The Federal Reserve has raised interest rates for the first time since July 2023. For the central bank’s new chair Kevin Warsh, that decision was a test both of monetary policy and politics. A governor’s election in Okinawa is a boon to Japan’s military ambitions. And why summer is a casualty of climate change.Guests and host:Archie Hall, acting economics editorMoeka Iida, East Asia reporterAndrew Miller, special correspondentRosie Blau, co-host of “The Intelligence”Topics covered: Federal Reserve, Kevin Warsh, interest rates, inflationOkinawa, JapanSummer, climate change, heatwaveListen to what matters most, from global politics and business to science and technology—subscribe to The Economist. Hosted on Acast. See acast.com/privacy for more information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.