US hikes interest rates - to Trump's annoyance
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What is the main topic discussed in this episode?
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Aietta. Vihdoin yksin. Kesellä korpea. Fidestä rauhassa. Hei! Termarissa on kaakao. Tässä täällä teet. Mä lämmitä meille kaasuktimä hernenokat, kun hän ensin kansaan teeltan. Luovutaan ei sulta saa rauhaa missä. No, hän on periksi! Sillä itse asiassa. Itse asiassa Bilteemasta löytyy edolliset välineet hommaa kuin hommaa. Oli kysymys sitten omasta tai kaverin projektista. Itse asiassa. Tavallinen tiistaa tammikuussa Tärborin lomahotellin uima-altaalla. Etpä sama kimi! Tulehan nyt pois Altaasta. Nyt pitää oikeasti lähteä kotiin. Varaan lämmin talviloma. Cärpor, lomia, joiden etsoisi loppuvan.
This is the Global News Podcast from the BBC World Service. I'm Alex Ritson, and in the early hours of Thursday, the 17th of September, these are our main stories. The US Federal Reserve puts up interest rates for the first time in three years, despite loud calls from President Trump to lower them. Nepal has revised upwards to more than 6,000, the number of people still missing after last month's devastating flash floods. Athletes criticize conditions at the Asian games in Japan. Some competitors can't even fit into the bets. Also in this podcast,
we build a new model that allows us to actually capture aspects of human brain function in a way that has not been possible before.
Frankenstein rodents, we hear about the part mouse, part human brain. And the world's best pizza is apparently not found in Italy. Rising prices, soaring fuel rates and the cost of living are hitting consumers and financial markets globally. So much so That for the first time in three years the US central bank, the Federal Reserve, is raising interest rates for the biggest economy in the world by a quarter of a percentage point. In the hope it'll bring down inflation. But the US President, who's demanded cuts, responded with a loud social media post, writing in all caps, lower the interest rates for the United States of America and fast. This is not the script Donald Trump expected from the man he appointed as the new Fed chair.
But Kevin Walsh says inflation is too high.
Owing in part to geopolitical developments, domestic spending has been resilient, productivity growth strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little. But inflation remains elevated. Today's policy action will support a timelier return to the committee's two percent goal.
Our business correspondent in New York is Samira Hussein. She gave us her assessment.
Kevin Warsh says that the US economy is doing really well despite the geopolitical developments, as he put it, and presumably he's referring to the war with Iran, which has been a big driving factor for inflation in America right now. Inflation here has been running above the target rate of two percent for about five years, but it was hovering around two and a half percent. But now we're seeing this jump since February to three point four percent. And this is having a huge impact on all Americans. They are having to pay so much more. for the same things that they did just a year ago. And that's really putting a lot of pressure on the American consumer.
And now they're going to have to pay more for their interest rates. It's gonna hurt, isn't it?
It's going to hurt for those people that are looking to borrow money. It's going to put pressure on those people that are looking to buy a home or a get a car loan. But what Kevin Warsh was trying to say in the press conference is that this is about the American consumer and very much the consumer that l is living paycheck to paycheck where the cost of living has been so high and it is making it very difficult for people to make ends meet. Even when you look at the labor market, which Kevin Warsh that also said is doing really well in the United States, you see that wages aren't going up in line with inflation and that's also making it even harder for the American consumer.
This is like the bottom interest rate though.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–5:56
2
Why did the US Federal Reserve raise interest rates for the first time in three years?
5:56–6:56
3
How many people are still missing after Nepal’s devastating flash floods?
6:56–8:09
4
What are scientists hoping to achieve by inserting human brain cells into mice?
8:09–32:07
Speakers
6 identifiedMore from Global News Podcast
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