Steve Ballmer explains the Federal Reserve (video)

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Just the Facts on the Fed   The newly confirmed Fed Chair Kevin Warsh is beginning his tenure as head of the Federal Reserve. The Fed is the nation's central bank, but you can’t walk into a branch to open a checking account. Instead, the Fed's decisions can make your car payments cheaper or a job harder to find.   So how does the Fed work? Glad you asked! USAFacts Founder Steve Ballmer just dropped this new video on the Fed and we couldn’t wait to share it with you.  Join Steve as he breaks down the Federal Reserve's complex role in the American economy. He'll break down complicated concepts, provide visuals to shed light on the institution, and even make a few costume changes.    This is the first Spotlight edition of the USAFacts newsletter, which we’ll send when we have a cool new way to explore data with you. You can expect to get them about once a month.    Here's a preview of what you'll find in the video, plus data to understand the Fed's role in your economic well-being:   The Federal Reserve is the most important bank you’ll never use. It’s a bank for banks. It holds cash reserves, moves money between banks, and can lend to them whenever needed. The Fed has five responsibilities. The one that affects you most directly is its mandate to conduct monetary policy to keep inflation in check and employment high. Through it, the Fed can influence interest rates across the entire economy. (Here are the other four.)   Speaking of inflation When the Fed lowers interest rates, it can lead to the running economy “hot.” It can make it cheaper for you to buy a house, get a car loan, or borrow money to open a business. But if money’s easier to borrow, it can fuel inflation. Last month’s inflation rate was 3.8%. The Bureau of Labor Statistics measures inflation through changes in the Consumer Price Index (CPI), a metric designed to track the price of a “basket of goods and services.”  Think a dollar doesn't go as far as it used to? You're right. Track how the dollar’s value has changed with our inflation calculator! Explore the value from 1913 to now, or at any point in between. Workers’ wages aren’t keeping up with inflation. Nominal wages rose 3.6% from April 2025 to April 2026, while prices grew 3.8%. When the Fed raises interest rates, it can lead to the economy running “cold,” making things more expensive and slowing inflation. When borrowing is hard, it can slow the economy and drive up unemployment.   How the Fed influences interest rates The Fed changes the interest it charges on loans it gives and pays on other banks' cash reserves it holds, effectively setting the limits at which other banks can charge interest. The average overnight rate at which banks transact is called the federal funds rate. Get a jargon-free explanation of the federal funds rate from Steve himself. If the Fed raises the federal funds range, your bank’s costs go up. Your bank might raise interest rates on new loans. Mortgages, car loans, credit cards, and short-term business loans all get more expensive. That can ripple across the economy: people buy less, inflation can decrease as demand falls, less demand means companies may need fewer workers — causing unemployment to rise. The federal funds rate target range has changed about 30 times in the last 10 years. In 2022, inflation climbed well above the Fed’s 2% goal. In response, the Fed raised the federal funds target range seven times in a single year.  The Fed uses the Personal Consumption Expenditures Price Index (PCE) to measure inflation. The PCE tracks changes in the prices consumers pay across the economy. This differs somewhat from the CPI (the inflation measure most Americans are familiar with) because the two indexes use different methods and baskets of goods and services to calculate price changes. Sometimes interest rate changes aren't enough, so the Fed uses other tools. One of them is to create money. (Sounds nice, right?) Here’s how.    Thank you for joining us for this first Spotlight email! Watch the video now, then learn more about the Federal Reserve.

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First night of the FinCom FY 2027 Budget Hearings - audio in 2 parts - 04/06/26

FM #1723-24 = This is the Franklin Matters radio show, number 1723-24 in the series. 

This session of the radio show shares the Finance Committee Budget Hearing on General Government, the 1st of 4 sessions to go over the FY 2027 budget. The meeting was held in Council Chambers with 8 of 9 members present.

Let’s listen in

Part 1 runs about 2:13 Audio link - https://franklin-ma-matters.captivate.fm/episode/fm-1723-finance-cmte-budget-hearing-1-p1-of-2-04-06-26/

Part 2 runs about 3:11 Audio link - https://franklin-ma-matters.captivate.fm/episode/fm-1724-finance-cmte-budget-hearing-1-p2-of-2-04-06-26/

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The Franklin TV video is available for replay - https://www.youtube.com/live/Y7KSV5MTfHs?&t=140 

Agenda doc including links to the FY 2027 budget 

https://www.franklinma.gov/AgendaCenter/ViewFile/Agenda/_04062026-2219  

My full set of notes in one PDF - https://drive.google.com/file/d/1jmG8Vn97Cemo5YjonVvLtr72hkqHHM26/view?usp=drive_link

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We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  

This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.

How can you help?

• If you can use the information that you find here, please tell your friends and neighbors

• If you don't like something here, please let me know

• And if you have interest in reporting on meetings or events, please reach out. We’ll share and show you what and how we do what we do

Through this feedback loop we can continue to make improvements. I thank you for listening.

For additional information, please visit Franklinmatters.org/ or www.franklin.news/

If you have questions or comments you can reach me directly at shersteve @ gmail dot com

The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.

I hope you enjoy!

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You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"

Franklin TV schedule for Wednesday, April 22, 2026 (Your local Public, Education & Government "PEG" station)

• Franklin All Access TV - Our Public Access Channel (Comcast 6, Verizon 26) = WEDNESDAY

7:30 am     Metrowest Symposium: Festivals & Community Celebrations

8:30 am Mary Anning: Fossil Hunter

10:00 am Franklin Art Association: Katie Kindilien

11:30 am Cooking Thyme: Fish

12:00 pm Brook'n'Cookin: Taquitos

12:30 pm Cooking with Linda: Italian Sausage

1:30 pm     Pizzapalooza: Margherita Pizza

2:00 pm New England Candlepins: Summer '19 Show 2

3:00 pm Candlepin New Generation: Show 4

6:00 pm Metrowest Summit: World Cup 02-26-26

8:30 pm Circle of Friends: Joe Jencks

• Franklin Pride TV - Our Educational Channel        (Comcast 8, Verizon 28) = WEDNESDAY

7:00 am Middle School Winter Music: 2025: Band

8:30 am All-Town Chorus & Orchestra 2026

10:00 am SAFE Coalition: Danny Lagarce

11:00 am 6th Grade Winter Music 02-10-26

1:30 pm     FHS Varsity Softball v North Attleboro 04-08-26

8:00 pm Rec Basketball:7th & 8th Grade Boys 03-07-26

10:00 pm FHS Varsity Baseball v Attleboro 04-13-26

• Franklin Town Hall TV - Our Government Channel (Comcast 9, Verizon 29) = WEDNESDAY

8:00 am Town Council 04-15-26

1:00 pm Town Council 04-15-26

5:00 pm Finance Committee 04-08-26 

Get this week's program guide for Franklin.TV and Franklin Public Radio (wfpr.fm) online  http://franklin.tv/programguide.pdf 

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