With inflation unfettered, Luigi and Bethany sit down with economist Ricardo Reis to discuss the Federal Reserve’s role. Contrary to our hosts’ views, Reis argues that while the Fed has made mistakes, they are largely understandable. Together, they chart why it took so long to pivot policies, how central banks responded to supply and energy shocks, how much the Fed – or Chair Jay Powell – is to blame, and what they should be doing to control inflation.

Plus, Bethany and Luigi discuss The Guardian exposé on the Uber Files, and what it teaches us about academic and journalistic accountability when it comes to corporate lobbying.