Tariffs vs. demand inflation: who pays

Kyla Scanlon and Justin Wolfers, Professor of Public Policy and Economics at University of Michigan, join the show to break down the Federal Reserve’s latest rate cut—and why growing internal dissent at the Fed actually matters. We unpack what the dot plot reveals, how markets may be misreading Jerome Powell, and whether inflation data is being misunderstood rather than manipulated. The conversation also dives into tariffs, affordability, and why cost-driven inflation hits households differently than demand-driven price spikes.