you are on with mixed -- nick timiraos. caller: how does the fed affect the savings rate and cd rates? guest: with interest rates as low as they have been, it has kept the rates on savings accounts and certificates of deposits low. this low rate environment has been difficult for people who budgeted to live off of interest from savings accounts. on the other hand, markets have been booming. -- asset markets have been booming. if you own property and some of these land constrained cities, prices have been soaring. it can be a double-edged sword for people. host: doug, alaska. go ahead with your question or comment about the federal reserve. caller: i had a question on the democrats' proposal to pay for their programs by taxing corporations and the rich. does that pay for their programs? guest: it depends on how -- tax rates are one consideration that companies have to make when they decide where they're going to look at themselves or what they are going to produce. i would leave it to the independent budget analysts to do th

later, nick timiraos on the state of the u.s. economy and the role of the federal reserve. ♪ host: as is common 48 hours after an election lots of analysis and editorializing in the newspapers today about what happens tuesday. -- happened tuesday. we will look at that analysis and ask you for your takeaways and lessons learned from virginia, new jersey, and municipal elections across the country. that will be our opening question. also you will have the question to talk with members of congress. we will take a look at the file reserve -- federal reserve's actions yesterday. what is the message from tuesday? that is the question. here are the numbers. (202) 748-8000 if you are a democrat. if you're a republican, (202) 748-8001. independents, (202) 748-8002 is the number for you to dial in on. if you want to reach us on social media, you can do so via text. (202) 748-8003. that is a text number only. please include your city and first name. and our social media sites, @cspanwj is our handle for those. here is a couple of the front

host: joining us now is nick timiraos of the wall street journal. what exactly was the action taken by the fed? guest: it helps to go back to march of 2020, when the pandemic hit the u.s. and caused a global financial panic. the