CEA47 Chair Chris Phelan: Where Immigration Has Been More Restricted, or Deportations Have Gone Higher, Rents Have Gone Farther Down

TRANSCRIPT:

PHELAN: “The Council of Economic Advisers has a report that says if you just look at where immigration has been more restricted or deportations have gone higher, rents have gone even farther down. So, rent relief is a real thing. Cost of housing relief is a real thing and this administration is making progress on that. It’s a huge part of people’s budgets. If you look at — I want to just mention one thing, which is that we did have inflation data come in. That matters for Americans. Core PCE over the last three months is, what I like to look at, is 3 percent annualized. The three months before that, 3.9 percent annualized. So, the thing that the Fed likes to look at, core PCE growth, is coming down.”