Transcript
A (0:00)
Your business is one of a kind, so your website should be too. With wix, it's easy, almost too easy to create a website that's perfectly yours. Just tell AI what kind of site you want to build or choose from thousands of templates, change whatever you want whenever you want and get everything you need to start running your business your way. No matter what you sell or what you aspire to be, you can do it all yourself on wix.
B (0:27)
Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals, like business management, strategic planning, and effective communication, and you can apply these skills right away. A different future is closer than you think with Capella University. Learn more@capella.edu.
C (0:58)
The fashion world has the annual Met Gala. The movies have the Oscars. Central banking has the annual gathering in Jackson Hole, Wyoming. From Marketplace, I'm NovaSafo in for David Brancaccio. That gathering in Jackson Hole is on now, and Federal Reserve Chair Jerome Powell is scheduled to make his final appearance as chair, delivering a speech in front of economists and central bankers from around the world. As always, we'll be listening for hints on the direction of interest rates, especially amid a White House pressure campaign to lower them. But there's another issue looming over Powell's speech the Fed's framework for setting policies to keep inflation in check and the job market healthy. Marketplace's Nancy Marshall Genser has more on that framework and how it might change.
D (1:42)
Every five years, the Fed makes a plan. It just like Stalinist countries used to do, theirs were focused on every detail of the economy. The Fed is just trying to figure out how to accomplish its dual mandate of stable prices and maximum employment. Ellen Mead is a former Fed economist now at Duke. She says when Fed officials issued the first framework in 2012, they kept talking about it as a constitution. For the first time, central bank officials set 2% as their inflation target. They they didn't establish a specific number for unemployment, but a few years later, inflation was stuck below 2%. So Mead says in 2020, Fed officials made a big edit. We're going to say that when we've been really under running 2%, we're going to try to make up for it by running inflation a bit above 2% for a while so that we average out at 2. But as anyone who's been to a Grocery store lately knows inflation is now stuck stubbornly above 2%. That 2020 framework established when low inflation was a problem, it's outdated. Fed Chair Powell is expected to unveil a new framework in his speech today. Former Fed economist Claudia Somm is now with New Century Advisors. The big edits we see are going to in all likelihood be undoing the big edits we saw in 2020. Because now she says, we have stubborn inflation. But nobody knows if we'll see a resurgence of low inflation.