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Michael Austin, Kansas Free Market Economist, On Chiefs Moving to Kansas | 12-23-25See omnystudio.com/listener for privacy information.
In the 8 AM hour, Larry O’Connor and Patrice Onwuka discussed: INTERVIEW - STEVE MOORE WHAT DO YOUNG CONSERVATIVES CARE ABOUT? INTERVIEW - CARLA ONDRASIK, HIP-HOP SWALLWELL Where to find more about WMAL's morning show: Follow Podcasts on Apple Podcasts, Audible and Spotify Follow WMAL's "O'Connor and Company" on X: @WMALDC, @LarryOConnor, @JGunlock, @PatricePinkfile, and @HeatherHunterDC Facebook: WMALDC and Larry O'Connor Instagram: WMALDC Website: WMAL.com/OConnor-Company Episode: Tuesday, December 23, 2025 / 8 AM HourSee omnystudio.com/listener for privacy information.
Dan Cable was doing his job and getting compensated for it, but there was a problem: he was going through the motions with no growth, learning, or sense of excitement. He knew he needed to make a change to excel. By exploring the neuroscience behind thriving at work, Dan has since used his experience to help companies like Coca-Cola and Twitter (now X) optimize employee conditions. In this revisited episode, Dart and Dan discuss the neuroscience of enthusiastic employees, the practices that shut people down, and what we can do to set them free.Dan Cable is a researcher, author, and Professor of Organizational Behavior at the London Business School. He is the author of Alive at Work and uses his expertise to assist clients like Coca-Cola, Twitter, McDonald's, and Prudential. In this episode, Dart and Dan discuss:- Dan's book, Alive at Work - The biology behind enthusiastic employees- How Dan helped reduce a company's turnover by 30%- Why experimentation and play at work are essential- Creating conditions for experimentation without risking company goals- What stifles employee energy- Playing to the strengths of your team- The type of leadership that creates thriving employees- How managers can create personalized work- And other topics…Daniel M. Cable is a researcher, author, and Professor of Organizational Behavior at London Business School. He uses his expertise to assist clients like Coca-Cola, Twitter, McDonald's, and Prudential, among others. He has won the London Business School's Excellence in Teaching Award and was selected for the 2018 Thinkers50 Radar List.Dan holds a BA from Penn State University and an MS Ph.D. from Cornell. He has published three books – Change to Strange, Alive at Work, and Exceptional – as well as more than 50 articles in top scientific journals. His work has been featured in The Economist, The New York Times, The Wall Street Journal, and CNBC.Resources Mentioned:Alive at Work, by Daniel Cable: https://www.amazon.com/Alive-Work-Neuroscience-Helping-People/dp/1633697665Design for Belonging, by Susie Wise: https://www.amazon.com/Design-Belonging-Inclusion-Collaboration-Communities-ebook/dp/B0998BMN9HConnect with Dan:LinkedIn: https://www.linkedin.com/in/dan-cable-a0b581a0/ Twitter: @dancable1Website: www.dan-cable.comWork with Dart:Dart is the CEO and co-founder of the work design firm 11fold. Build work that makes employees feel alive, connected to their work, and focused on what's most important to the business. Book a call at 11fold.com.
LO QUE VIENE PARA EL MUNDO. The Economist 2026 Imagina que la historia mundial es una película. La mayoría de nosotros somos el público que ve los eventos (la película) a medida que suceden, sorprendiéndonos con los giros de la trama. La revista The Economist no es un crítico de cine que adivina qué pasará, sino que es el guion gráfico (storyboard) que los productores (la élite/Rothschild) han dibujado antes de empezar a rodar, dejándonos ver pequeñas escenas de lo que ya han decidido que van a filmar. #espiritualidade #despertarespiritual #amor #religion
Derek Champagne talks with Rohit Agarwal, CEO of The Weather Company. Rohit Agarwal is the CEO of The Weather Company, the world's most accurate forecaster. In this role, Rohit is responsible for setting the strategic vision that spans the company's digital consumer properties, including The Weather Channel app and weather.com, as well as its enterprise business across media,advertising, aviation, defense, and a variety of other industries. He stands behind the belief that high-performing teams are critical to innovation, growth, and impact, and diverse backgrounds and thinking benefit the end customer.Prior to joining The Weather Company, Rohit was the chief product and revenue officer at SoundCloud, the world's largest online community of artists, bands, DJs, and audio creators, where he led the vision, strategic execution, and revenue. This included overseeing business and product strategy, delivery and operations, design, product marketing, and growth. Through Rohit's leadership, SoundCloud refactored the product, doubled its subscriber base, and meaningfully improved its ads business, leading the company to its first profitable year in its 16-year history.Rohit previously served as chief product and growth officer at CNN. Throughout his career, he has driven 2-3x user and revenue growth across leading companies in industries including music (Last.fm, CBS), media(CNN/WarnerMedia, The Economist, Bild), banking (HSBC), B2B SaaS (Trustpilot, Akamai), and consumer internet (AOL). Rohit is a frequent speaker at leading conferences (Google I/O, SXSW, CES, RISE, WebSummit, Product Summit), an active advisor and investor in startups, and launched his own startup in the past. He is also a committed supporter of diverse and inclusive education initiatives – both as a board member of the Smithsonian's Center for Folklife and Cultural Heritage and as a board member of Leap Year, a unique program based in metro Atlanta dedicated to improving college access and early adolescent reading skills to under-represented youth.Rohit lives in Atlanta with his wife and two daughters. An avid sports fan, he also enjoys playing soccer and tennis, painting, and cooking, and he acknowledges that his creative endeavors make him a better leader.Business Leadership Series Intro and Outro music provided by Just Off Turner: https://music.apple.com/za/album/the-long-walk-back/268386576
In this episode of THE MENTORS RADIO, Host Dan Hesse talks with Dr. Eswar Prasad, a Professor of Economics at Cornell, a senior fellow at Brookings, and the former head of the IMF's China division, to discuss his book The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance, which was chosen as a Best Book of the Year by The Economist, The Financial Times, Foreign Affairs, ProMarket, and The Week. In The Future of Money, Dr. Prasad argues that we are at an inflection point where technology is redefining what money is, who issues it, and how it moves—pushing us toward a world with less physical cash, and an ecosystem of fintech and crypto innovations that will reshape everything from household payments to the global monetary order. LISTEN TO the radio broadcast live on iHeart Radio, or to “THE MENTORS RADIO” podcast any time, anywhere, on any podcast platform – subscribe here and don't miss an episode! SHOW NOTES: ESWAR S. PRASAD: BIO: BIO: Eswar S. Prasad BOOKS: The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance, by Eswar S. Prasad The Doom Loop: Why the World Economic Order Is Spiraling into Disorder, by Eswar S. Prasad Gaining Currency: The Rise of the Renminbi, by Eswar S. Prasad The Dollar Trap: How the U.S. Dollar TIghtened its Grip on Global Finance, by Eswar S. Prasad WEBSITE: https://www.futureofmoneybook.com/
➡️ Watch the full interview ad-free, join a community of geopolitics enthusiasts and gain access to exclusive content on PATREON: https://www.patreon.com/DecodingGeopolitics➡️ Sign up to my free geopolitics newsletter: https://stationzero.substack.com/This is a conversation with Shashank Joshi, the chief Defence Editor at the Economist and one of the best geopolitical and defence analysts out there. We discuss one thing in this conversation - the new United States National Security Strategy - that was publicly announced in December 2025, that is in many ways completely unprecedented and that has triggered an immense wave of attention, backlash and worry among U.S. allies as well much more positive reaction from U.S. adversaries like Russia. We talk about why that is - what is actually included in the strategy and what makes it such a big departure from the previous decades of US foreign policy and why it is such a big deal. How to read it between the lines in not just what it says but how it says it or what it doesn't say - and what it tells us about the foreign policy priorities of this US administration. About why this document is bad news for Europe and why it should genuinely be concerned or about the reports that there is another version of this document - a not public one - that is significantly worse for Europe and why it might not be just rumours. What it means for the rest of the world - for China, Taiwan, Asia, Latin America, Middle East and what this document tells us about what the next years will look like - and much more.
I struggle with charitable giving. I always have. And I think it's because of ambiguity.When you buy a carton of eggs, you get instant feedback. You know what you paid. You know what you got. You crack the eggs the next morning and you know if it was good or bad.Charity doesn't work like that.You give money and it disappears into a system you can't see. You don't really know what it bought. Was it food? Was it training? Was it staplers? Was it overhead? And overhead matters. Every real organization is mostly overhead. Even Apple and Google are mostly overhead.But with charity, we want instant, visible good. And we almost never get it.Then there's the deeper problem. Even if the intention is good, we don't always know if the outcome helps or harms. Does giving cash help? Does it make things worse? We don't really know. Economists argue about it. Philosophers argue about it. And regular people just feel stuck.I don't have a clean answer.What I do believe is this: charitable giving is less about certainty and more about practicing a bigger heart. Doing something you don't fully understand. Acting without clear reinforcement.And that might be the whole point.
In this Comments Show episode of Imperfect Show Finance, economist and market expert V. Nagappan addresses viewers' questions and discusses two important long-term investment themes. The conversation begins with a clear explanation of NCD bonds, outlining their key benefits, potential risks, and who they may be suitable for in different market conditions. The episode then shifts to a broader perspective on the Indian stock market over the next 10 years, where Nagappan shares his outlook, key assumptions, and the economic factors that could shape long-term returns. Blending practical investing concepts with macroeconomic insights, this episode helps investors think beyond short-term noise and plan with clarity and confidence.
Each year, The Economist tries to identify which country has improved the most, whether economically, politically or in other ways. In a turbulent year, the choice was tricky. We unveil the result. And The Economist Educational Foundation helps kids worldwide be more news-savvy. We invite you to donate and support its work: https://economistfoundation.org/donate/.Listen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account. Hosted on Acast. See acast.com/privacy for more information.
Each year, The Economist tries to identify which country has improved the most, whether economically, politically or in other ways. In a turbulent year, the choice was tricky. We unveil the result. And The Economist Educational Foundation helps kids worldwide be more news-savvy. We invite you to donate and support its work: https://economistfoundation.org/donate/.Listen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account. Hosted on Acast. See acast.com/privacy for more information.
The holiday season is the most wonderful time of the year, but it's also the most expensive. Between gifts, food and travel, people can end up spending a lot of money this year. The Financial Times' consumer editor Claer Barrett explains why people are feeling the pinch this season and what they can do about it. Mentioned in this podcast:Economists warn of flaws in US inflation reportFT Financial Literacy and Inclusion CampaignFind Claer Barrett on TikTok and Instagram Note: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Mischa Frankl-Duval and Victoria Craig. Our show was mixed by Kent Militzer. Additional help from Michael Lello. The FT's acting co-head of audio is Topher Forhecz. The show's theme music is by Metaphor Music. Hosted on Acast. See acast.com/privacy for more information.
Does "neutral secularism" exist? Why are some beliefs welcomed in the public square, but Christianity is disqualified? In this final episode of The Narrative before Christmas, Aaron, David, and Mike react to the Cincinnati Enquirer investigative profile that called CCV "relentless" for turning Christian beliefs into public policy. Marketed as an objective report, the article instead exposes a familiar assumption: Christian beliefs are inherently biased and therefore unwelcome in the public square, while non-Christian belief systems are presumed neutral and free to shape law, culture, and power. After the news, Luke Niforatos of Smart Approaches to Marijuana exposes what’s really happening behind the scenes with legalized marijuana. An early Christmas gift to Big Weed, President Trump's executive order hands the marijuana industry a massive $2 billion tax break, turbocharges advertising to kids, and further normalizes a drug that is more potent, more addictive, and more destructive than most Americans realize. The conversation is a glaring reminder that policies shape behavior. Christians cannot afford to sit this one out while the profit-driven drug industry destroys America. More About Luke Niforatos Luke Niforatos serves as the Executive Vice President of Smart Approaches to Marijuana (SAM) and is widely recognized as one of the nation’s leading drug policy experts. Leveraging more than a decade working on drug, addiction and health care issues, Luke drives the strategy behind SAM’s federal, state, and educational initiatives. Luke has testified in state capitols across America. He is a sought-after guest on major media outlets, including ABC, Fox News, NBC, CNBC, CSPAN, Newsmax, and network affiliates, as well as syndicated and local radio shows in markets coast to coast. Luke has been featured in Time Magazine and as a speaker at drug policy events held by The Economist, the United Nations’ Commission on Narcotic Drugs, and hundreds of town halls. Prior to joining SAM, he was the co-founder of a successful healthcare company. Luke attended the University of Denver and has a Master of Arts from Johns Hopkins University. He is currently a J.D. Candidate at the University of Denver – Sturm College of Law. Want to Go Deeper? Early-bird ticket sales are still available for the 2026 Essential Summit! Believers, ministry leaders, educators, and families will gather on Friday, October 23, to be equipped for faithful influence in a rapidly shifting culture. From now until December 31, you can lock in $50 off by using the code FIRSTINLINE at checkout. This early-bird rate is the lowest ticket price we will offer. Once December ends, the price increases and will not return. Register today, and we'll see you on October 23 for the third annual Essential Summit!
January 1st will see Arizona's minimum wage increase to $15.15 an hour. On top of the benefits this will give to lower income earners, are there any unintended consequences of this increase? Valley economist Jim Rounds joined Arizona's Morning News to break down the impact of the minimum wage increase.
Advisors on This Week's Show Kyle Tetting Adam Baley Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 15-19, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday Employers continued to add jobs in November amid signs of a weakening labor market, including the highest unemployment rate in four years. The shutdown-delayed employment report from the Bureau of Labor Statistics showed 64,000 more jobs in November after a 105,000-job decline in October, the third drop in five months. Federal jobs led the October fall as total employment stayed flat since April. Temporary help — considered a harbinger of hiring trends — reached its lowest level outside of the pandemic since 2012, amid recovery from the Great Recession. Because of the 43-day government shutdown, household data was not collected in October and had a higher margin of error in November. That data raised the seasonally adjusted unemployment rate rose to 4.6% in November, the highest since September 2021. The Commerce Department reported no change in retail sales in October. Eight of 13 major categories had higher sales. Decliners were led by car dealers, home-and-garden centers and bars and restaurants. Sales fell at gas stations because of lower prices. Excluding volatile car and gas sales, retailers generated 0.5 % more revenue than in September. About two-thirds of U.S. economic activity is driven by consumer spending, a majority of which is reflected in retail sales. Wednesday No major announcements Thursday The broadest measure of inflation showed a 2.7% annual pace in November. Because of the shutdown, the Bureau of Labor Statistics skipped its October report, the first miss since 1948, but showed a lower Consumer Price Index increase for the first time since April, when the year-to-year rate was 2.3%. Inflation stayed above the long-range Federal Reserve target of 2% but was down from a four-decade high of 9.1% in June 2022. According to the incomplete report, gas prices were up 11% from the year before and shelter costs rose 3%. Excluding volatile costs for energy and food, the core CPI rose 2.6% from November 2024. The four-week moving average for initial unemployment claims rose for the second week in a row, the Labor Department reported. The gauge of employers' willingness to release workers was 40% below the long-term average and up 5% from the low just before the COVID-19 pandemic. Total jobless claims rose nearly 16% in the latest week to just below 2 million, up almost 2% from the year before. Friday Existing home sales rose 0.5% in November, a third consecutive increase, the National Association of Realtors reported. The annual sales rate of 4.1 million houses and condos was 1% below the year before; 2024 had the lowest sales in 30 years. An economist for the trade association said housing wealth was at an all-time high, so homeowners are in no hurry to list their properties. Low inventory has helped boost prices, rising to a median price of $409,200 in November, a 1.2% gain from the year before and the 29th consecutive increase. The University of Michigan's consumer sentiment index rose marginally in December, though it was 28.5% lower than the year before. Conditions for buying durable goods fell for the fifth month in a row as 63% of consumers surveyed foresaw a continuing rise in unemployment. Inflation expectations fell but remained higher than they were in January. Economists follow consumer sentiment as a leading indicator of consumer spending. Market Closings for the Week Nasdaq – 23286, up 91 points or 0.4% Standard & Poor's 500 – 6837, up 10 points or 0.1% Dow Jones Industrial – 48254, down 204 points or 0.4% 10-year U.S. Treasury Note – 4.15%, down 0.04 point
Market update for December 19, 2025. Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In this episode:Economists question the quality of the inflation dataNike beats earnings but warns of weaker sales and margin pressureTikTok moves closer to a U.S. spinoff with Oracle-led investorsCoreWeave joining the federal government's AI “Genesis” missionMaybe the greatest fun fact in this show's history
In the first of our 2026 Outlook episodes, our Economists in Asia discuss Nomura's key macro and market views for the region in the year ahead. In China, we discuss the "great divide" and the challenging backdrop for policy makers. For India, we expect another Goldilocks year, with strong cyclical growth, low inflation and another RBI rate cut. Across the broad region, we forecast a year of divergence, with technology and domestic demand divergences, creating leaders and laggards. We also welcome Craig Chan, our Global Head of FX Strategy, who outlines some thoughts on the US dollar, where we see some downside medium term risk, and a couple of potential medium-term winners.
Visuals: https://getbehindthebillboard.com/btb-100Yes folks it's here. Episode #100!! It's been an incredible time, 100 episodes over six years. Thank you so much to all our amazing guests and listeners for being with us on this journey. It's been rewarding, inspiring and many other things. And it feels like we're just getting started. 2026 is going to be full of great guests and more adventures. But for now sit back with a tipple of your choice and enjoy Sir John Hegarty counting down the greatest billboards of all time, as chosen by the people that write them. Our guests comprise conservatively over 2000 years of experience in the industry so in our humble opinion look nowhere else for your top 100.BBH features many times, so we took the opportunity to discuss BBH past and present with Sir John. Levi's was obviously prominent with the black sheep billboard at number 20. We got behind the story of when the world zigs, zag. Plus a funny bonus story told about the Richard Avedon campaign and how the scrawled headlines came about after Heg told art director Martin Galton his original typography was ‘fucking shit'. Martin left the review in a fit of rage and returned minutes later with three hand written headlines and slung them onto Heg's desk. And the rest is history.We did the no logo debate, discussing whether brands have gone too far in reductive executions.We chatted about how originating a campaign is like launching a rocket - it's the first 6 seconds that count. We went over long running campaigns such as Silk Cut, Economist and Specsavers and pondered why there's a lack of these any more.And of course Sir John revealed the winner.It's an immense collection of work and one sure to fuel debate. Feel free to agree / whoop from the sidelines / add heart emojis. Or rage at what isn't in there / or what was actually a press ad / or what actually ran or not?! It's a brilliant way to sign off the year.A few final thanks to Jon Jones for being a starDitto Rob. And of course huge appreciation for our sponsors:Bauer Media OutdoorView2FillSuper OptimalGAS Music
Good afternoon, I'm _____ with today's episode of EZ News. Tai-Ex opening The Tai-Ex opened up 217-points this morning from yesterday's close, at 27,685 on turnover of $8.7-billion N-T. The market lost ground on Thursday as renewed concerns about an artificial intelligence bubble drove Wall Street down overnight. Analysts say renewed fears over an A-I bubble triggered selling in large-cap AI-related stocks and investors seized on the lead as an excuse (藉口) to pocket recent gains. However, the Tai-Ex still recovered from its initial downturn by the end of the session and the index saw strong technical support ahead of the 27,400-point mark - which is around the 60-day moving average. Central bank leaves interest rates unchanged for 7th straight quarter The central bank has opted to leave its key interest rates unchanged after wrapping up (結束) it final quarterly policymaking meeting of this year. The market had widely anticipated the bank would leave interest rates unchanged for the seventh consecutive quarter - despite the U-S Federal Reserve cutting rates for the third straight policymaking meeting last week. The decision by the central bank means that the discount rate remains at 2-percent and that's still the highest level in 15 years. Economists have said it's currently difficult for the central bank to follow the U-S Fed's lead and cut interest rates as the local economy remains strong and inflation stable. According to government estimates, the island's economy will grow 7.37-per cent for the whole of this year, largely on the back of an increase of 8.21-per cent in the third quarter due strong global demand for artificial intelligence applications. EU Delays FTA with SAmerican Countries Amid Protests The European Commission says the European Union is delaying a massive free-trade deal with South American countries after fiery protests by farmers and last-minute opposition by France and Italy. Top EU officials had hoped to sign the EU-Mercosur in Brazil this weekend, after more than 25 years of negotiations. Instead Commission chief spokesperson Paula Pinho confirmed that the signature had been put off until January. Experts say the delay will dent the EU's negotiating credibility globally as it seeks to forge (創造) new trade ties amid commercial tensions with the U.S. and China. USTrump signs executive order that could reclassify marijuana as a less dangerous drug US President Donald Trump has signed an executive order labeling (標示,標籤) marijuana a less dangerous drug. AP Washington correspondent Sagar Meghani reports Italy Monument Outside PM Office Restored Italian restorers have used laser beams to clean an ancient Roman marble column in the piazza outside the prime minister's office, removing layers of dust and grime that had covered the monument for decades. The 47-meter-tall column, built between A.D. 180 and 193, features a relief that spirals (盤旋上升) upward and recounts the battles of one of Rome's best-known emperors, Marcus Aurelius. During the column's last restoration, in the 1980s, restorers used tiny brushes to remove the dirt. The $2.3-million dollar restoration is funded by the post-pandemic European recovery fund, and includes a new system to illuminate (照亮) the column at night. Work began in April and the restoration (恢復) is expected to finish in June. That was the I.C.R.T. EZ News, I'm _____. ----以下為 SoundOn 動態廣告---- 全台南最多分店、最齊全物件,在地團隊懂台南,也懂你的需求。 不管是買屋、賣屋,還是從築夢到圓夢, 房子的大小事,交給台南住商,讓你更安心。 了解更多:https://sofm.pse.is/8gtdlt -- Hosting provided by SoundOn
P.M. Edition for Dec. 18. Inflation eased to 2.7% in November, lower than economists expected. WSJ's Chao Deng explains why they are taking the report with a grain of salt. President Trump's media company and a fusion energy company announced a merger valued at $6 billion. Read more about the Trump family's growing business empire. And WSJ security reporter Benoit Faucon discusses what the attack at Sydney's Bondi Beach reveals about the threat posed by ISIS. Sabrina Siddiqui hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
Steve analyzes the new economic reports, noting that November's consumer prices rose at a 2.7% annual rate, lower than expected due to a delayed report. Moore discusses how President Trump's “One Big Beautiful Bill” could bring historic savings for many Americans, affecting their tax statements and paychecks.See omnystudio.com/listener for privacy information.
Steve analyzes the new economic reports, noting that November's consumer prices rose at a 2.7% annual rate, lower than expected due to a delayed report. Moore discusses how President Trump's “One Big Beautiful Bill” could bring historic savings for many Americans, affecting their tax statements and paychecks.
Adam and Cameron continue their December series on founding Soviet thinkers. This week, they discuss the life and work of Polish German revolutionary Rosa Luxemburg. Learn more about your ad choices. Visit megaphone.fm/adchoices
MRKT Matrix - Thursday, December 18th S&P 500 snaps 4-day losing streak, boosted by cooler-than-expected inflation data (CNBC) Trust these numbers? Economists see a lot of flaws in delayed CPI report showing downward inflation (CNBC) Friday could be a wild day of trading on Wall Street. Here's why (CNBC) Trump Praises Waller and Bowman, Says Fed Pick Coming in Weeks (Bloomberg) Coinbase Joins With Kalshi to Enter the Surging Prediction-Markets Business (WSJ) Trump signs executive order reclassifying cannabis, opening door to broader weed access (CNBC) --- Subscribe to our newsletter: https://riskreversalmedia.beehiiv.com/subscribe MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs
Через гостру ситуацію на фронті NV публікує перший текст із спецвипуску Світ попереду 2026 за ексклюзивною ліцензією The Economist до його виходу — статтю Андрія Білецького, командира Третього корпусу ЗСУ, що у журналі має назву Рік тверезості. Слухайте її просто зараз в новому епізоді подкасту Найцікавіші тексти NV. Більше озвучених текстів – у розділі Аудіоверсії матеріалів на сайті NV за підпискою.
The final episode of The Food Professor Podcast for 2025 delivers a timely, wide-ranging examination of Canada's food system, blending macroeconomic analysis with a compelling, real-world industry case study. Co-hosts Michael LeBlanc and Dr. Sylvain Charlebois open the episode by reviewing their Top 10 Food Stories of 2025, a list that reflects a year defined less by short-term volatility and more by deep, structural challenges.Among the key themes is the growing consensus that food inflation in Canada is structural rather than cyclical, driven by long-standing issues such as interprovincial trade barriers, fragmented labour policy, logistics inefficiencies, regulatory complexity, and limited scale in food processing. The hosts revisit major developments including tariffs and counter-tariffs, the Grocery Code of Conduct, meat counter economics, the Ozempic and GLP-1 drug effect on food consumption, and the controversy surrounding cloned meat approvals. Together, these stories underscore why Canada's food system struggles to absorb shocks compared to larger, more flexible global peers.The second half of the episode features an in-depth interview with Ryan Koeslag, Executive Vice President & CEO of Mushrooms Canada, joined by Janet Krayden, Workforce Specialist at Mushrooms Canada. Together, they provide a rare inside look at one of Canada's most technologically advanced yet frequently misunderstood agricultural sectors. Listeners learn that Canadian mushrooms are grown 365 days a year, supply nearly 100% of domestic grocery demand, and export approximately 40% of production to the United States—all while operating with largely organic practices and world-class automation.A central focus of the discussion is labour. Koeslag and Krayden explain that mushroom farming is non-seasonal, capital-intensive, and highly technical, yet still dependent on skilled human labour for harvesting. Recent changes to the Temporary Foreign Worker Program, combined with the cancellation of the Agri-Food Immigration Pilot, have created significant unintended consequences for growers, threatening productivity, workforce stability, and long-term investment.The conversation also explores sustainability and innovation, highlighting Canada's leadership in mushroom automation, organic growing methods, and environmental stewardship. Krayden emphasizes that farmers are strong advocates for worker well-being and housing—an aspect often overlooked in public debate.The episode closes with forward-looking commentary on 2026, including front-of-package labelling, AI-driven pricing ethics, and the ongoing challenge of scaling Canada's “unscalable middle” in food processing—making this episode both a reflective year-end review and a practical roadmap for the year ahead.Mushrooms Canada Jobs webpage https://mushrooms.ca/mushroom-jobs/Mushrooms CanadaRecipes https://mushrooms.ca/recipes/Nutrition Page: https://mushrooms.ca/nutritional-benefits/Quality farm worker housing Highline campus in Leamington: https://www.facebook.com/share/p/1CNj4H8dGz/MORE high quality mushroom farm worker housing offered in Ontario for our farm workers https://youtu.be/ocrXL9DX7ys?si=Okdfpk2kx9lVHOoo The Food Professor #podcast is presented by Caddle. About UsDr. Sylvain Charlebois is a Professor in food distribution and policy in the Faculties of Management and Agriculture at Dalhousie University in Halifax. He is also the Senior Director of the Agri-food Analytics Lab, also located at Dalhousie University. Before joining Dalhousie, he was affiliated with the University of Guelph's Arrell Food Institute, which he co-founded. Known as “The Food Professor”, his current research interest lies in the broad area of food distribution, security and safety. Google Scholar ranks him as one of the world's most cited scholars in food supply chain management, food value chains and traceability.He has authored five books on global food systems, his most recent one published in 2017 by Wiley-Blackwell entitled “Food Safety, Risk Intelligence and Benchmarking”. He has also published over 500 peer-reviewed journal articles in several academic publications. Furthermore, his research has been featured in several newspapers and media groups, including The Lancet, The Economist, the New York Times, the Boston Globe, the Wall Street Journal, Washington Post, BBC, NBC, ABC, Fox News, Foreign Affairs, the Globe & Mail, the National Post and the Toronto Star.Dr. Charlebois sits on a few company boards, and supports many organizations as a special advisor, including some publicly traded companies. Charlebois is also a member of the Scientific Council of the Business Scientific Institute, based in Luxemburg. Dr. Charlebois is a member of the Global Food Traceability Centre's Advisory Board based in Washington DC, and a member of the National Scientific Committee of the Canadian Food Inspection Agency (CFIA) in Ottawa. Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career. Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada's Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael's cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.
New Zealand's back on the road to financial recovery, according to new reports. The latest Stats NZ data shows the economy contracted 0.5 percent in the year to September. But it's grown 1.1 percent - faster than expected - in the last quarter. Infometrics Principal Economist Brad Olsen says we're effectively returning to where we once were. "Momentum is starting to build, but it's building from a weak spot. So we're certainly not saying that the economy is completely back, but it is on a better track." LISTEN ABOVESee omnystudio.com/listener for privacy information.
Liderii Uniunii Europene incearca sa ajunga astazi la o intelegere despre cum să finanţeze Ucraina urmatorii doi ani. Opţiunea preferată este utilizarea activelor ruseşti îngheţate în UE, dar care depinde de aprobarea improbabila a Belgiei. Pe agenda intalnirii este si extinderea Uniunii Europene, dar nu sunt vesti prea bune nici pentru Kiev, nici pentru Chisinau. Dezvoltam imediat. "Franța nu semnează acordul cu țările Mercosur". Proteste violente la Bruxelles Presedintele Emmanuel Macron anunta ferm de la Bruxelles: "Franta nu semneaza acordul cu tarile Mercosur", sub presiunea agricultorilor si a unei clase politice care se opune aproape in unanimitate acordului cu blocul sud-american. Sunt proteste violente la Bruxelles, aproximativ 10.000 de fermieri au iesit in strada cu utilaje. Economist: măsurile fiscale ale guvernului sunt luate strict politic, fără studii de impact Salariul minim va creste anul viitor, dar de la 1 iulie, nu de la 1 ianuarie, cheltuielile in administratia centrala vor fi reduse cu 10%, fara a fi afectate salariile de baza, impozitul minim pe cifra de afaceri scade la 0,5% , in timp ce parlamentarii si partidele pierd zece la suta din venituri. Economistul Adrian Negrescu spune ca masurile fiscale ale guvernului sunt luate strict politic, fara studii de impact. Companiile care produc in Romania sunt sanctionate asa cum nu se intampla in lumea civilizata, mai atrage atentia economistul. Legea pentru combaterea antisemitismului și xenofobiei a fost adoptată de Parlament. Care sunt schimbările Actul normativ a fost retrimis Parlamentului de Nicușor Dan pentru reexaminare, însă obiecțiile președintelui au fost respinse, astfel că proiectul a trecut în forma în care a fost adoptat prima dată. Odată cu promulgarea legii, Parchetul General nu va mai avea nicio scuză să nu condamne în mod sistematic antisemitismul și xenofobia, spune politologul Cristian Pîrvulescu. Ii veti asculta argumentele in 40 de minute.
Tommy and Ben discuss the horrific Bondi Beach terror attack, the rise of antisemitism in Australia, Israeli Prime Minister Benjamin Netanyahu's bad-faith attempt to connect Australia's recognition of a Palestinian state to this violence, and the perpetrators potentially training in the Philippines. They also talk about the US seizure of a Venezuelan oil tanker and how it fits into President Trump's creep towards regime change, Chile's election of the most right-wing President since Pinochet and Trump gleefully taking credit, questions about why US troops are still in Syria after the death of two US soldiers, pro-democracy advocate Jimmy Lai's conviction in Hong Kong, a proposed policy to check the social media accounts of visitors to the US, the death of Jared Kushner's corrupt hotel deal in Serbia, and highlights from episode 2 of The Liz Truss Show. Then, Ben speaks to Zanny Minton Beddoes, Editor-in-Chief of The Economist, about global shifts to watch for in 2026.For a closed-captioned version of this episode, click here. For a transcript of this episode, please email transcripts@crooked.com and include the name of the podcast. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Pontus Rendahl is a neoclassically trained economist who spent a decade at the University of Cambridge, which has a long tradition of hosting heterodox economics. He made good-faith efforts to interact with these outsiders but reports that the attempt bore little fruit.Mentioned in the Episode and Other Links of Interest:The YouTube version of this interview.The link for this episode's sponsor, Monetary Metals.Pontus Rendahl's twitter thread on his outreach efforts.Help support the Bob Murphy Show.
In this our final Community Chat and final episode for 2025, and with members of the Caribbean tech community, International Consultant, and an Economist, Yacine Khelladi, and International Consultant, Carlton Samuels, the panel discusses the ICT/technology trends and developments that were evident across the Caribbean region in 2025, and what might be in store in 2026. The episode, show notes and links to some of the things mentioned during the episode can be found on the ICT Pulse Podcast Page (www.ict-pulse.com/category/podcast/) Enjoyed the episode? Do rate the show and leave us a review! Also, connect with us on: Facebook – https://www.facebook.com/ICTPulse/ Instagram – https://www.instagram.com/ictpulse/ Twitter – https://twitter.com/ICTPulse LinkedIn – https://www.linkedin.com/company/3745954/admin/ Join our mailing list: http://eepurl.com/qnUtj Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell Podcast editing support: Mayra Bonilla Lopez ---------------
How many jobs did the U.S. economy gain or lose last month? We'll find out later this morning. The numbers are about a week late, as the folks at the Bureau of Labor Statistics needed a minute to catch up after the government shutdown. Economists' expectations are low. Then, an investigation in New York looks into allegations of systemic fraud big banks are facing over foreclosure auctions. We'll help you understand the story.
How many jobs did the U.S. economy gain or lose last month? We'll find out later this morning. The numbers are about a week late, as the folks at the Bureau of Labor Statistics needed a minute to catch up after the government shutdown. Economists' expectations are low. Then, an investigation in New York looks into allegations of systemic fraud big banks are facing over foreclosure auctions. We'll help you understand the story.
On today's Czechia in 30 Minutes Show: The Economist ranks Czechia among world's leading economies in 2025; to ban or not to ban cell phones? A question for Czech schools; Czech Academy of Sciences's a digital archive of 15,000 folk songs.
Economists say the government is stuck between a rock and a hard place off the back of the treasury's latest economic forecasts. Anneke Smith reports.
On Episode 753 of The Core Report, financial journalist Govindraj Ethiraj talks to Dr. Ajit Ranade, Economist and Former Vice Chancellor of Gokhale Institute of Politics and Economics in Pune.SHOW NOTES(01:00) Why the markets are caught in a perfect storm involving the rupee(06:23) Leading global crude indicators are pointing towards a fall in prices now. The IEW Segment(08:06) The paradox of high growth, low inflation and a falling currency(20:14) The US struggles with putting out critical macro data is a lesson for everyone(23:25) Ford slams reverse gear on EVs globally, are there lessons for India?(26:50) After Australia, Malaysia will have controls on children's access to social mediaRegister for India Energy Week 2026https://www.indiaenergyweek.com/forms/register-as-a-delegateGUEST'S RECOMMENDED READINGAjit Ranade's SelectionThe Undying Light by Gopalkrishna GandhiGolwalkar by Dhirendra JhaApple in China by Patrick McGeeFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter |Instagram |Facebook |Linkedin |Youtube
Professor Bas van Fraassen argues science doesn't deliver literal truth about reality, meaning unobservable physics is merely a model. He also contends the self isn't a thing and that logic permits free will, ultimately sharing how he maintains faith in God without relying on metaphysics. As a listener of TOE you can get a special 20% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe TIMESTAMPS: - 00:00 - Reality vs. Appearance - 08:40 - Scientific Realism vs. Anti-Realism - 16:30 - The "No Miracles" Argument - 22:26 - Common Sense Realism - 27:54 - Trusting Instruments vs. Theories - 34:22 - Kierkegaard's Call to Decision - 41:50 - Determinism is a Model - 48:50 - Sartre on Free Will - 56:47 - Causation Doesn't Exist in Physics - 01:05:47 - Language of Human Action - 01:15:54 - Tarski's Limitative Theorems - 01:23:50 - "I Am Not a Thing" - 01:34:20 - Rejecting Analytic Metaphysics - 01:40:17 - Does God Exist? - 01:50:50 - Disagreement on Monty Hall - 01:56:15 - Conversion to Catholicism LINKS MENTIONED: - The Scientific Image [Book]: https://amzn.to/499SA72 - Bas's Blog: https://basvanfraassensblog.home.blog/about-me-2/ - The Empirical Stance [Book]: https://amzn.to/3MWbKEK - Bas's Published Papers: https://scholar.google.com/citations?user=EBj6wCAAAAAJ&hl=en - Bas's Published Books: https://amzn.to/3L0njdw - Reality Is Not What It Seems [Book]: https://amzn.to/3YseMDe - Matthew Segall [TOE]: https://youtu.be/DeTm4fSXpbM - The "No Miracles" Argument: https://plato.stanford.edu/entries/scientific-realism/#MiraArgu - Bas On Closer To Truth: https://youtu.be/nQnQ9ndlYi4 - The Most Terrifying Philosopher I've Encountered [TOE]: https://youtu.be/BWYxRM__TBU - Curt Reads Plato's Cave [TOE]: https://youtu.be/PurNlwnxwfY - Avshalom Elitzur [TOE]: https://youtu.be/pWRAaimQT1E - Formal Philosophy [Paper]: https://archive.org/details/formalphilosophy00mont/page/n5/mode/2up - Robert Sapolsky [TOE]: https://youtu.be/z0IqA1hYKY8 - Time And Chance [Book]: https://amzn.to/4qb6tru - Aaron Schurger [TOE]: https://youtu.be/yDDgDSmfS6Q - Nancy Cartwright's Published Work: https://www.profnancycartwright.com/publications/books/ - Tim Maudlin [TOE]: https://youtu.be/fU1bs5o3nss - Elan Barenholtz & Will Hahn [TOE]: https://youtu.be/Ca_RbPXraDE - On The Electrodynamics Of Moving Bodies [Paper]: https://sites.pitt.edu/~jdnorton/teaching/Einstein_graduate/pdfs/Einstein_STR_1905_English.pdf - The 'Twin Earth' Thought Experiment: https://www.britannica.com/biography/Hilary-Putnam#ref1204773 - Yang-Hui He [TOE]: https://youtu.be/spIquD_mBFk - The Nonexistent Knight [Book]: https://amzn.to/3XWxfrs - Wolfgang Smith [TOE]: https://youtu.be/vp18_L_y_30 - Neil deGrasse Tyson Doesn't Understand What "Belief" Means [Article]: https://curtjaimungal.substack.com/p/i-dont-use-the-word-belief-and-scientific - The Monty Hall Problem: https://en.wikipedia.org/wiki/Monty_Hall_problem - Daniel Dennett [TOE]: https://youtu.be/bH553zzjQlI - Michael Dummett: https://iep.utm.edu/michael-dummett/ - How To Define Theoretical Terms [Paper]: https://www.princeton.edu/~hhalvors/teaching/phi520_f2012/lewis-theoretical-terms.pdf - The Model-Theoretic Argument: https://plato.stanford.edu/entries/realism-sem-challenge/model-theory-completeness.html - Remembering Hilary Putnam [Article]: https://www.tabletmag.com/sections/news/articles/remembering-hilary-putnam-harvard-philosopher-and-religious-jew - Hilary Lawson: https://www.hilarylawson.com/biography/ - Language Isn't Just Low Resolution Communication: https://curtjaimungal.substack.com/p/language-isnt-just-low-resolution Learn more about your ad choices. Visit megaphone.fm/adchoices
Česko se podle britského týdeníku The Economist řadí mezi desítku ekonomicky nejúspěšnějších zemí. Nadprůměrně dobrá hodnocení české ekonomiky přicházejí i z dalších zdrojů. „Máme za sebou složité roky. V relativním srovnání jednoho roku jsme tak rychlejší než mnohé jiné země,“ upozorňuje ekonom a bývalý premiér Jiří Rusnok.
Canada’s economic outlook for 2026 is facing increasing headwinds, according to a new report from Farm Credit Canada (FCC). Despite low inflation and stable interest rates, structural challenges—not just cyclical slowdowns—are weighing on growth expectations. Krishen Rangasamy, principal economist with FCC, shared insights from the organization's macroeconomic outlook, highlighting key risks for Canadian producers and... Read More
In The Land Trap (Portfolio / Penguin), Mike Bird—Wall Street editor at The Economist—reveals how this ancient asset still exerts outsize influence over the modern world. From the speculative land grabs of colonial America to China's real estate crisis today, Bird shows how fortunes are built—and destroyed—on the bedrock of land. Tracing three centuries of history, Bird explores how land quietly became the linchpin of the global banking system, driving everything from soaring housing prices to rising geopolitical tensions. As governments wrestle with inequality and land grows ever scarcer, The Land Trap offers a powerful new framework for understanding the hidden force behind today's most urgent challenges. This is the book for anyone who wants to see beyond markets and money to the real game being played on a foundation as old as civilization itself. Timely, provocative, and essential, The Land Trap will change how you see the ground beneath your feet. Reed Schwartz (@reedschwartzsf) holds an MPhil in Intellectual History from the University of Cambridge. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network
In The Land Trap (Portfolio / Penguin), Mike Bird—Wall Street editor at The Economist—reveals how this ancient asset still exerts outsize influence over the modern world. From the speculative land grabs of colonial America to China's real estate crisis today, Bird shows how fortunes are built—and destroyed—on the bedrock of land. Tracing three centuries of history, Bird explores how land quietly became the linchpin of the global banking system, driving everything from soaring housing prices to rising geopolitical tensions. As governments wrestle with inequality and land grows ever scarcer, The Land Trap offers a powerful new framework for understanding the hidden force behind today's most urgent challenges. This is the book for anyone who wants to see beyond markets and money to the real game being played on a foundation as old as civilization itself. Timely, provocative, and essential, The Land Trap will change how you see the ground beneath your feet. Reed Schwartz (@reedschwartzsf) holds an MPhil in Intellectual History from the University of Cambridge. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history
Todos los anos por estas fechas, la revista The Economist, una de las mas influyentes del mundo, da a conocer sus "profecias" para 2026. Junto a Miguel Pedrero analizamos algunas de las mas relevantes.
The late Robert Solow was a giant among economists. When he was 98 years old he told Steve about cracking German codes in World War II, why it's so hard to reduce inequality, and how his field lost its way. SOURCES:Robert Solow, professor emeritus of economics at the Massachusetts Institute of Technology. RESOURCES:"Secrecy, Cigars, and a Venetian Wedding: How the P.G.A. Tour Made a Deal with Saudi Arabia," by Alan Blinder, Lauren Hirsch, Kevin Draper, and Kate Kelly (The New York Times, 2023)."Global Assessment of Environmental-Economic Accounting and Supporting Statistics: 2020," by United Nations Committee of Experts on Environmental-Economic Accounting (2021)."Where Modern Macroeconomics Went Wrong," by Joseph E. Stiglitz (Oxford Review of Economic Policy, 2015)."As Inequality Grows, So Does the Political Influence of the Rich," (The Economist, 2018)."Big Bang Financial Deregulation and Income Inequality: Evidence From U.K. and Japan," by Daniel Waldenstrom and Julia Tanndal (VoxEU, 2016)."The Fall And Rise Of U.S. Inequality, In 2 Graphs," by Quoctrung Bui (Planet Money, 2015).Nobel Prize Biographical, by Robert Solow (1987).Principles of Political Economy, by John Stuart Mills (1848). EXTRAS:"Is Economic Growth the Wrong Goal? (Update)," by Freakonomics Radio (2023). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Homeschooling isn't just about math lessons and reading charts—it's about who gets to shape how your kids see the world.In this episode, I'm joined by Dr. Jonathan Newman from the Mises Institute, a homeschooling dad, economist, and libertarian who breaks down why he and his wife chose to keep their kids out of government schools, how they approach reading and “adulting” skills at home, and why there's really no such thing as a “neutral” education.We talk about:Teaching kids to read with Teach Your Child to Read in 100 Easy Lessons—and why it works for some kids and not othersThe big differences between boys and girls when it comes to focus, readiness, and timelinesWhy homeschooling is so much more efficient than public school (and what to do with all that extra time together)The “adulting crisis” and how kids actually learn real-life skills like changing a tire, paying bills, and mailing a letterWhat Austrian economics is, why the Mises Institute exists, and how Jonathan teaches multiple perspectives instead of one government-approved narrativeCapitalism vs. socialism, and why socialist systems struggle to get food, prices, and production rightIndoctrination, values, and why parents—not the state—should decide which ideas get center stage in their child's educationIf you're a Christian, liberty-minded, or simply skeptical of the one-size-fits-all system and the stories your kids are being told about history, money, and government, this conversation will give you a lot to think about.Follow Dr. Jonathan Newman on X - @NewmanJ_RDiscover free books, articles, and lectures on economics and liberty at Mises.orgLearn more about Green Ember: Helmer in the Dragon Tomb—the new prequel book from S. D. Smith—and explore the companion video game now available on Steam: sdsmith.com/helmer Perfect for parents seeking meaningful, courage-building stories for kids ages 8–12.
Adam and Cameron continue their December series on founding Soviet thinkers. This week, they discuss the life and work of Polish-German revolutionary Rosa Luxemburg.Also on the show: China's $1 trillion trade surplus and the Trump administration's newly released National Security Strategy. Learn more about your ad choices. Visit megaphone.fm/adchoices
Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen discuss the Fed's path as inflation remains above its target and the labor market continues cooling.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist. Matthew Hornbach: Yesterday, the FOMC meeting delivered another quarter percentage point rate cut. Today we're here to discuss what happens next.It's Thursday, December 11th at 8:30 AM in New York. So, Mike, once again, the Fed cut rates by 25 basis points. That outcome was not a surprise, and the markets reacted positively. But there were some surprises. A bit of a divided FOMC, if you will. How did things play out during the meeting and what are some important takeaways to keep in mind? Michael Gapen: Yeah, well certainly Matt, it is a divided committee. I think that's clear. I think one key takeaway for me is the idea that the Fed is done with risk management rate cuts, and now we're back to data dependent. So, what does that mean? I mean, a risk management rate cut isn't necessarily about the data you have in hand and the data you see; it's your view about the distribution of risks around that. So, in some ways, you're not data dependent when you're making those cuts. Now, I think the challenge at this press conference for Powell was to say, ‘Well, now things are different.' And it was a nuance in the sense that cuts from here, if and when they come, will be data dependent. But I think at the same time he did not want to communicate that the bar for those rate cuts were exceptionally high. But I think he threaded the needle quite well in transitioning from risk management cuts, which aren't data dependent to an outlook, which is now more data dependent. And I thought he did that artfully well. So, for me, that's the big key. Secondarily I'd add a takeaway for me was he seems fairly confident that inflation will be coming down, and I think he still believes the labor market is cooling. The blend of that came across as a bit dovish to me. And then the third thing I would add is he fairly explicitly ruled out the risk of rate hikes. So, I think the combination of those three things: data dependence, still concerns about cooling in the labor market, and chopping off the upper half of the rate path distribution – those were kind of the key takeaways from my point. Matthew Hornbach: So, Mike, with respect to the labor market, Chair Powell did address it in a couple of different ways. But one of the ways that stood out to my ears was how he described some technical factors that people are well aware of – that could mean the economy is actually shedding jobs to the tune of about 20,000 per month. I was wondering if you could just briefly address what those factors – that are supposedly so well known – might be. Michael Gapen: Sure. So, obviously the data that gets released, there are the initial releases and then there are revisions. And in the labor market, there are what are called annual benchmark revisions. So, the BLS released a preliminary estimate of that benchmark revision several months ago, and if you apply that initial estimate, it would suggest that job growth in 2025 could be about 60,000 jobs per month, less than has already been reported. But at the same time, we know immigration controls are slowing growth in the labor force. So, this is what Powell is calling the really curious balance. How can you have employment growth basically zero, maybe even negative, after these revisions come in – and the unemployment rate relatively stable. Yes, it's gone up a few tenths, but not like you would normally expect that rise would be if we were shedding jobs. So that to me is why he… You know; the technical factors about revisions and things that lead them to be, I think, very unsure about where the labor market is; and lean in the direction of thinking lower rates are better to manage those risks than where they were six months ago. Matthew Hornbach: One of the points that you raised in your opening explanation of the meeting was about inflation. And Chair Powell mentioned an expectation that the inflation related to tariffs would be peaking in the first quarter of the year. That sounded very familiar to me because I believe that's your expectation as well. I'm curious. How are you looking at tariffs and the inflation related to tariffs today? And do you agree with Chair Powell still? Michael Gapen: We do. Our modeling of the tariff pass through and our conversations with clients and firms and what we hear on corporate earnings calls suggests that this is a long process. Meaning tariffs go in place, prices don't go up the next month. Firms make pricing decisions that take time to implement. So, we agree that the tariff pass through story will extend into 2026 and likely through the end of the first quarter. And if that's true, then goods prices should continue to move higher. The year-on-year rate of inflation should move higher, peaking at 3 percent or a little above in the first quarter of the year. And then tat effect should we think be over, which would open the door for overall inflation to start coming back down. So, I will use the dreaded T-word. We think ultimately inflation from tariffs will be transitory. And I agree with the Chair's timeline; inflation should peak in the first quarter of the year and then start to trend down. That said, we think inflation will be above the Fed's 2 percent target into 2027, and this is the cost of providing insurance to the labor market. Matthew Hornbach: So finally, all things considered, what is your outlook for Fed policy in 2026? Michael Gapen: Yeah, and the key here, Matt, is that exactly what you just implied about tariffs and inflation still going on into 2026, right? Because what we know is while firms are gauging exactly where they should be pricing, they've been offsetting tariffs through lower demand for labor. So, we think the Fed will be cutting again in January. We have three months of employment data that come across two employment reports between now and the January meeting. We think they will show continued cooling in the labor market. And then we have a second cut next year in in April. So, while tariffs are getting passed through, we think the labor market will continue to cool. And this Fed will be biased to cutting rates to provide support to the labor market in the process. That would mean the federal funds rate gets to 3 – 3.25 percent in the second quarter of 2026, where we think it'll stay.So Matt, I'd like to ask you a question. What I noticed was the rate market backed up going into the meeting, despite the fact that market participants were projecting a cut. And then the rate market rallied, in my view, significantly during the meeting and right after. What do you think was happening there? Matthew Hornbach: So, there's a phenomenon that happens in all markets where investors often speculate on a potential outcome. And if the outcome is then delivered, the follow-on price action is underwhelming. That is colloquially known as buying the rumor and selling the fact. So, I think going into this meeting kind of in line with your expectations, investors were forming very similar expectations about how the FOMC statement itself would change and the implications that that might have for the future of Fed policy. When that hawkish cut was delivered almost exactly as you had expected, Mike, I think, investors started thinking about the future in a slightly different way. Now that their expectations were met with the meeting outcome, they started to consider, the data that is forthcoming. And whenever, officials at the Fed talk about data in the way that Chair Powell spoke about the data – and by which I mean labeled the labor market as potentially losing jobs at the moment, and labeling inflation as transitory, that we'd be past the peak of tariff related inflation after the first quarter of the year. Investors can kind of look at those factors and extrapolate going forward, what that may mean for Fed policy in the first half of 2026. So, I think similar to your expectations for policy after this meeting, investors probably became a bit more confident in your outlook for Fed policy that we would see additional rate cuts in the first half of next year. And then, of course, after the April meeting, the baton will be passed to the next Fed chair, and I think investors are considering what policy might look like under that new regime at the Fed. And on the margin, the view is that the next Fed chair would be more likely than not to continue the process of lowering policy rates. So, I think all of those factors played into the post press conference, and even during the press conference reaction. Michael Gapen: Okay Matt, one last question, if I may. How did the events of the FOMC this week and the market reaction, how does that dovetail with how you're thinking about longer term rates, in particular where you see 10-year yields going? And the dollar? Matthew Hornbach: So, 10-year yields are relatively close to 4 percent at this juncture, and we expect them to drift modestly lower in the first half of 2026, as the Fed continues this process of lowering the policy rate. One point that's very important to make here is that the longer-term Treasury yields today are now sitting well above the Fed's policy rate, and that hasn't been the case for many, many years now. A lot of investors with whom we speak think that longer term yields can head a lot higher from here. But we're skeptical – because the higher that those yields go relative to the Fed's policy rate, the more attractive those bonds become for other investors to buy. So, we don't expect a big increase in longer term interest rates. Unlike some investors, we are expecting interest rates in the long end to remain relatively stable with a downward bias.On the dollar, similarly, we have the dollar continuing its depreciation trend, which it began in January of 2025, earlier this year. We expect that depreciation trend to continue in the first half of 2026 before – similar to the interest rate path – we see a little bit of dollar strength in the second half of the year. And so, you know this being the last FOMC meeting of the year, Mike, I guess we're going to have to take a wait and see approach until the FOMC reconvenes in the new year. Thanks a lot for taking the time to talk about the Fed with me this year. Michael Gapen: Great speaking with you Matt. See you in 2026. Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.
Investors and economists are warning about a piece of the financial system that could pose a risk that is potentially similar in ways to the housing crash that preceded the financial crisis in 2008. It’s part of what's been called the shadow banking system: the private credit market, an alternative type of lending to companies that doesn't involve traditional banks. Paul Solman explains. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy