Slate News Slate Money - The Nerds' Last Stand at the Fed
Sep 20, 2025
Neil Irwin, a senior economics reporter at Axios and a Fed expert, joins the discussion to dive into the surprising dynamics of a recent Fed meeting marked by unusual dissent. He elaborates on the impact of Trump appointee Stephen Miran and the implications for Fed independence. The conversation shifts to rising premium credit card fees, exploring why financial institutions are targeting status-conscious consumers. Lastly, they touch on the alarming bankruptcy of Publishers Clearing House, leaving past winners in a precarious situation regarding their promised payouts.
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Fed Independence Is A Deliberate Tradeoff
- Neil Irwin frames Fed independence as accountability tradeoff with Congress.
- The Fed's structure reflects a compromise balancing technocratic independence and democratic oversight.
Third Mandate Talk Reflects Political Goals
- The so-called third mandate for low long-term rates is being revived politically.
- Trump allies emphasize low mortgage rates despite tensions with inflation targeting.
Risks Of Politically Driven Rate Cuts
- Neil Irwin warns inappropriate cuts risk prolonged high inflation and long-term rate volatility.
- Misaligned policy could trigger 1970s-style inflationary spirals if markets lose confidence.