A Trip to Alaska With San Fran Fed President Mary Daly
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Seconds away. The question is not if they'll cut interest rates. The question is by how much. The answer to your question, John, is a quarter percentage point cut as expected, but Fed officials also see two more cuts this year in October and December.
It's Wednesday, September seventeenth. The Federal Open Market Committee has just wrapped up their most recent meeting in Washington, DC. And after two days of analyzing and debating and forecasting, the committee voted to cut interest rates by twenty-five basis points.
I remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people. While the unemployment rate remains low, it has edged up. Job gains have slowed and
the Fed has cut in over a year, move coming after months of debate. And on the one hand, the labor market is slowing, but on the other hand, we're still trying to figure out what the impact of the tariffs is on prices. And consumer spending is still going strong.
Right. You could make a convincing case for deeper cuts, but you could also make a case for even raising benchmark rates at this point. And we don't tend to get a lot of these types of Fed meetings where the outcome is, you know, so debatable. So we have to ask: how did the central bank actually make the decision to cut? To do that, let's back up six weeks to the beginning of August and head north. North In fact we are going three thousand miles north. А
я тема колекціо. Flies for fly fishing yesterday.
Oh I I am slightly obsessed with fishing lures. I don't even fish. I I don't know why I just like it. I like to fish. That's Mary Daly, president of the Federal Reserve Bank of San Francisco. So
here's why I get these flies. I go to places all over that have fly fishing and then I buy a fly that's specific to their area to remind you it's sort of Uh geeky, but uh it reminds me that everybody fishes. But that you have to have a local knowledge to fish well.
Yeah, you have to have like the fly that's in season for that particular location. And
it kind of is why we go to the places to visit to learn more about the economy. You sort of have to you can understand it, but you don't know it until you have the locality, so you don't do it well.
Daily oversees the 12th district of the Fed. It's the largest of the districts and includes the nine most western US states, plus the most northern, the last frontier, the Great Land, the Sourdough State. Hmm. I am talking about Alaska, obviously.
In early August, Mary Daly visited Anchorage, the largest city and biggest port in Alaska. It was actually her third visit to the state this year, and she's on a mission of sorts.
An expedition?
Sure. She's on a northern expedition to try to find answers to the questions that everyone, all Fed officials, everyone else are trying to constantly puzzle out right now. What is going on with the US economy? Where is it headed?
heard that everywhere we've gone that the city's under so much pressure. And it's hard to what is your diagnosis about how this happened?
So what was she seeing? And how did it actually inform the Fed's decision to cut rates a month later? On this special edition of the Odd Thoughts Podcast, we are going to follow along as Daily tours her district, speaking to local business leaders, like a factory that makes parts for the oil industry
and the airport.
And the port itself to try to get a closer look at the giant logistics hub that is the city of Anchorage.
You know, every town in the world I think probably likes to describe its residents as quote scrappy, unquote.
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