What Next - How Bad Is the Economy Going to Get?
What Next | Daily News and Analysis
Slate Podcasts
4.3 • 2.4K Ratings
🗓️ 13 October 2022
⏱️ 29 minutes
🧾️ Download transcript
Summary
With inflation up and unemployment down, the Federal Reserve is raising interest rates and signaling that they’re willing to risk a lot to stall the rising price of everything. But is Jerome Powell doing too much—or is he already too late to avoid a painful recession?
Guest: Jordan Weissmann, senior editor at Slate reporting on economics, politics, and public policy.
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Transcript
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| 0:00.0 | There's something so romantic about winter and I don't know whether that's just because |
| 0:05.4 | I'm a bit for homebody and I love a 5. |
| 0:08.0 | But I think it's just the holiday period, it's just for me, it's the most romantic period. |
| 0:14.2 | And I think anyone who's listened to my records will know that I'm quite a big fan of romance. |
| 0:18.8 | Join in every sip with Red Carp's Now Back at Starbucks. |
| 0:32.2 | Hello. |
| 0:33.2 | Do you want to start? |
| 0:34.2 | Want to get into it? |
| 0:36.2 | I called up Slate's Jordan Weissman to talk about interest rates. |
| 0:39.6 | Really think. |
| 0:40.6 | And that is the Federal Reserve once again raising its key interest rate by three quarters |
| 0:45.8 | of a point in order to beat back inflation. |
| 0:49.0 | Yeah, it's interesting. |
| 0:51.4 | I wanted Jordan to cut through the unvarnished air of panic. |
| 0:55.2 | I hear on cable news these days. |
| 0:57.2 | What are the risks? |
| 0:58.5 | It raises the risk that at some point at least the Fed might overshoot and raise rates too |
| 1:04.6 | much, pushing the economy into a recession that perhaps didn't need to happen. |
| 1:11.1 | It's all the same thing, fear of recession, as the Fed doubles down on its strategy of |
| 1:16.0 | crushing inflation by jacking up the cost of borrowing. |
| 1:20.4 | Will they end up overdoing it most likely? |
| 1:24.3 | So they've gotten themselves into this hole, and unfortunately they don't know how to |
... |
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