The data dogs are howling

Marketplace

American Public Media

Business, News

4.6 • 8K Ratings

🗓️ 1 October 2025

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The government shutdown means crucial jobs data will likely be postponed, right as the Fed weighs its next move. Chicago Fed President Austan Goolsbee, a self-described “data dog,” tells us how central bank officials plan to pivot. He also discusses Fed independence, transitory inflation, and rate cut pacing. After that: fiscal calendars vary by sector, synthetic dye removal will ripple through the food chain, and ADP reports more sour employment data.

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Transcript

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0:25.3	place to start. Head to marketplace.org slash donate. And thanks.
0:31.1	Shut down or the Federal Reserve. Shut down or the Federal Reserve. We're going to go Federal Reserve.
0:40.7	From American Public Media. This is Marketplace.
0:49.3	In Los Angeles, I'm Kyle Risdahl. It is Wednesday today. This one is the first of October. Good as always to have you along, everybody.
1:02.0	Interestingly, the macroeconomic story of this Wednesday is not the government shutdown.
1:07.7	It is bad, and it is not a great way to run the world's most important economy, but
1:12.8	big picture, it is probably just going to be a ripple. The big picture big news is that the
1:19.1	Supreme Court this morning said Lisa Cook can stay at the Federal Reserve at least until it hears
1:23.4	arguments in that case in January and then decides. So it's lucky for us that we were able to get another Fed official on the phone. Today, Austin, Gouldsby is the president and CEO of the Federal Reserve Bank of Chicago. Awesome, welcome back to the program. Kai, great to talk to you again. I have to start with Elisa Cook News. Obviously, the Supreme Court this morning, as I said in the introduction, is letting her stay in the office at least tell arguments on this case in January.
1:46.5	I'm going to, I really dislike prefacing questions, but I kind of have to at this point.
1:52.2	Every time I ask a Fed governor or a regional Fed president like yourself about the politics of this economy, the invariable answer is it doesn't affect things at all.
2:02.7	It is simply not believable that the tumult around the Federal Reserve and politics right now
2:07.6	with Stephen Mirren and Governor Cook is not at least somewhere in your mind.
2:14.1	Discuss.
2:15.4	Well, let's separate two different things.
2:19.1	One is what drives FOMC decisions around the table when we're setting interest rates?
2:25.4	And there, everyone takes the job extremely seriously and what drives interest rate decisions
	...

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