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of the 11th hour, stephanie rule, tom costello with us, white house correspondent carol lee and host of public radio s full disclosure. the news is in, stephanie, three quarters of a point. we thought originally it was going to be 50 basis point but jay powell is in a situation. we are in a serious inflationary environment. normally the fed likes inflation to be around 2% and it s currently approaching 9. so 75 basis points is a big move but it s still tricky because what they don t want to do is move so much so quickly that they push us into recession. but if they don t do something aggressive, prices will likely continue to rise and the economy is suffering for it, especially right around gas prices. this is a big move. it s not unexpected. it s the thing that people have been waiting for. most economists across the board have said this should have happened months ago. markets are going to take this as a positive. robin, it is hard to thread this needle, thoug ....
Happened months ago. markets are going to take this as a positive. robin, it is hard to thread this needle, though. the federal reserve doesn t necessarily have a great history with getting it right because their levers are not precise. it s hard to target exactly what the economy needs. they ve got a big lever and a small lever. yes. and he is not some omnipotent mr. miagi here who can fix everything. the fed has gotten it wrong several times. stephanie, we ve had rolling financial bubbles now for the better part of 25 years where they come in, they inflate too much and then they crash the economy by hiking rates. you have .com, subprime and global economy shuts down but the timing is never perfect. you always leave too much money out there for too long and you have to do this emergency job of mopping it up. that s when you start to feel pain like those egg prices. ....