We grade Fed Chair Jerome Powell

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 23 March 2023

⏱️ 9 minutes

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Summary

We're putting Fed Chair Jerome Powell in the hot seat. Without fear and without favor, our guests look at Powell's record on jobs, inflation and financial stability.

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Transcript

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0:00.0	NPR.
0:07.0	Good afternoon.
0:13.3	Today FedChair Jerome Powell announced the Fed raised interest rates by a quarter of
0:18.4	a percentage point.
0:20.0	Bringing the target range to 4 and 3 quarters to 5%.
0:23.2	This decision comes at a critical moment.
0:25.4	We've got three massive problems in the economy right now.
0:28.9	Failing banks, high inflation, and people worried about job losses.
0:33.3	In the short run, you can't solve all three of these things.
0:36.3	At best, you can pick two.
0:38.6	You know, we're trying to assess something that just is so recent.
0:42.3	And it's very difficult.
0:44.7	There's so much uncertainty.
0:46.6	And so, in this decisive moment, we thought it would be good time to give Jerome Powell
0:51.5	a report card.
0:53.7	Will he be valedictorian or will he face expulsion?
0:57.2	We've brought in two economists with very different views on today's announcement and everything
1:01.3	leading up to it.
1:02.3	I basically think the Fed is simply not in control.
1:06.0	I think that the Fed did about as well as they could have done under the circumstances.
1:12.6	This is Antichai Different Planet Money.
1:14.1	I'm Gerryene Woods.
	...

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