Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
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Why did the Fed hold interest rates steady?
Then a single sentence uttered by an Apple exec shaved $150 billion off of Google's market cap. It's Thursday, May 8th. Let's ride.
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You know when you're driving and it starts raining really hard, like enough so that your wipers can't keep up and you just pull over to the side of the road and wait it out? That is what the Federal Reserve is doing right now. The U.S. central bank held interest rates steady at their meeting yesterday. The same level rates have been at since December because Chair Jerome Powell says the economic picture is too foggy to do anything but hang on the sidelines. We don't feel like we need to be in a hurry. We feel like it's appropriate to be patient, he said. And when things develop, of course, we have a record of, we can move quickly when that's appropriate. Powell and millions of U.S. businesses have been sent scrambling in the past few months after President Trump launched massive tariffs on the rest of the world to reshore manufacturing. Many of those tariffs remain in limbo, but 145% tariffs on China are in effect and trade is plummeting. In a stark warning for the economy, Powell predicted that tariffs could drive up inflation and slow economic growth down the road.
And probably the headline quote from his press conference, he said, if the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment. In other words, he's warning of stagflation, an unusual but noxious combo for the economy where prices are higher, but people are still getting laid off from work at the same time. Still, this is Powell gazing into his crystal ball because as it stands, tariffs have not yet significantly impacted the economy. And so Powell remains in wait and see mode.
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Chapters
6 chapters
1
Why did the Fed hold interest rates steady?
0:44–4:37
2
What did Apple say about dropping Google as a default search engine?
4:37
3
What are the details of Disney's new theme park in Abu Dhabi?
2:21–3:56
4
What are Neal's favorite numbers and headlines?
3:56
5
How does the current economy impact inflation and growth?
3:37–10:39
6
What is the significance of the U.S. and global monetary policy divergence?
10:39–28:40
Speakers
3 identifiedMore from Morning Brew Daily
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