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Welcome to the Eric Erickson Show podcast, Hour 3.

Breaking news. Welcome. It's Eric Erickson here. We have breaking news.

The Federal Reserve has cut interest rates a quarter of a point.

We are awaiting Jerome Powell to take the stage and make his announcement of

why they're cutting interest rates, markets responding enthusiastically as a result.

It is happening right now, the Federal Reserve, cutting interest rates, a quarter of a point.

Now, here's the most interesting aspect of this, is they're doing so flying blind.

What do I mean by that?

The government's closed, so they can't get economic data from the Department of Commerce

or the Department of Labor.

They're having a gut check.

But that gut check comes after, I believe, Walmart, Amazon, UPS, Carters, General Motors, Ford, and another, a good large group of businesses have announced layoffs.

A growing number of companies are announcing layoffs.

The Federal Reserve has a dual mandate.

...