Not a matter of “when” but “how high?”
Marketplace
Marketplace
4.6 • 8.6K Ratings
🗓️ 2 November 2022
⏱️ 27 minutes
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Summary
The Federal Reserve announced another interest rate increase today. On the program, we’ll unpack the key questions on Fed Chair Jerome Powell’s mind as he guides the central bank in its quest to quell rising prices. Then, it’s back to Buffalo, New York, where we visit a food truck providing better access to fresh produce and reflect on what economists could learn from the people behind macroeconomic data.
Transcript
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| 0:00.0 | The definition of pivot from the pages of Merriam Whipster to adapt or improve by adjusting |
| 0:09.2 | or modifying something. |
| 0:11.7 | Or maybe not, see if you're the Federal Reserve, from American public media. |
| 0:18.9 | This is Marketplace. |
| 0:30.0 | In Los Angeles, I'm Kai, Rizadolid is Wednesday. |
| 0:32.8 | Today, November the 2nd. |
| 0:34.2 | Good to have you along. |
| 0:36.0 | Everybody. |
| 0:37.0 | All right, so to be totally honest with you, it was a little of this, a little of that. |
| 0:41.1 | From FedChairJPOW today, yes, the main interest rate that the Fed controls. |
| 0:45.1 | It's called the Federal Funds Rate is going up another 3-quarters of a percentage point. |
| 0:49.9 | We all knew that was common and Powell has been pretty clear about why. |
| 0:54.4 | We need to bring our policy stance down to a level that's sufficiently restrictive to |
| 0:57.9 | bring inflation down to our 2% objective over the median term. |
| 1:01.5 | Here though, is the question. |
| 1:03.9 | How will we know that we've reached that level? |
| 1:06.1 | Exactly. |
| 1:07.1 | So I think you can think about our tightening program as really addressing three questions. |
| 1:11.9 | What? The first of which was, and has been, how fast to go. |
| 1:15.5 | Two. |
| 1:16.5 | The second is, how high to raise our policy rate. |
| 1:19.8 | And then three. |
... |
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