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Welcome to the Eric Erickson Show podcast, Our Three.

Greetings, Conversationalists. Welcome, it's Eric Erickson. We've got some breaking news here. Big breaking news I need to get to. First, the phone number 877-977-9-7-3-4-25. If you want to be on the program, if you text the word data, B-A-T-A-T-A to 33-77-7, you can sign up for the show notes and get all the news.

Here's what's happening.

This is the breaking news.

The Federal Reserve has just announced it is going to keep interest rates steady and believes and expects to cut rates twice more this year.

Let me explain to you the way the Federal Reserve works. It's kind of an interesting organization where you have to read tea leaves.

The Federal Reserve Open Markets Committee

decides whether or not to raise or lower the interest rates that the government charges

banks. So let me explain to you this first. The Federal Reserve puts America's currency

into the open market, that is, makes it accessible to you and me.

The way it makes it accessible to you and me is it loans the money to banks, and it charges banks an interest rate.

The banks then charge you and me a higher interest rate, and the difference between the two is how banks tend to make money.

What the Federal Reserve does is it meets and it decides what to set interest rates as, and then it releases a statement.

And the statement tends to be a pro forma statement that they add or subtract

...