Welcome to the Reason Roundtable, your weekly Libertarian podcast from the magazine of Free Minds and Free Markets.

I am Matt Welch sitting in at Point Guard for a vacationing Peter Souterman, but joined as usual by Nick Gillespie, Catherine Mangue Ward. And returning special

guest star, Eric Bame. Hi, everyone. Howdy. Hey, Matt. Before we start officially a quick

note slash request, if you're a fan of the Reason Roundtable, and of course you are,

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Do it today.

You'll be glad you did. And so forth. All right. On Friday. Is that a cracker barrel gift card I hope? I can only. Yeah. A cracker or a gift card with the old logo on it. So it's actually worth more. My sister, my oldest sister, once worked as a barkeep in a cracker barrel in Long Beach, California, or like, was it Lakewood?

At any rate, that is now a McDonald's, and that is the direction of the country is going in.

And, you know, sorry for it.

Let's get to the actual news on Friday in Jackson Hole, Wyoming.

And why is it always in Jackson Hole,

Wyoming? I suppose there's an answer to that, but I don't know it. The embattled Federal Reserve Chairman Jerome Powell said, and I quote, this unusual situation suggests that downside risks

to employment are rising with policy and restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."

That seemingly momentous shift in tone sent the equities markets flying high at the end of Friday on the expectation of a

previously unforecasted Fed Open Markets Committee rate cut when they meet next in September.

It also comes after months and months of jawboning from Donald Trump and his economic advisors,

complaining that Powell wasn't moving quickly enough to make money cheaper.

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