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Marketplace. Sometimes with the economy what you need is a really good explainer. We got you

covered from American public media. This is Wednesday, today. This one is the 23rd of October. Good as always to have you along everybody. It is way too easy for people who spend

way too much time on in or covering economic policy, present company unfortunately sometimes included. To forget that for regular

people, people who don't live and breathe this stuff, it can all be a little

opaque. Like the Fed cut interest rates, fine, but what does that actually, you know, mean?

So we called Marketplace as Mitchell Hartman the other day and said, hey, Mitchell, would you make it all make sense, please?

The Federal Reserve has two basic goals, what's called its dual mandate, legislated by Congress,

to pursue stable prices and maximum employment.

And it's mostly been questing after the first one,

keeping interest rates high to bring inflation under control.

But this summer, cracks started to appear in the second Fed mandate

to make sure as many people as possible have jobs, says former Fed economist Claudia

Somme now at New Century Advisors.

Unemployment started creeping up.

It started to get harder to find jobs.

But what we've seen is just some reluctance to go out and hire new workers.

And that's where the Fed's starting to lower interest. to go out and hire new workers.

And that's where the Fed's starting to lower interest rates can help,

...