Chairman Reserve Chairman Jerome Powell sat down for a conversation with his counterpart

from the Bank of Canada.

Why don't you call me Jay and call him Tiffany?

Powell talked about some important things, like Canadian exports.

And that is Canadian comedians and comic actors.

I started to count the number of really great funny people I limited myself to 10 so

Jim Carrey Martin Short John Candy Mike Myers norm McDonald Rick Moranis Dan Acroy

But jokes aside this was McDonald, Rick Moranis, Dan Acroy.

But jokes aside, this was Powell's first chance

to publicly respond to some recent inflation numbers.

This inflation data raised questions about whether the Fed would cut

interest rates this year as had been expected. And Powell's remarks yesterday indicated a clear shift in the Fed's outlook.

The recent data have clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence.

What the Fed Chair said yesterday was that you don't get interest rate cuts if inflation doesn't keep going down.

That's our colleague Nick Timrose.

So, you know, everybody on Wall Street had been talking about will the Fed cut rates in June?

There were expectations you would get three cuts this year starting in June. That's gone away now.

Welcome to the gone away now.

Welcome to the journal, our show about money, business, and power. I'm Kate Leimbaw.

It's Wednesday, April 17th.

Coming up on the show, will the Federal Reserve cut interest rates at all this year? This episode is brought to you by Empower. If you're like most people, you've had your fair share of financial questions.

Questions like, will you be able to afford a third kid?

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