Is the Fed getting closer?
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 11 July 2024
⏱️ 28 minutes
🧾️ Download transcript
Summary
Inflation cooled for the third straight month in June, and borrowers hope rate cuts come soon. But will enough “good data” show up to ease the risks of a flare-up in prices? We break down the Fed’s decision-making process — and explain why shelter prices are one thing holding the central bank back. Also in this episode: Workers at the Port of Baltimore are full steam ahead as the region recovers from the Key Bridge collapse, and a SCOTUS decision opens the door to changes in tribal nation health care management.
Transcript
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| 0:38.6 | Some good news on inflation, but when will it be good enough from American public media? |
| 0:46.8 | This is Marketplace. In Baltimore, I'm Amy Scott in for Ky Rizdahl. It's Thursday, July 11th. |
| 1:01.0 | Good to have you with us. Around here there are certain days of the month |
| 1:04.3 | that we get pretty excited about and today was one of them inflation day or the |
| 1:09.6 | day when the Bureau of Labor Statistics publishes its latest consumer price index. |
| 1:15.1 | And this one was pretty good. |
| 1:17.0 | On a year over year basis, the inflation rate fell for the third straight month. Prices were up 3% compared to last June. That's down for more |
| 1:27.1 | than 9% inflation just two years ago. The Fed has been saying repeatedly it wants to see more good data before |
| 1:35.9 | officials feel comfortable cutting interest rates. So how does this stack up? |
| 1:40.7 | Marketplace's Daniel Ackerman gets us started. Stack But Paul Ashworth, with capital economics, can't really say whether this data is good enough |
| 1:55.2 | that maybe, just maybe we'll see some interest rate cuts soon. |
| 1:59.3 | The Federal Reserve is obviously a bit vague about exactly what he's looking for. |
| 2:04.0 | But he says we do have some clues. |
| 2:06.4 | For months now, annual inflation has been inching closer to the Fed's target of 2%. |
| 2:11.9 | And then there's the labor market. Stephen Friedman with McKay Shields says it's finally starting to soften a bit. |
| 2:18.0 | I would describe it as strong but not tight. And that's a subtle difference, but what it means is that the labor market is no longer a source of meaningful inflationary pressure. |
| 2:27.0 | And when you zoom way out to the entire economy, there are signs that it's cooling down, says Lauren Seidel Baker with ITR economics. |
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