The Fed Chair Won't Talk (But Markets Listened Anyway) | Off the Clock

On this Fed-heavy episode of Off the Clock, Justin Wolfers and Bloomberg's Stacey Vanek Smith dig into new Fed Chair Kevin Warsh's argument for a quieter, less transparent central bank — and why it doesn't hold up. Warsh defended saying less, insisting markets should take their cues from the economy instead of the Fed. Then his speech pushed expected interest rates sharply higher anyway.Justin's point is simple: whether or not the Fed means to guide you, you're listening either way — so it's better to be clear. Stacey pushes back with the real case for silence, which is the tendency for forward guidance to create "glass handcuffs."They also weigh the escalating-but-still-small Canada tariff fight (why $20 billion is tiny — until it isn't), the limits of "economic outcast" pressure on Iran, and a worrying dip in women's labor-force participation driven by rising child care costs and shrinking work-from-home flexibility.Finally, in honor of the late, great Dolly Parton, Justin and Stacey discuss how she was somewhat of an economist herself – with economics permeating so much of her songbook and lasting legacy.🔒 Get 20% off DeleteMe by going to https://joindeleteme.com/WOLFERS and use code WOLFERS to protect your privacy! 🙌Subscribe — it's the one signal we promise to make loud and clear:on YouTube 👉 https://youtube.com/platypuseconomicson Substack 👉 https://newsletter.platypuseconomics.comFollow on Social Media @PlatypusEconomics and @JustinWolfers