Prompt Cast
Federal Reserve raises interest rates as GDP declines
TLDR The Federal Reserve raised interest rates and GDP declined, but the White House and the Fed say we're not in a recession yet. Economists are working on new GDP prototypes to provide more detailed insights into economic gains and income dynamics during the pandemic recession and recovery.
Timestamped Summary
00:00
The Federal Reserve raised interest rates and GDP declined, but the White House and the Fed say we're not in a recession yet.
03:13
The Fed closely monitors inflation expectations, focusing on core CPI which excludes food prices due to their volatility, but new measures tracking grocery prices show a strong correlation with inflation expectations.
06:12
Grocery prices impact inflation expectations differently based on gender roles within households, with women generally feeling more pessimistic about future inflation compared to men.
09:18
Household grocery prices significantly influence how people feel about the economy, especially impacting women's future inflation expectations more than men.
12:24
Economists are working on a new kind of GDP that provides a more detailed look at where economic gains are flowing, moving beyond the traditional single number measurement.
15:43
Economists are working on a new GDP prototype that breaks down economic growth data to show who is benefiting from it, aiming to provide more timely insights than traditional methods.
18:56
There has been a shift in the income dynamics during the pandemic recession and recovery, with the lower-income half of America improving their position due to surging incomes, while the richer half has seen declines, leading to discussions about the trade-offs between wage increases, inflation, and economic growth.
