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In this special edition of Big Take DC, Bloomberg's Joe Weisenthal and Tracy Alloway discuss the reliability of data used by the Federal Reserve in decision-making. They interview ex-Fed economist Claudia Sahm to highlight concerns about flawed data and declining response rates in surveys. The podcast explores the impact of low response rates on data quality and the importance of rebuilding trust between the government and the people for accurate decision-making.
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Quick takeaways
- The reliance of the Federal Reserve on potentially flawed labor market data raises concerns about the accuracy of policy decisions.
- Declining response rates to government surveys can lead to flawed assumptions and incomplete understanding of the economy, impacting both policymaking and public perception.
Deep dives
The Limitations of Data in Guiding the Federal Reserve's Decisions
The podcast episode explores the reliance of the Federal Reserve on data to make decisions regarding interest rates and inflation. It discusses how the labor market data, specifically from the job openings in labor turnover survey (JOLTS), may have been flawed due to changes in job listing practices during the pandemic. The decline in survey responses overall also raises concerns about the accuracy and representativeness of the data used by policymakers. The episode emphasizes the significance of ensuring the reliability of data in order to make informed policy decisions.
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