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The Intelligence from The Economist

Powell’s points presentation: the Fed raises rates

The Intelligence from The Economist

The Economist

Global News, Daily News, News

4.53.7K Ratings

🗓️ 5 May 2022

⏱️ 25 minutes

🧾️ Download transcript

Summary

Prices in America are rising faster than at any time in the past 40 years. In response, the Federal Reserve has made its steepest interest-rate hike in 20 years. Will it be enough to tame inflation while not tipping America into recession? Shanghai’s residents are growing restive after a long lockdown. And Nelson Mandela’s name and legacy are being used to sell a growing range of consumer goods.

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Transcript

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0:00.0

Hello, I'm Jamie and I am Alex and we host a podcast together called Private Parts

0:05.9

Which is currently being sponsored by St. Spreys who are teaming up with comic relief this Christmas to help tackle food poverty

0:13.2

That's right and by donating you can help too

0:15.7

St. Spreys are giving you the chance to become a super secret Santa by matching your donations up to the value of

0:22.0

1.5 million pounds to comic relief be a super secret Santa and help

0:25.9

Norris the nation with St. Spreys this Christmas by rounding up your bill or gifting key food items donate in store or online for full terms and charity details

0:34.9

Go to sainsprees.co.uk forward slash nourish hyphen the hyphen nation

0:40.3

Happy Christmas

0:48.8

Hello and welcome to the intelligence from the economist in New York. I'm your host John Fassman

0:56.0

Every weekday we provide a fresh perspective on the events shaping your world

1:02.6

China has tried to control COVID spread through lockdowns and quarantines rather than mass vaccination

1:07.8

That approach has confined many of Shanghai's 25 million residents to their apartments for more than a month and they've become increasingly

1:15.2

Restive and vocal

1:18.9

And few politicians are remembered with as much affection and respect as Nelson Mandela South Africa's first democratically elected leader

1:26.8

But who do his name and legacy belong to and should they be used to make money?

1:40.6

First up though

1:48.0

The United States Central Bank the Federal Reserve has faced widespread criticism for letting inflation get out of control

1:54.5

In America consumer prices rose by 8.5% in March compared with a year earlier a four-decade high

2:03.0

The chairman of the Fed Jerome Powell had said the bank was committed to bringing the inflation rate back down to a target of 2%

2:11.0

Yesterday we saw the strength of that commitment

2:14.5

So the Fed announced that it's increasing interest rates by half percentage point

2:19.1

It's the first time that has done a rate increase of this size since the year 2000 Simon Rebinevich is our U.S. economic

...

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