00:00Kevin Warsh is now our big money guy. He has officially been confirmed by the Senate as the
00:04next chairman of the Federal Reserve. And boy, does he have his work cut out for him.
00:10The dual mandate of the Fed, as outlined by Congress, is to promote maximum employment and
00:15keep inflation in check. It's that second one that's going to prove tricky right now.
00:19Inflation is heating up. Data out this week show that consumer prices popped 3.8 percent in April
00:26compared to the same time last year. That's the biggest jump since the middle of 2023.
00:30Now, typically, the Fed would counter rising prices by raising interest rates. That usually
00:35cools off the economy just enough to bring prices back in line. The problem, President Trump has
00:40been railing against the outgoing Fed chair, Jerome Powell, for not cutting rates. Yes,
00:46economic news can be a bit dry sometimes, but you're going to want to circle June 17th on your
00:50calendars and get your popcorn ready. That's the next time we'll get news from the Fed
00:55about an interest rate decision.
Comments