Scott Simon

Goolsbee told the Economic Club of New York that Volcker's widow later gave him a piece of one of those two-by-fours as a reminder.

Goolsbee told the Economic Club of New York that Volcker's widow later gave him a piece of one of those two-by-fours as a reminder.

Now, today, that job of fighting inflation is made even harder by Trump's tariffs, which are pushing up prices and making everything the U.S. imports more expensive. That's a big reason interest rates are staying high for now. You can see the ripple effects of that in the mortgage market, where this week the average rate on a 30-year home loan jumped to 6.8%.

Now, today, that job of fighting inflation is made even harder by Trump's tariffs, which are pushing up prices and making everything the U.S. imports more expensive. That's a big reason interest rates are staying high for now. You can see the ripple effects of that in the mortgage market, where this week the average rate on a 30-year home loan jumped to 6.8%.

Now, today, that job of fighting inflation is made even harder by Trump's tariffs, which are pushing up prices and making everything the U.S. imports more expensive. That's a big reason interest rates are staying high for now. You can see the ripple effects of that in the mortgage market, where this week the average rate on a 30-year home loan jumped to 6.8%.

If it's any consolation, though, mortgages in Paul Volcker's day soared as high as 16%.

If it's any consolation, though, mortgages in Paul Volcker's day soared as high as 16%.

If it's any consolation, though, mortgages in Paul Volcker's day soared as high as 16%.

You're welcome.

You're welcome.

You're welcome.

Well, President Trump has been urging the Fed for some time to lower interest rates. He always wants to see borrowing costs as low as they can be. But the president's making that more difficult, actually, with his trade war. Chairman Jerome Powell gave a speech in Chicago yesterday where he warned that Trump's tariffs will almost certainly push prices in the U.S. higher, at least in the short term.

Well, President Trump has been urging the Fed for some time to lower interest rates. He always wants to see borrowing costs as low as they can be. But the president's making that more difficult, actually, with his trade war. Chairman Jerome Powell gave a speech in Chicago yesterday where he warned that Trump's tariffs will almost certainly push prices in the U.S. higher, at least in the short term.

Well, President Trump has been urging the Fed for some time to lower interest rates. He always wants to see borrowing costs as low as they can be. But the president's making that more difficult, actually, with his trade war. Chairman Jerome Powell gave a speech in Chicago yesterday where he warned that Trump's tariffs will almost certainly push prices in the U.S. higher, at least in the short term.

And that suggests interest rates may need to stay elevated in order to avoid rekindling inflation. Now, you know, the president's social media post this morning criticizing that move and saying that the Fed is too late to cut interest rates certainly raises the temperature between Trump and Powell. The Fed chairman's term does run through next May.

And that suggests interest rates may need to stay elevated in order to avoid rekindling inflation. Now, you know, the president's social media post this morning criticizing that move and saying that the Fed is too late to cut interest rates certainly raises the temperature between Trump and Powell. The Fed chairman's term does run through next May.

And that suggests interest rates may need to stay elevated in order to avoid rekindling inflation. Now, you know, the president's social media post this morning criticizing that move and saying that the Fed is too late to cut interest rates certainly raises the temperature between Trump and Powell. The Fed chairman's term does run through next May.

And Powell has been adamant that he plans to serve out that term. He has tried to keep a low profile and avoid antagonizing the president. But that's a favor that Trump has not returned.

And Powell has been adamant that he plans to serve out that term. He has tried to keep a low profile and avoid antagonizing the president. But that's a favor that Trump has not returned.

And Powell has been adamant that he plans to serve out that term. He has tried to keep a low profile and avoid antagonizing the president. But that's a favor that Trump has not returned.