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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New Fed Dissent Signals Political Shift
- Neil Irwin explains the Stephen Myron dissent as an early test of Trump's influence on the Fed.
- Myron's outlier dot and quick public appearances signal a more political, interventionist approach.
Labor Market Softness Drove The Cut
- Neil Irwin says weak labor-market signals drove the 25 bps rate cut.
- The Fed cut to get ahead of softening jobs and slowing wage growth.
Some Governors Still Resist Politicization
- Waller and Bowman voting with the consensus suggests limits to immediate politicization.
- Their resistance may constrain radical remaking even if Trump fills more seats.