Rate cut? So what?
Marketplace
American Public Media
4.6 • 8K Ratings
🗓️ 23 September 2025
⏱️ 26 minutes
🧾️ Download transcript
Summary
Newly appointed Fed governor Stephen Miran has argued the federal funds rate should be a full two percentage points lower than its current level. A major cut like that could lower bond yields and reduce borrowing costs, spurring spending. But longer-term, inflation would likely balloon. After that: Auto dealers face new obstacles as EV tax credits end, a traveling nurse navigates frequent moves, and U.S. economic growth is “more resilient than expected," according to an OECD report.
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Transcript
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| 0:00.0 | What if we covered the Federal Reserve differently, huh? |
| 0:07.6 | From American public media, this is Marketplace. |
| 0:16.1 | In Los Angeles, I'm Colin Risdahl. |
| 0:23.1 | It is Tuesday, today the 23rd of September. |
| 0:26.3 | Good as always, to have you along, everybody. |
| 0:29.1 | All right, so here's my idea. |
| 0:30.8 | Actually, the executive producer of this program thought of it must give her credit where credit is due. |
| 0:36.5 | But you know the NFL's red zone coverage |
| 0:39.0 | where you pop in and out of games at key moments, touchdowns, turnovers, great plays, what have you? |
| 0:44.6 | That, but for coverage of the Federal Reserve. There are 16, count them 16 speeches by officials |
| 0:51.4 | from the central bank this week. Obviously, we're not going to red zone |
| 0:55.5 | them on you, much though we may want to, but we are going to concentrate on two of them. |
| 1:00.8 | Chair Powell was up today. He said, among other things, that there is no, and this is a quote, |
| 1:05.7 | no risk-free path for the Fed to get inflation where it wants it to be, which basically means |
| 1:10.5 | the job |
| 1:11.3 | markets a risk factor as are higher prices. So there's that. Brand new Fed Governor Stephen |
| 1:17.2 | Myron spoke yesterday and argued as he has during his time working directly for President |
| 1:21.4 | Trump that interest rates are just too high right now and said, again quoting, that the appropriate Fed funds rate is in the |
| 1:29.3 | mid-2% area, almost two percentage points lower than current policy, end of quote. |
| 1:36.2 | It's unlikely at best that the other 11 voting members of the Federal Open Market Committee agree |
| 1:42.1 | with Myron, but we're going to do a little what-if here. |
| 1:45.7 | Marketplace is Justin Ho. Looked into how things might play out. |
... |
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