The Fed changes course
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 18 September 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
The Federal Reserve has cut interest rates for the first time this year and China is banning its tech companies from buying AI chips made by Nvidia. Plus, how did the Swiss National Bank become one of the world’s top investors in US tech?
Mentioned in this podcast:
Federal Reserve cuts rates by quarter point and signals more to come
China bans tech companies from buying Nvidia’s AI chips
Protesters against Trump state visit march through London
Credit: Reuters
Today’s FT News Briefing was produced by Fiona Symon, Katya Kumkova, Sonja Hutson, and Marc Filippino. Additional help from Kelly Garry, Michael Lello, David da Silva and Gavin Kallmann. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
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| 0:10.1 | We may not have all the answers yet, but we're determined to find them. |
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| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low-carbon solutions |
| 0:22.9 | has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com.uk. |
| 0:31.4 | Good morning from the Financial Times. Today is Thursday, September 18th, and this is your FT News briefing. |
| 0:38.8 | The Federal Reserve is changing course, and China doesn't want Nvidia chips anymore. |
| 0:46.1 | Plus, one of the world's biggest tech investors is Switzerland. |
| 0:51.7 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 1:03.4 | The Federal Reserve lowered interest rates by a quarter point yesterday. This is the first cut all |
| 1:10.4 | year. Fed Chair Jay Powell said recent |
| 1:13.6 | economic data showed a cooling labor market, and that means it's time to shift the central |
| 1:18.8 | bank's approach. Our policy had been really skewed toward inflation for a long time, really. |
| 1:24.1 | Now we see that there's downside risk clearly in the labor market, and so we're moving |
| 1:28.5 | in the direction of more neutral policy. The backdrop of this meeting is a little chaotic. U.S. President |
| 1:34.2 | Donald Trump has been trying to fire one of the Fed governors, and his pick for a different seat on |
| 1:40.2 | the board, Stephen Myron, made a bit of a splash during his first meeting. |
| 1:44.8 | Here to unpack all this is the FTs U.S. economics editor Claire Jones. Hi, Claire. Hi, Sonia. |
| 1:50.9 | So why did the Fed decide to cut rates? It's all about the U.S. labor market. What we've seen in |
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