WTF Just Happened Today?

Day 512: "Substantial."


Listen Later

1/ The Federal Reserve raised interest rates by 75 basis points – the biggest increase since 1994 – to tackle the fastest inflation in four decades. Chairman Jerome Powell called the move “an unusually large one,” adding that he expects either a 50 basis point or 75 basis point increase at the Fed’s July meeting. Economic data showed that inflation unexpectedly rose to 8.6% in May. The Fed now expect prices to increase 5.2% in 2022, compared to an earlier forecast for 4.3%, with inflation dropping to 2.6% in 2023 – still above its 2% target rate. On average, Fed policymakers expect interest rates to rise to 3.4% by December, and 3.8% by the end of 2023 – up from the 1.9% they projected in March. And, as a result of its policies, the Fed now expects the unemployment rate to increase to 3.7% this year and to 4.1% by 2024. “We’re not trying to induce a recession now,” Powell said. “Let’s be clear about that. We’re trying to achieve 2% inflation.” (Wall Street Journal / New York Times / NPR / Associated Press / Bloomberg / Washington Post / CBS News / Politico)

  • 🤓 WTF is inflation, the Fed, and interest rates: A normal person’s guide. The Federal Reserve’s goal is to keep prices stable and unemployment low. Inflation, however, has pushed prices up 8.6% in the past year. In response, the Fed is raising the federal funds rate to make borrowing money more expensive, which directly impacts things like credit card interest rates, new car loans, and mortgages. By raising rates, the Fed discourages consumer spending, which lowers demand, and allows prices to come down and stabilize over time. However, raising rates too high or too quickly could slow the economy too much, which could cause a recession and lead to layoffs. Fun times. (Washington Post)
  • 2/ The FDA’s independent vaccine advisers voted unanimously to recommend the authorization of two Covid-19 vaccines for children as young as 6 months old. The FDA is expected to authorize the shots within days, with vaccinations beginning as early as June 21. Pfizer’s three-dose vaccine would cover children 6 months through 4 years old, while Moderna’s two-dose vaccine would cover children 6 months through 5 years old. Meanwhile, every state but Florida has pre-ordered Covid-19 vaccine doses for children under 5. Florida missed yesterday’s deadline to pre-order, guaranteeing a delay in access for parents in the state. (Politico / New York Times / McClatchy DC /

    ...more
    View all episodesView all episodes
    Download on the App Store

    WTF Just Happened Today?By Matt Kiser

    • 4.9
    • 4.9
    • 4.9
    • 4.9
    • 4.9

    4.9

    448 ratings


    More shows like WTF Just Happened Today?

    View all
    Amicus With Dahlia Lithwick | Law, justice, and the courts by Slate Podcasts

    Amicus With Dahlia Lithwick | Law, justice, and the courts

    3,480 Listeners

    Explain It to Me by Vox

    Explain It to Me

    7,844 Listeners

    The NPR Politics Podcast by NPR

    The NPR Politics Podcast

    25,717 Listeners

    Slate News by Slate Podcasts

    Slate News

    5,655 Listeners

    Pod Save America by Crooked Media

    Pod Save America

    86,172 Listeners

    Sidebar by The Washington Post

    Sidebar

    4,529 Listeners

    Lovett or Leave It by Crooked Media

    Lovett or Leave It

    25,081 Listeners

    Up First from NPR by NPR

    Up First from NPR

    55,874 Listeners

    Today, Explained by Vox

    Today, Explained

    10,085 Listeners

    What Next | Daily News and Analysis by Slate Podcasts

    What Next | Daily News and Analysis

    2,400 Listeners

    Post Reports by The Washington Post

    Post Reports

    5,415 Listeners

    Strict Scrutiny by Crooked Media

    Strict Scrutiny

    5,581 Listeners

    What A Day by Crooked Media

    What A Day

    12,178 Listeners

    Offline with Jon Favreau by Crooked Media

    Offline with Jon Favreau

    2,209 Listeners

    Assembly Required with Stacey Abrams by Crooked Media

    Assembly Required with Stacey Abrams

    1,502 Listeners