Fed Raises Rates for the First Time in 3yrs & What Happened to Ed Sheeran’s Tour

September 17, 2026

AI Summary

5 min read

Earlier this week, Apple released iOS 27, a software update that finally makes Siri useful as a chatbot—but you have to join a waitlist and own a recent iPhone to get it. Meanwhile, the Federal Reserve raised interest rates for the first time in three years, a unanimous 12-0 decision that signals a new regime of higher borrowing costs. And in Japan, more than 100,000 people are now over 100 years old, a demographic milestone that also highlights the country's deepening birth-rate crisis.

The Fed Hikes Rates—And Explains Why

The Federal Reserve raised the federal funds rate by 25 basis points on Wednesday, the first rate hike in three years and a sharp reversal from the cuts markets had expected at the start of 2026. Fed Chair Kevin Warsh delivered the decision with a unanimous vote, the first unanimous Fed decision since May 2025. The move was widely expected: markets had priced in a 90% chance, driven by hotter-than-expected inflation and oil prices that have surged from $60 a barrel at the beginning of the year to above $100.

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What you'll learn

1 (00:26) **Show Open & Pancake Etiquette** - Hosts Neil and Toby introduce the episode and riff on a viral breakfast hack.
2 (02:54) **Fed Hikes Rates for First Time in 3 Years** - The Federal Reserve raises interest rates by 25 basis points in a unanimous decision.
3 (04:58) **Why the Fed is Hiking Now** - Analysts and Warsh explain the economic conditions forcing a shift to a higher-rate regime.
4 (08:25) **Americans Are Richer Than Ever (But Not Everyone)** - New census data shows record median household income and a record low poverty rate, but with significant caveats.
5 (12:12) **iOS 27 and the New Siri AI** - Apple releases a major software update featuring a revamped, more capable Siri.
6 (15:05) **Is Apple Too Late to the AI Game?** - The hosts debate whether Apple's new chatbot is already obsolete compared to AI agents.
7 (16:34) **iOS 27 Feature: Stealth Location Sharing** - A new feature allows users to hide their location from specific contacts without sending an alert.

+ Full timestamped outline available in the app

Show Notes

#935: The Fed raises rates for the first time in 3 years to fight inflation. Household incomes have reached a new high and poverty hits a new low, even as Americans are feeling the affordability pinch. Apple’s latest major update, iOS 27, promises a new and improved Siri. Neal dives into the numbers of Atlantic hurricanes, 100-year-olds in Japan, and Tom Holland. Finally, how Ed Sheeran’s tour imploded.

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