Hello and welcome to the 37.8% scammy episode of Slate Money, your guide to the business

and finance news of the week. I'm Felix, I'm one of Axios. Emily Peck is also from Axios.

We're here with Elizabeth Spires 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 rovy way decision, what it means

for business. It's the meaty one and we also have, I'm sorry to say, a little bit more about

in Slate thus because apparently we just can't get away from it. 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 mind blown. So Elizabeth, are we in an emergency

is the Fed trying to put out a blazing six alum fire right here? Is that the message that they're

sending? Yeah, I think they're 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. I should say it also went down on the jobs you're following day. So we should also

mention that the stock market has been all over to shop this week. It went up a lot on Wednesday,

when down a lot on Thursday, who knows what it did on Friday. There have been a lot of things

driving the stock market this week. The Fed decision being one of them, but weirdly, the Fed

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