Gig workers and the Social Security funding gap

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**Novasafa** (1:31)
The Federal Reserve Chair heads to Congress.
For Marketplace in Los Angeles, I'm Novasafo, in for Kimberly Adams. Newly appointed Federal Reserve Chairman Kevin Warsh is set to testify in Congress this week for the first time since taking on his new role. His appearance comes as policymakers are split about the direction of interest rates amid persistent inflation. For more, I'm joined by Julia Coronado, Founder and President of Macro Policy Perspectives. Good morning.

**Julia Coronado** (1:59)
Good morning.

**Novasafa** (2:01)
So, Federal Reserve Chair Kevin Warsh testifies before Congress tomorrow and Wednesday. This is routine for Fed Chairs, but, you know, they try not to say anything or make any news, but what will you be hearing, listening for, and potentially looking for from Kevin Warsh?

**Julia Coronado** (2:17)
Well, certainly any clues about where policy is heading in the second half of the year. They released the report to Congress on Friday, and they noted that inflation is elevated and that the labor market is steady and the economy is doing okay. And all of that suggests that they may need to lean in the direction of higher interest rates in order to bring inflation down. And that is certainly what we're going to be having our ears to the ground for.

**Novasafa** (2:47)
On the inflation front, the Consumer Price Index on Tuesday, aside from the main headline number, what are you going to be most paying attention to among the underlying numbers?

**Julia Coronado** (2:57)
Yeah, we're going to be really looking at the details of core inflation, that is inflation excluding food and energy, which has been quite persistent. AI is driving up prices on software and other consumer electronics. We've had tariff pass through into other consumer goods prices. So we're looking for whether those impulses are getting stronger or starting to fade.
Really, those details are going to give us the signal of where we're heading next.

**Novasafa** (3:34)
Julia Coronado is founder and president of Macro Policy Perspectives and a professor at the University of Texas Austin. Thank you very much.

**Julia Coronado** (3:41)
My pleasure.

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**SPEAKER_1** (4:51)
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