The humanitarian and economic toll of war in Gaza
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 2 November 2023
⏱️ 7 minutes
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Summary
Living conditions in Gaza were already dire before Israel’s military offensive operations. Prior to the war, Gaza’s unemployment rate exceeded 45%, and two-thirds of the population were living in poverty. Now, Israel has cut off food, fuel, water, gas and electricity. We discuss the repercussions. Plus, is the Federal Reserve as concerned about raising interest rates too much as it is about not hiking them enough?
Transcript
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| 0:00.0 | The fellow with arguably the best information about the future of the U.S. economy has spoken. |
| 0:08.0 | I'm David Brancaccio in New York. The Federal Reserve left interest rates unchanged yesterday, |
| 0:14.1 | told you so. But there's always the December meeting. Marketplace is Nancy Marshall Genser. |
| 0:19.0 | Was that Fed Chair Jerome Powell's briefing and joins us now? Nancy, Powell, KG on what is next? |
| 0:26.1 | Hey, extremely, David. He just said the Fed has to proceed carefully right now. I asked Powell if, |
| 0:32.2 | at this point, the Fed was as concerned about overshooting that is raising interest rates too much, |
| 0:38.8 | as it was about not hiking them enough. Here's what he said. We think, and I think that the risks are |
| 0:44.6 | getting more balanced. I'll just say that they're getting more balanced. The risk of doing too much |
| 0:48.6 | versus the risk of doing too little are getting closer to balance. |
| 0:52.9 | If the Fed hikes interest rates too much, it could cause a recession, but if they don't go high enough, |
| 0:59.5 | inflation could get out of hand. So, of course, the Fed is trying to wrestle inflation down by raising |
| 1:05.5 | interest rates, making it harder to borrow and spend, and in theory, cooling off the economy. |
| 1:10.9 | And Powell likes to say his team's decisions depend on the data. What data is he watching now? |
| 1:18.9 | He's definitely keeping an eye on indexes of consumer confidence. The Fed also watches the |
| 1:24.4 | labor market closely. If workers or scarce companies have to pay them more, and that can contribute |
| 1:30.1 | to inflation. Do I ask instead of raising or holding any chance for a rate cut anytime soon? |
| 1:36.9 | Powell said the Fed isn't considering or even talking about cutting rates right now, David. |
| 1:42.0 | The Fed's mantra has been to keep rates higher for longer, as the Fed officials continue to assess |
| 1:47.2 | the impact of their past rate hikes. All right, thanks. The United Auto Workers Union is calling |
| 1:53.3 | on non-unionized auto workers to join the union movement after its lucrative contract deals with |
| 1:59.2 | Ford, GM, and Stellantis. There's news non-unionized Toyota has rushed to give its US factory workers a 9% |
| 2:07.0 | raise and reduce from eight years to four the time it takes to get top wages. |
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