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This podcast discusses the Federal Reserve's interest rate increase and its impact on the stock market. It also explores the influence of election denialism on the upcoming US midterm elections, focusing on Arizona as ground zero for election denial candidates. The chapter highlights the potential crisis of democracy caused by election denialism and the role of courts in preventing lawlessness.
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- The Federal Reserve raised interest rates and signaled that rates may eventually reach higher levels than previously expected, causing a negative reaction in the stock market.
- Arizona has become a battleground for election denial candidates, with prominent Republicans promoting the idea that the 2020 election was unfair and rigged, potentially undermining the democratic process.
Deep dives
Federal Reserve raises interest rates, signaling a slower pace of tightening
The Federal Reserve recently raised interest rates by 75 basis points, marking the fourth consecutive increase. Fed Chair Jay Powell indicated that although they are prepared to slow down the pace of monetary tightening, interest rates may ultimately reach higher levels than previously anticipated. The stock market reacted negatively to this news, with both the S&P 500 and NASDAQ experiencing significant declines. Powell's firm stance aims to address skepticism about the Fed's commitment to controlling inflation and to dispel concerns that they will abruptly pivot away from tightening plans.
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