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Bulwark Takes

New Inflation Warnings from Fed; Could Iran War Raise Prices AND Cause Recession?

Bulwark Takes

The Bulwark

News, Society & Culture, Politics, News Commentary

4.71.2K Ratings

🗓️ 20 March 2026

⏱️ 57 minutes

🧾️ Download transcript

Summary

Catherine Rampell and Sam Stein are going live to cover inflation warnings from the Fed and the worsening economic outlook as the Iran war drives oil prices higher and job growth stalls.

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Transcript

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0:00.0

Okay, we're live again, Friday. It's my favorite time of the week to do a live show with

0:06.3

Catherine. I'm still subbing in for JVL, though, so it's temporary. But welcome to the pod or the

0:11.8

live show, I suppose. We need a name for this. We were talking about this a little bit before

0:14.9

you came on. We don't have a name for this show. So if people want to suggest some sort of name, do so in the comments. I threw out Dorkfest, but people didn't think that was particularly a compelling show name. You say Dork Fest? Yeah, Dork Fest, because we're dorking out. But the other one was money. Yeah, I'm okay with Dorkfest, but I don't know that it's specific enough. It's like, there are lots of varieties of dorks out there.

0:40.9

I mean, there are like national security dorks and law dorks.

0:44.6

Yeah, but not everyone can do the combination of musical theater and economics like you,

0:50.1

and that is like the twin pillars of darkiness.

0:52.8

The other one is money matters, but I was told that several people have this as a show title, so we can't use that. So to our listeners out there, this is a weekly show where we're breaking down what's going on with the economy. And we need a name. Give us a name in the comments. I'm joined by Catherine Rampel, author of receipts. Everyone should be reading that already.

1:11.8

I'm Sam Stein, managing it to bulwark.

1:13.9

Thank you for joining us.

1:15.1

We're going to talk predominantly about Catherine's newsletter, which came out last night.

1:21.7

I guess I'll just tee it up and sort of, maybe you did it too, but give people a sort of sense of how this all came together.

1:28.5

So sometimes when I drive to work in the morning to get to the office,

1:32.2

make phone calls to some of the newsletter writers to just go over things that, you know, stories, basically.

1:37.3

And yesterday I'm my drive-in, I called Catherine up, and I was like,

1:41.5

Catherine, what's the absolute apocalyptic worst case scenario for how the war will

1:47.8

impact the economy? And don't just say like 30,000 foot takeaways, but like how would it actually

1:53.3

happen? And so you then proceeded to talk for about 15 minutes straight and it really chilled me to the

1:59.1

bone. And then we decided, yeah, let's make a newsletter out of this.

2:02.9

So why don't you explain, maybe take 15 minutes or whatever you want,

2:07.0

what would be the worst case outcome of the Iran war on the economy with the caveat,

2:13.4

of course, that this is not a prediction.

...

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