Federal Reserve Interest Rates, Reports Reveal Iran War Costs, Kennedy Center Closure
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What is the main topic discussed in this episode?
The Federal Reserve is expected to raise interest rates today for the first time in three years.
The Iran war pushed inflation higher.
What is the Federal Reserve’s plan for raising interest rates after three years?
How much more expensive could borrow and get? I'm
Leila Falden, that's a martinez, and this is up first from NPR News. Two new reports put the cost of the Iran War above thirty billion dollars.
How is the Iran‑U.S. conflict driving higher inflation and consumer prices?
They also detail the damage to US bases from Iranian attacks and shortages of key weapons. What do the reports reveal that the Pentagon has not?
And the Kennedy Center board says the historic arts complex is in dire condition and voted to shut it down.
What do the new CBO and Pentagon Inspector General reports reveal about the war’s cost?
The decision came just after a judge said President Trump's name cannot go on the building. And Trump says he won't make renovations unless that changes. Stay with us. We got the news you need to start your day.
How much damage have Iranian strikes caused to U.S. bases and weapons stockpiles?
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What is the Trump administration’s funding request for the Iran war?
The Federal Reserve.
Prices have been climbing faster than wages in recent months, so the typical worker has been losing ground. Inflation has been higher than the central bank wants it to be for a long time.
A the U.S. war with Iran has rekindled inflation, pushing oil and gasoline prices higher. The Congressional Budget Office warns the war is likely to keep putting upward pressure on prices into next year. Just today, Triple A said the price of diesel had jumped to another record high, six dollars thirty one cents a gallon. And Fed Chairman Kevin Walsh renewed his promise to get inflation under control when he spoke last month in Jackson Hole, Wyoming. Now while higher interest rates won't automatically bring lower prices at the gas pump, raising rates is the VED's primary tool for fighting inflation and Forecaster Omer Sharif says if the Fed doesn't use that tool after Warsh's hawkish speech last month, the Fed risks losing credibility.
I just think it's time to either raise rates or just tell the market. We don't lay on raising rates. It doesn't really matter what happens with inflation. We're just gonna sit tight.
Investors are definitely anticipating that the Fed will deliver on Warsh's hawkish comments this afternoon. Odds the market odds have a rate hike are north of ninety percent.
Okay, so that's the answer to why on raising interest rates. Next question, Scott, how high?
The Fed is expected to raise its benchmark interest rate by a quarter percentage point today, and then beyond today's meeting, we'll see what happens. The central bank has two more meetings on the calendar this year. It's possible the Fed could push rates higher, especially if inflation remains elevated. But Cherie suspects Warsh will temper any rate hike today with a cautious news conference, so investors don't walk away thinking that a additional rate hikes are necessarily baked in. In addition to the chairman's news conference, we're gonna get a series of forecasts this afternoon from the other members of the Fed's rate setting committee indicating where they think interest rates might be going.
Back in June, the average Fed policymaker was projecting only one quarter point rate hike this year, followed by a rate cut next year.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–0:09
2
What is the Federal Reserve’s plan for raising interest rates after three years?
0:09–0:23
3
How is the Iran‑U.S. conflict driving higher inflation and consumer prices?
0:23–0:37
4
What do the new CBO and Pentagon Inspector General reports reveal about the war’s cost?
0:37–0:53
5
How much damage have Iranian strikes caused to U.S. bases and weapons stockpiles?
0:53–1:57
6
What is the Trump administration’s funding request for the Iran war?
1:57–4:37
7
Why did the Kennedy Center board vote to close the historic arts complex for renovations?
4:37–4:51
8
What legal battle is unfolding over adding President Trump’s name to the Kennedy Center?
4:51–14:58
Speakers
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