The rat under the Fed's hat

The Federal Reserve said today it wasn't raising interest rates, but left the door open to keep hiking later. But there's more to this decision than meets the eye. Today on the show, we use Disney's Ratatouille to explain the Fed's recipe for monetary policy — and take off the chef's hat to reveal the two interest rates that really matter when the Fed is hiking rates. Related Episodes:AP Macro gets a makeover (Apple Podcasts / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy