Steve Liesman: Economic Impact of Iran War ‘Already Showing Up’ Just Not in a Big Way in Macro Data

RUSH EXCERPT:

LIESMAN: “That I mean, he has no choice. He has to say we asked him the question, where are we at? And it’s already showing up, but it’s not showing up in a big way. When you look at the macro data, it’s being overwhelmed by what’s happening with artificial intelligence and the investment in this country. In fact, you could do some crude math and come up with a 2% growth we had in the first quarter. One and a half could have been associated with AI. Now let’s take that out. Okay. You take that out. What do we having? We have incomes have been down two months in a row. Real incomes adjusted for inflation year over year incomes up just 0.2%, the lowest since November 22nd. We had decent spending, low income. Steve, how did you get there? I’ll tell you, Stephanie, in case you’re asking, we got there, but we drew down savings and we’re savings were at the lowest level since 2022."