Slate Daily Feed Slate Money | The Nerds' Last Stand at the Fed
Sep 20, 2025
Neil Irwin, an experienced economics reporter at Axios, joins the discussion to unpack the recent Fed rate cut and notable dissent by appointee Stephen Miran. He emphasizes the implications of a politicized Federal Reserve for future monetary policy. The conversation shifts to the rising costs of premium credit cards like AMEX and their transformation into status symbols. Lastly, the unsettling news about Publishers Clearing House's bankruptcy raises questions about the fate of 'lifetime' winners and the risk of depending on such payouts.
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New Governor Upsets Fed Norms
- Stephen Myron's early dissent and low dot shocked Fed watchers and signals a political shift at the Fed.
- His public appearances and aggressive stance show the White House aims to reshape Fed policy quickly.
Labor Weakness Drove The Cut
- The Fed cut 25 basis points mainly to preempt labor-market softening and weak job reports.
- Subtle labor indicators and slowing wage growth drove the move despite low headline unemployment.
Not All Trump Appointees Follow Party Line
- Waller and Michelle Bowman voting with the committee suggests some Trump appointees may still act like technocrats.
- That behavior could limit how far a politicized majority can quickly reshape the Fed.