The Fed Is Focused On The Wrong Problem
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 16 January 2026
⏱️ 23 minutes
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Transcript
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| 0:00.0 | For the first time in years, there are more people looking for jobs than there are jobs available. |
| 0:06.6 | And that is a big shift and change for employers and employees. |
| 0:11.5 | Yeah. So what's really going to be interesting is, you know, what's the Fed going to do, right? |
| 0:15.2 | Because a lot of focus for the Fed is on that federal funds rate and the quarter point here, quarter point that. |
| 0:21.5 | But what they, what they don't realize is now unemployment is shifting, right? |
| 0:28.4 | Yep. |
| 0:29.1 | They've stalled the economy enough with the higher rates that it's starting to affect the job market. |
| 0:33.8 | Yeah, because so, so what happens when unemployment goes up? |
| 0:37.4 | Like, we should just |
| 0:38.1 | discuss that. I think the number one is there's less leverage for the employee, right? Like, |
| 0:45.4 | because there's more people out looking for work, right? So there's more accountants, more graphic |
| 0:51.1 | artists, more marketing people, more this, more of that, right? |
| 0:54.2 | And so what does that do? |
| 0:55.5 | That means that your job could be potentially, could be gold, right? |
| 1:01.4 | Yeah. |
| 1:02.0 | And, you know, I thought it was interesting, especially for young people and a lot of people |
| 1:05.7 | listening can understand this, is, you know, they would job hop like every year. Like they get a job for six months, |
| 1:12.8 | get a new job, you know, get paid a lot more. And you couldn't blame them for doing it. It was just |
| 1:17.2 | the job market that us that were a little older just never had seen before because we're used to |
| 1:21.9 | staying at our jobs, you know, and not wanting to job hype because it doesn't look good on the |
| 1:25.9 | resume. And you had a lot of that. And you also had people they would get a job. And you had an assistant that did this. You know, they started to work for us for like three months. And all of a sudden they wanted a 70% raise to stay on for month four. And so, you know, some of that stuff was pretty wild. But but now, and this is going to be really hard for |
| 1:44.9 | young people to start their wrap their head around. The rest of us, it just feels normal, |
... |
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