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It raises the interest rates that people like you get on your savings, if you have any, and the rates they pay on credit cards, car loans and mortgages. When the Fed moves its target for short-term interest rates, that ripples through the financial system. WESSEL: Well, look monetary policy works through financial markets. What difference does it make to him or to ordinary old me? I hear my brother ask me all the time, do you know anything? For the millionth time, no, I don't. MARTINEZ: Yeah, I imagine the financial markets will be paying attention, so will big-time stock traders, small-time stock traders. They're going to stay up for a while, until the Fed wrings inflation out of the economy, even if that risks a recession in 2023 or 2024. So Powell is likely trying to convince markets that interest rates are going up. And he knows that markets and analysts, as you said, will be weighing every word carefully.īen Bernanke, the former Fed chair, once said, half-joking, that monetary policy is 98% talk and 2% action because markets move when they - on what they expect the Fed to do. But Jay Powell and his colleagues have been pushing back on that, saying their top priority is making sure that inflation moves down towards their 2% target. In fact, there's even speculation that it may cut interest rates next year. economy and is essentially winning the war against inflation. But until very recently, financial markets have been betting that the Fed has successfully slowed the U.S. The Fed has been raising interest rates and almost certainly will do so again when it meets in September. So, David, what might be on Jay Powell's mind these days?ĭAVID WESSEL: Well, inflation, for sure. He's the director of the Hutchins Center at the Brookings Institution and a frequent guest on this program.
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For more on why there is so much attention on Powell's address, we turn now to David Wessel. The markets will be closely watching and listening for Fed chair Jerome Powell's speech tomorrow as the central bank continues to wage its battle against inflation.
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The Federal Reserve's annual meeting in Jackson Hole, Wyo., opens tonight.