Kai Ryssdal

He also said the president did that the Iranians had requested that pause.

A fact check on that is obviously impossible.

Details on the pre-taco session when we do the numbers.

A barrel of crude oil today.

Let's use the global benchmark, shall we?

Brent North Sea up almost 5.5%.

You're shy of $108 a barrel.

But whatever the day-to-day change that we are all watching and feeling, best not to expect the Federal Reserve to do too much about it, as Chair Powell said more than once at his press conference last week.

It, of course, is kind of standard learning that you look through energy shocks, looking through what we look through the energy inflation.

You do look through energy shocks.

So we're going to take a couple of minutes to explain what Powell meant by that little nod to macroeconomic management, because it's important that you understand why the Fed mostly looks through energy shocks.

Looks through, by the way, it's economist speak for ignore.

My name is Kara McDaniel.

I'm a clinical professor of economics at Arizona State University.

They are our panel today helping us break down what Powell said and what he meant.

We know that usually when inflation starts going up, the Fed starts raising interest rates.

See also those rate hikes of 2022 and 2023.

However, comma, these are not usual inflation times because the price increases that we have seen so far and most of the price increases yet to come are in energy, which along with food, the Fed usually ignores.

The core number is what they want, as in core PCE.

You hear me say that all the time.