Is Inflation Going to Ruin the Summer? | Off the Clock

Justin Wolfers is back with Stacey Vanek Smith to break down three of the biggest stories in economic news. Starting with the arrival of new Fed Chair Kevin Warsh — and the question of which Kevin Warsh will show up for the job: the inflation hawk from the Great Recession, or a more political figure likely to echo President Trump's calls for lower interest rates. Next, Justin and Stacey cover Bond Market 101, with Justin explaining why the U.S. government sells Treasury bonds, why investors buy them, and what rising long-term yields signal about inflation, oil prices, and the national debt. Finally, they dig into the stunning collapse in consumer sentiment, and why Justin believes these historically bleak numbers reflect something deeper than a bad economy — namely, a crisis of confidence in the people managing U.S. economic policy. At the same time, Stacey points out the affordability crunch is very real, with inflation hitting some summertime staples especially hard. If you enjoy this episode, please rate and review — and check out the link below to weigh in on Justin and Stacey's bet about midterm gas prices on Manifold Markets! Link to Justin & Stacey's bet: https://manifold.markets/StaceyVanekSmith/will-national-gas-prices-in-the-us