The biggest US rate rise in almost 30 years
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 16 June 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
The Federal Reserve raised its benchmark policy rate by 0.75 percentage points for the first time since November 1994, and the European Central Bank says it will speed up work on a new policy tool to counter surging borrowing costs. Plus, billionaire investor Ray Dalio talks about the connections he's found between the rise and fall of markets and the rise and fall of nations.
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Mentioned in this podcast:
Fed raises rates by the most in decades to tame scorching inflation
ECB to design new bond-buying plan to tackle market turmoil
The Rachman Review with Ray Dalio
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. Today is Thursday, June 16th, and this is your FT News Briefing. |
| 0:18.4 | The Federal Reserve approves the biggest interest rate rise for the US in almost 30 years. |
| 0:23.2 | The European Central Bank promises to protect weaker economies from its rate increases, |
| 0:28.7 | plus a hedge fund founder lays out the link between American economic inequality and the |
| 0:33.6 | January 6th capital riot. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:44.5 | US interest rates are going up by three quarters of a percentage point. They haven't risen that |
| 0:49.6 | much since 1994. That's like Netscape long ago. Fed Chair Jay Powell started off as press conference |
| 0:56.6 | yesterday talking about why the aggressive move is so important. The economy in the country |
| 1:01.2 | have been through a lot over the past two and a half years and have proved resilient. |
| 1:05.3 | It is essential that we bring inflation down if we were to have a sustained period of strong |
| 1:09.7 | labor market conditions that benefit all. The FT's US economics editor, Colby Smith, |
| 1:14.7 | was there covering the press conference and is now here to help us make sense of this interest |
| 1:19.1 | rate hike? Hi, Colby. Hey, Mark. So Colby, up until recently, |
| 1:23.7 | Fed officials had said that they were going to just keep interest rate hikes at half a percentage |
| 1:29.1 | point. And then this week, yesterday's meeting, the Fed obviously, as I just said, they raised |
| 1:35.3 | interest rates by three quarters of a percentage point. Why did they change their mind and get so |
| 1:40.8 | much more aggressive? They changed their mind because of two pretty alarming reports that were |
| 1:46.4 | released on Friday that showed an unexpectedly large jump in consumer prices in May and a very, |
| 1:53.2 | you know, worrying rise in inflation expectations that suggested that Americans more broadly |
| 2:00.4 | are becoming more concerned about the outlook for inflation going forward. So I think these two |
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