<p>US President Donald Trump’s global trade war has made a mess for the Federal Reserve. Despite an encouraging US consumer price index report this week, there are major concerns about the inflationary nature of Trump’s tariffs. Meanwhile, the Fed has cut growth forecasts. And if all that wasn’t enough, Trump is breathing down chair Jay Powell’s neck to cut interest rates. The FT’s US economics editor Claire Jones and economics commentator Chris Giles explain why the central bank is caught in a difficult position.</p><br><p><strong>Mentioned in this podcast:</strong></p><p><a href="https://on.ft.com/44jV1BY" rel="noopener noreferrer" target="_blank">Jay Powell’s tariff dilemma: defend the economy or contain inflation</a></p><p><a href="https://on.ft.com/3XUfkC6" rel="noopener noreferrer" target="_blank">Alphaville: An emergency rate cut from the Fed?</a></p><p><a href="https://on.ft.com/42AFPhE" rel="noopener noreferrer" target="_blank">US inflation falls more than expected to 2.4% in March</a></p><p><a href="https://on.ft.com/4j5wKnJ" rel="noopener noreferrer" target="_blank">Federal Reserve ‘absolutely’ ready to help stabilise market if needed, top official says</a></p><br><p><a href="https://www.ft.com/chris-giles-on-central-banks" rel="noopener noreferrer" target="_blank">Sign up for the FT’s newsletter Chris Giles on Central Banks</a></p><p><a href="https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe" rel="noopener noreferrer" target="_blank">Sign up for the FT’s Swamp Notes newsletter here</a></p><br><p>Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.</p><br><p><a href="https://www.ft.com/content/27531e53-7586-4c8a-b984-d9f70f57f83c" rel="noopener noreferrer" target="_blank"><strong>Read a transcript of this episode on FT.com</strong></a></p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>
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