# What Wholesale Deflation Means for the Fed Rate Path

Page: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/what-wholesale-deflation-means-for-the-fed-rate-path
Text version: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/what-wholesale-deflation-means-for-the-fed-rate-path.md
Podcast: [The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy](https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696)
Published: 2026-07-17T05:40:56+00:00
Episode link: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0119.mp3
Audio file: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0119.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/what-wholesale-deflation-means-for-the-fed-rate-path
Duration seconds: 350

## Resource

In Episode 119 of The Federal Reserve Podcast with Fexingo, Lucas and Luna examine Wednesday's unexpected 0.3% drop in wholesale prices and what it signals for the Fed's next move. With CPI and core PCE both showing inflation stickiness in services, the hosts drill into why producer-price deflation might matter more than headline consumer numbers right now. They connect the data to the Fed's real-rate framework, discuss whether the wholesale cooling is durable or just energy noise, and explain how the June CPI print of 3.5% leaves room for a September hold. A fresh angle on the disinflation debate without rehashing prior episodes. #WholesalePrices #ProducerPriceIndex #FedRatePath #Inflation #Deflation #MonetaryPolicy #FOMC #CPI #CorePCE #RealRates #EnergyPrices #Disinflation #Economics #FederalReserve #FexingoBusiness #BusinessPodcast #Podcast #InterestRates Keep every episode free: buymeacoffee.com/fexingo

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/what-wholesale-deflation-means-for-the-fed-rate-path/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/what-wholesale-deflation-means-for-the-fed-rate-path.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.