It’s a confusing macro moment (to say the least) - inflation is reheating, labor market data is sending mixed signals, and the debate over Fed independence is getting louder.

With potential rate cuts on the table, I sat down with Cleveland Fed President Beth Hammack to talk about why Fed independence matters, what she’s seeing in the data that keeps her worried about inflation, and how AI is reshaping the entry-level workforce for recent grads.

We also get into what the Fed actually does beyond monetary policy, what she’s hearing from businesses, and why markets may be underpricing the biggest risk ahead.