Hello and welcome to the 37.8% scammyer episode of Slate Money, your guide to the business and finance news of the week.

I'm Felix. I'm Felix. I'm Alex. Emily Peck is also from Axios. Hello. We're here with Elizabeth Spires.

Hi. And we are going to talk about opacity in the auction market. Clearly the biggest and most important business and finance

news of the week.

But no, seriously, we are going to talk about that, but we are going to really talk about the

Fed, the 50 basis point rate hike, the Roevy Wade decision, what it means for business.

It's a meaty one.

And we also have, I'm sorry to say, a little bit more about Twitter in Slate Plus because apparently we just can't get away from it.

I'm sorry.

It's all coming up on Slate Money.

So lots of news out of Washington this week seems to be the locus of everything going on.

We should probably start with the Fed, which raised interest rates by 50 basis points

for the first time in over 20 years.

Like, it's quite common in an economic emergency for the Fed to cut by more than a quarter point,

but to raise by more than a quarter point kind of makes it feel

like we're in an emergency situation, and there is even talk that the next hike might be

three quarters of a point, and that would be, you know, mind-blown, you know. So, Elizabeth, are we in an emergency? Is the Fed trying to put out a

blazing six-alarm fire right here? Is that the message that they're sending? Yeah, I think they're

being more aggressive because they feel like, you know, the market's responding. Stock market

rallied a little bit after the announcement,

and it seems like it's just validating J-Powell's strategy.

Unpacked that a little bit. Explain the stock market went up.

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