Scott Horsley

The chair of the Federal Reserve has one of the most powerful economic jobs in the world, with the ability to move markets with a single phrase.

Under Jerome Powell's leadership, the Federal Reserve has been instrumental in steering the economy from the depths of the pandemic in a quest to claw back the 22 million jobs that were lost.

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Oil prices keep climbing, supply chains still tangled - and that's keeping inflation at its highest level in more than a dozen years. The Labor Department said this morning that consumer prices rose 5.4% during the 12 months ending in September. Price hikes accelerated in just the last month. NPR's Scott Horsley joins us. Scott, that is a long list of bummer items. Let's start with energy. Crude oil prices have risen sharply, and that's causing gas to rise. What's going on?

Updated October 13, 2021 at 8:42 AM ET

Here's another unexpected example of how supply chains have been upended by the pandemic: Glass bottles used for everything from vinegar to pasta sauces are getting tied up in their own bottlenecks. That's driving prices higher, when you can get the bottles at all.

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Three U.S.-based economists will share this year's Nobel Memorial Prize in Economic Sciences for their innovative work with "natural experiments" – events or policy changes in real life that allow researchers to analyze their impact on society.

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Three economists are sharing this year's Nobel Prize for their work on so-called natural experiments, including how changes in the minimum wage affect the labor market. NPR's Scott Horsley is here with details. Hey, Scott.

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