Private Credit Is in Turmoil–and Could Be in Your Future 401(k)

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• 00:02

  Chair Jerome Powell says the Fed can look past the oil shock, but maybe not forever.

• 00:08

  Plus, private credit's in turmoil, and the Trump administration is trying to make it easier to add it to 401ks.

• 00:14

  And Sam Altman hyped Sora as opening eyes next big thing.

• 00:18

  He really felt like this could have been a chat GPT moment for the creative space.

• 00:24

  So why did it all fall apart?

• 00:26

  It's Monday, March 30th.

• 00:27

  I'm Alex Osola for The Wall Street Journal.

• 00:30

  This is the PM edition of What's News, the top headlines and business stories that move the world today.

• 00:40

  Don't expect the current market chaos to prompt a knee-jerk reaction from the Fed.

• 00:44

  Today, Federal Reserve Chair Jerome Powell said the central bank will likely stay the course and keep rates steady,

• 00:50

  despite the energy shock caused by the war in Iran.

• 00:53

  Speaking to students at Harvard University,

• 00:55

  Powell said monetary policy typically works too slowly to counteract sudden economic shocks in real time.

• 01:01

  Monetary policy works with long and variable lags, famously.

• 01:05

  And so by the time the effects of a tightening in monetary policy take effect,

• 01:10

  the oil price shock is probably long gone.

• 01:14

  But he cautioned that if Americans expect significant inflation over the long term,

• 01:19

  the central bank may be forced to act.

• 01:25

  You've heard us talk about how private credit is under pressure.

• 01:28

  Firms invested in software companies, and now investors are worried about how those companies will do in an AI era.

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