RUSH TRANSCRIPT Very interesting ░░░░░░░░ in this Charles thank ░░░░░░░░ Thank you so much ░░░░░░░░ I ll bring in ░░░░░░░░ research CEO and chief ░░░░░░░░ Danielle DiMartino Booth So ░░░░░░░░ s go back to ░░░░░░░░ two dissenters Bowman and ░░░░░░░░ The peterson institute saying ░░░░░░░░ Fed often looks through ░░░░░░░░ changes that are caused ░░░░░░░░ volatile commodity prices in ░░░░░░░░ this is the argument ░░░░░░░░ Bowman and waller that ░░░░░░░░ should be doing the ░░░░░░░░ with tariffs and we ░░░░░░░░ for a long time ░░░░░░░░ said it s a ░░░░░░░░ time hike but now ░░░░░░░░ have fed folks trying ░░░░░░░░ gauge stockpiling at Walmart ░░░░░░░░ are taking on putting ░░░░░░░░ a lot of hats ░░░░░░░░ now They are and ░░░░░░░░ too deep right now ░░░░░░░░ was really interesting S ░░░░░░░░ global came out with ░░░░░░░░ report a few days ░░░░░░░░ that showed supply chain ░░░░░░░░ index was dragged down ░░░░░░░░ this absolute collapse in ░░░░░░░░ by north American companies ░░░░░░░░ while we have seen ░░░░░░░░ ahead of these tariffs ░░░░░░░░ haven t seen follow ░░░░░░░░ and I think that ░░░░░░░░ gets more credence to ░░░░░░░░ and wall erin that ░░░░░░░░ are saying this could ░░░░░░░░ a one time hit ░░░░░░░░ the demand is not ░░░░░░░░ Charles right and I ░░░░░░░░ to pick up on ░░░░░░░░ expectations We know since ░░░░░░░░ most of these inflation ░░░░░░░░ whether it s the ░░░░░░░░ York fed Michigan survey ░░░░░░░░ have come down a ░░░░░░░░ maybe a little bit ░░░░░░░░ a bump a lot ░░░░░░░░ the April earlier this ░░░░░░░░ and this just came ░░░░░░░░ also and this is ░░░░░░░░ businesses Business expectations on ░░░░░░░░ have also come down ░░░░░░░░ like this provides perfect ░░░░░░░░ for the Fed to ░░░░░░░░ action It absolutely does ░░░░░░░░ fact a few days ░░░░░░░░ we heard from the ░░░░░░░░ businesses in the United ░░░░░░░░ not just the large ░░░░░░░░ but we heard from ░░░░░░░░ businesses that poor sales ░░░░░░░░ at the same level ░░░░░░░░ concern for them demand ░░░░░░░░ inflation was that inflation ░░░░░░░░ come down to that ░░░░░░░░ to the lowest since ░░░░░░░░ so inflation is not ░░░░░░░░ and center for American ░░░░░░░░ rather it s the ░░░░░░░░ side of the Fed ░░░░░░░░ mandate and lack of ░░░░░░░░ that corporate America small ░░░░░░░░ the nations biggest employer ░░░░░░░░ most concerned with right ░░░░░░░░ Charles Charles let s ░░░░░░░░ a look at the ░░░░░░░░ side the labor situation ░░░░░░░░ these are both your ░░░░░░░░ for labor Now this ░░░░░░░░ area here shows if ░░░░░░░░ had high immigration even ░░░░░░░░ higher immigration levels we ░░░░░░░░ see it trending lower ░░░░░░░░ into 26 27 and ░░░░░░░░ and obviously with lower ░░░░░░░░ estimates we see it ░░░░░░░░ even lower so the ░░░░░░░░ line is while I ░░░░░░░░ ed yardeni feels comfortable ░░░░░░░░ where labor is right ░░░░░░░░ it seems like the ░░░░░░░░ is on the wall ░░░░░░░░ don t think most ░░░░░░░░ feel comfortable with where ░░░░░░░░ labor market is right ░░░░░░░░ We have a record ░░░░░░░░ of multiple job holders ░░░░░░░░ numbers of gig economy ░░░░░░░░ who are driving doordash ░░░░░░░░ uber just to make ░░░░░░░░ meet Americans would certainly ░░░░░░░░ a rebound in true ░░░░░░░░ sector full time hiring ░░░░░░░░ we wouldn t be ░░░░░░░░ types of graphs Charles ░░░░░░░░ me ask you If ░░░░░░░░ is going down but ░░░░░░░░ are going up do ░░░░░░░░ wages out weigh the ░░░░░░░░ of labor for the ░░░░░░░░ fed You know they ░░░░░░░░ but we re actually ░░░░░░░░ wage disinflation Charles You ░░░░░░░░ me every morning and ░░░░░░░░ re actually seeing signs ░░░░░░░░ even wage pressures are ░░░░░░░░ off our companies because ░░░░░░░░ have a bigger pool ░░░░░░░░ applicants to choose from ░░░░░░░░ they can offer lower ░░░░░░░░ Charles where does housing ░░░░░░░░ in We had a ░░░░░░░░ number unmitigated disaster and ░░░░░░░░ know it s not ░░░░░░░░ official perview but we ░░░░░░░░ hearing more and more ░░░░░░░░ and could the Fed ░░░░░░░░ housing Some are arguing ░░░░░░░░ ed again brought up ░░░░░░░░ last time they cut ░░░░░░░░ the mortgage rates went ░░░░░░░░ but that is not ░░░░░░░░ typically happens though right?