Justin Wolfers: The Fed's First Move & a 1970s Oil Shock?

Today the Federal Reserve makes its first rate decision under new Chair Kevin Warsh—and at 4 PM ET, economist Justin Wolfers joins Cliff live to break down what it means for inflation, oil, and your paycheck.

At 2:00 PM ET, the Fed makes the first call of the Warsh era—the chair President Trump installed to cut rates, now facing inflation back at 4.2%, a three-year high. Ninety minutes later, one of the most trusted economists in America sits down with Cliff on AMPED UP to tell you what actually happened, while it's still hot.

The setup: oil has blown past $100 since the Strait of Hormuz crisis, energy is up more than 23% on the year, and real wages have now fallen six months running. So are we staring down a 1970s-style oil shock and stagflation—or is that the wrong history lesson? Cliff and Justin Wolfers get into all of it: the Fed's first move, the oil shock, the affordability crisis squeezing working people, and the white-collar job market quietly cracking underneath a “strong” economy.

This is the conversation to watch on Fed day. Live at 4:00 PM ET—bring your questions.

▶ Read the companion piece—The Calendar, Installment 1: [LINK]

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Guest: Justin Wolfers—economist at the University of Michigan, New York Times contributor, and co-host of Think Like an Economist.

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