What tomorrow’s workforce was thinking when they cast their ballots
Marketplace Morning Report
Marketplace
4.5 • 928 Ratings
🗓️ 8 November 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Gen Z has come of age in a pandemic, lived through its first spike in inflation and was raised in the shadow of the Great Recession. Gen Zers also have 86% less purchasing power than than baby boomers did at their age. And the issue of affordability was on their minds when they headed to the polls. Also on today’s program, we’ll delve into immigration and the future of inflation.
Transcript
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| 0:00.0 | Immigration and the future of inflation. I'm David Brancaccio. The S&P 500 stock index is up 3.5% since the country learned the next president will be Donald Trump. This is a bet on higher profits from lower taxes and lower regulation, including less antitrust enforcement. Interest rates in the market have been running higher. Even on a week, |
| 0:22.0 | the Federal Reserve moved to lower them, although some slight moderation this morning so far. |
| 0:26.9 | Christopher Lowe is here. He's chief economist at FHN Financial. Yeah. |
| 0:31.1 | Good morning, David. I mean, let's start with the Fed. The headline was expected, |
| 0:36.3 | quarter point cut, but any lean-in moments for you? |
| 0:39.3 | The big thing is how hard J-Powel worked to emphasize that nothing has changed to the Fed. |
| 0:46.3 | They've wanted to cut at a gradual pace. They cut at a gradual pace. They are still projecting |
| 0:53.9 | further rate cuts to come. And beyond that, |
| 0:57.1 | there just wasn't a whole lot of comment on much of anything. All right. Now, let me better |
| 1:03.9 | understand what's going on in markets, given the new administration that's coming in stocks, |
| 1:09.0 | hit new highs this week. I bet that lower regulation, |
| 1:11.7 | lower taxes will be good for profits. Never mind the friction of tariffs. But Chris, you've also |
| 1:17.8 | been looking at possible effects and inflationary effects and how the bond market is reacting |
| 1:22.5 | when it comes to, you think, immigration policy? I mean, you may have noticed 10-year note yields are up about half a |
| 1:29.3 | point, which translates directly into mortgage rates, something people are very sensitive to. |
| 1:35.0 | One reason is worries about tariffs and how that affects costs, but I think a more important |
| 1:41.5 | reason is immigration policy. And that's because we had a terrible |
| 1:47.1 | labor shortage after we reopened the economy, the unemployment rate plummeted to three |
| 1:52.8 | and a half percent and actually a little lower. And then this wave of migration coming into |
| 1:59.5 | the U.S. was really the primary factor that alleviated that |
| 2:04.1 | labor shortage, which is actually the reason the Fed is able to cut rates at all this year. |
| 2:09.6 | The market is looking at Trump's immigration policy and adjusting for that and has already |
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