RUSH TRANSCRIPT Charles do ░░░░░░░░ job that s the ░░░░░░░░ phone call between Powell ░░░░░░░░ Trump My first guest ░░░░░░░░ been in support of ░░░░░░░░ Powell at least his ░░░░░░░░ until last Wednesday when ░░░░░░░░ this studio she called ░░░░░░░░ fomc decision mean spirited ░░░░░░░░ DiMartino Booth This morning ░░░░░░░░ had consumer confidence came ░░░░░░░░ below consensus both present ░░░░░░░░ expectations saw declines Philly ░░░░░░░░ manufacturing report saw a ░░░░░░░░ decline When you see ░░░░░░░░ sort of things and ░░░░░░░░ said that the economy ░░░░░░░░ strong Is he out ░░░░░░░░ touch Oh good afternoon ░░░░░░░░ And I think it ░░░░░░░░ patently apparent especially on ░░░░░░░░ day that we see ░░░░░░░░ and conference board consumer ░░░░░░░░ come in at levels ░░░░░░░░ were right there in ░░░░░░░░ when the U S ░░░░░░░░ was already in recession ░░░░░░░░ have said for six ░░░░░░░░ in a row that ░░░░░░░░ job market is weakening ░░░░░░░░ they re queried by ░░░░░░░░ conference board And yes ░░░░░░░░ is quite clear I ░░░░░░░░ the segment that you ░░░░░░░░ played Do the job ░░░░░░░░ Powell Do your job ░░░░░░░░ your listening ears on ░░░░░░░░ pay attention To what ░░░░░░░░ are telling you Charles ░░░░░░░░ in no uncertain terms ░░░░░░░░ is make monetary policy ░░░░░░░░ the public interest It ░░░░░░░░ your job do it ░░░░░░░░ case shiller also down ░░░░░░░░ tenths of a percent ░░░░░░░░ street thought be fractionally ░░░░░░░░ And the question on ░░░░░░░░ is is it possible ░░░░░░░░ deflation could offset assumptions ░░░░░░░░ higher goods inflation Well ░░░░░░░░ that is the largest ░░░░░░░░ input into inflation metrics ░░░░░░░░ so yes of course ░░░░░░░░ is telling us It ░░░░░░░░ a long time for ░░░░░░░░ increase in home prices ░░░░░░░░ increase in rents to ░░░░░░░░ up in the CPI ░░░░░░░░ now it s actually ░░░░░░░░ to be the largest ░░░░░░░░ on inflation going into ░░░░░░░░ second half of 2025 ░░░░░░░░ in 2026 And yes ░░░░░░░░ course it s going ░░░░░░░░ be larger than anything ░░░░░░░░ we sheen it comes ░░░░░░░░ goods inflation because we ░░░░░░░░ haven t seen any ░░░░░░░░ that come through in ░░░░░░░░ What we re instead ░░░░░░░░ is company CEOs and ░░░░░░░░ saying that they re ░░░░░░░░ to do with a ░░░░░░░░ squeeze because they re ░░░░░░░░ able to pass along ░░░░░░░░ costs to Americans who ░░░░░░░░ the way did I ░░░░░░░░ for six months in ░░░░░░░░ row they ve been ░░░░░░░░ the job market is ░░░░░░░░ Charles yeah Powell seems ░░░░░░░░ comfortable in his position ░░░░░░░░ seems like okay I ░░░░░░░░ got my feet up ░░░░░░░░ ve got the leisure ░░░░░░░░ the ability to relax ░░░░░░░░ to the audience the ░░░░░░░░ if the Fed waits ░░░░░░░░ long If they do ░░░░░░░░ too long to cut ░░░░░░░░ then what is the ░░░░░░░░ The risk Charles they ░░░░░░░░ going to fall so ░░░░░░░░ behind the curve that ░░░░░░░░ re going to have ░░░░░░░░ come in and be ░░░░░░░░ reactive and instead of ░░░░░░░░ proactive fed and slash ░░░░░░░░ rates which will be ░░░░░░░░ by the public and ░░░░░░░░ so as being an ░░░░░░░░ of panic I d ░░░░░░░░ have the Fed be ░░░░░░░░ top of what is ░░░░░░░░ in the economy today ░░░░░░░░ to be trying to ░░░░░░░░ through on the back ░░░░░░░░ with really large rate ░░░░░░░░ These are individuals who ░░░░░░░░ supposed to be in ░░░░░░░░ positions shepherding the U ░░░░░░░░ economy It is time ░░░░░░░░ him to do his ░░░░░░░░ Charles it is Danielle ░░░░░░░░ you very much Appreciate ░░░░░░░░