How Tariffs Are Rewiring Inflation Expectations

The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy · Oct 11, 2026 · 8m · transcript

Inflation data from August shows core prices holding steady, yet consumer sentiment is shifting rapidly. This episode examines the New York Fed’s finding that recent price spikes were driven largely by tariffs rather than organic demand. Lucas and Luna explore how this structural shift changes the Federal Reserve’s calculus as they navigate between cooling labor metrics and rising import costs. With the ten-year breakeven inflation rate sitting at two point three three percent, the market is pricing in a complex reality where policy errors on trade are becoming monetary policy problems…