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This week, editors Katherine Mangu-Ward, Nick Gillespie, and Matt Welch are joined by reporter Eric Boehm to break down Federal Reserve Chair Jerome Powell’s signals of upcoming interest rate cuts and President Donald Trump’s very public pressure campaign on the Fed. They discuss what a rate cut could mean for jobs, inflation, and investment, how tariffs are distorting basic economic signals, and why the Fed’s growing politicization should worry anyone who values a functional economy. The conversation then turns to the administration’s new trade deal with the European Union, what it signals for tariffs, reciprocity, and the costs of everyday goods. They also field a question from a libertarian listener about Rahm Emanuel’s appeal as a presidential candidate before examining the FBI’s raid on John Bolton’s home, weighing whether it’s a legitimate investigation into mishandled classified documents, or a case of political retribution. How can we make The Reason Roundtable better? Take our listener survey for a chance to win a $300 gift card: reason.com/podsurvey reason.com/podcast/2025/08/25/is-it-too-la... ----- 0:00—Never Fear! The Fed is Here! 12:21—Animal Farm Reciprocity 21:04—Cracks in the Barrel 33:07—LQ: Wrong Emanuel 42:19—Begone Bolton 51:21—Flags on F.I.R.E. 52:39—Darktide is Left 4 Dead but 40k Today’s Sponsor: Therapy can feel like a big investment, but the state of your mind is just as important as your physical health. Let's talk numbers. Traditional in-person therapy can cost anywhere from $100 to $250 per session, which adds up fast, but with BetterHelp online therapy, you can save, on average, up to 50 percent per session. With BetterHelp, you pay a flat fee for weekly sessions, saving you big on cost and time. Therapy should feel accessible, not like a luxury. With online therapy, you get quality care at a price that makes sense and can help you with anything from anxiety to everyday stress. Your mental health is worth it—and now, it's within reach. With over 30,000 therapists, BetterHelp is the world's largest online therapy platform, having served over 5 million people globally. It's convenient, too. You can join a session with the click of a button, helping you fit therapy into your busy life. As the largest online therapy provider in the world, BetterHelp connects you with mental health professionals with a diverse variety of expertise—so you can find the right fit. Plus, switch therapists at any time. Your well-being is worth it. Visit betterhelp.com/roundtable today to get 10 percent off your first month. Producer: Paul Alexander Video Editor: Ian Keyser Illustration: Eddie Marshall