financial times. |
| 0:11.7 | Today is Thursday, February 2nd, and this is your FT News Briefing. |
| 0:19.0 | The Federal Reserve announced a smaller rise in interest rates yesterday. |
| 0:22.8 | We'll talk about what the Fed is signalling for the future. |
| 0:25.6 | A Donnie billed on a massive stock sale, another blow for the Indian conglomerate. |
| 0:31.0 | Plus, the FT's Christina Crittle has the lowdown on a new app from the founders of Instagram, |
| 0:36.5 | and it's not about photos. |
| 0:38.5 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:48.7 | The Fed raised its benchmark interest rate yesterday by 25 basis points, |
| 0:53.2 | but it was a downshift for the Fed after a string of bigger increases. |
| 0:58.0 | With today's action, we have raised interest rates by 4.5 percentage points over the past year. |
| 1:03.8 | To help translate the latest signals from the central bank, I'm joined now by the FT's Colby Smith. |
| 1:08.4 | Hey, Colby. |
| 1:09.2 | Hi, Mark. |
| 1:10.4 | Okay, so I want to play this clip of Fed Chair Jay Powell from yesterday's press conference |
| 1:15.4 | after the meeting. He was responding to a question about why the Fed had raised rates again, |
| 1:20.6 | even though the last few inflation reports have been a lot better. |
| 1:25.5 | And we're talking about a couple of more rate hikes to get to that level we think is |
| 1:30.7 | appropriately restrictive. And why do we think that's probably necessary? |
| 1:34.4 | We think because inflation is still running very hot, we're of course taking into account |
... |
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