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Felix, Emily and Elizabeth go inside the Federal Reserve’s secretive FOMC meetings with Chicago Fed President Austan Goolsbee as he explains how interest-rate decisions are actually made. They cover the two-day Fed meeting ritual, why votes look unanimous, how inflation, tariffs, and the labor market shape the debate, and what happens when government data goes dark. Goolsbee breaks down Fed independence, forward guidance, the Powell era, and what the Fed can – and can’t – do about long-term rates, recession risks, or stagflation. Plus: rate-setting politics, market expectations, the “data dog” problem, and the strange mechanics behind America’s most influential economic decisions. If you love Slate Money, join Slate Plus at https://www.slate.com/moneyplus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. Podcast production by Jessamine Molli and Cheyna Roth. Note: Captions are auto-generated by YouTube. Subscribe to Slate: / slate Learn more: https://slate.com/podcasts/slate-money Follow Slate on Social: Host Felix Salmon on Twitter: / felixsalmon Slate on Twitter - / slate Slate Podcasts on Twitter - / slatepodcasts Slate on Facebook: / slate Slate on Instagram: / slate