US hits highest interest rates in 22 years
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 July 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point, Facebook parent Meta returned to double-digit revenue growth for the first time since the end of 2021, and US federal prosecutors charged British billionaire Joe Lewis with 19 counts related to insider trading. Plus, China’s foreign minister Qin Gang vanished a month ago and was not replaced until this week.
Mentioned in this podcast:
Federal Reserve raises US interest rates to highest level in 22 years
Facebook parent Meta posts strong revenue growth amid restructuring
UK billionaire Joe Lewis surrenders to US authorities on insider trading charges
China insists diplomacy ‘orderly’ after foreign minister’s shock removal
Mattel hails ‘Barbie’ movie success as ‘showcase’ for more brand tie-ups
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song 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 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:12.5 | Good morning from the Financial Times. Today is Thursday, July 27. |
| 0:16.4 | And this is your FT News Briefing. |
| 0:19.5 | The Federal Reserve raised interest rates again yesterday |
| 0:23.2 | and meta released in an optimistic earnings report. |
| 0:26.2 | Plus China's foreign minister has gone missing. |
| 0:29.2 | He's not the first official in Beijing to disappear. |
| 0:33.2 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:47.3 | The Federal Reserve is back at it. |
| 0:49.6 | It took a pause on interest rate rises last month, |
| 0:52.5 | but yesterday approved a quarter of a percentage point increase. |
| 0:56.7 | Rates are now at their highest level in 22 years. |
| 1:00.8 | Here to talk more about this is the FT's US economics editor, Colby Smith. |
| 1:04.5 | Hi Colby. Hi Mark. |
| 1:06.6 | So Colby, the Fed raised interest rates even though the latest consumer price |
| 1:11.0 | index report put inflation at just 3%. |
| 1:14.9 | Here's what Chair Jay Powell had to say about that at the Fed press conference yesterday. |
| 1:20.0 | And the June CPI report actually came in a bit better than expectations for a change. |
| 1:25.0 | And the June CPI report of course was welcome, |
| 1:28.1 | but it's only one report one month's data. |
| 1:31.1 | We hope that inflation will follow a lower path as it will be consistent with the CPI |
... |
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