Cabot Phillips

The previous year, there were just 19 in the same period.

So that's a stunning 1,153% increase in assaults on ICE.

Thank you.

Yeah, this month's inflation report took on even more importance as it was the first one that we've received since back in September.

The October report was lost to the federal shutdown.

So economists had originally predicted that inflation would rise month over month by 3.1%, but numbers were released yesterday and it actually came in at 2.7%, so considerably lower.

Now, that 0.4% discrepancy doesn't sound like much, but in economic terms, that is huge.

For context, inflation peaked at 9% in 2022 under President Biden.

So we have come a long way now.

And the numbers get even better when you look at core inflation, or CPI.

That is the metric most closely watched by economists because it strips out prices on volatile things like food and gas.

And last month, CPI was all the way down at 2.6%.

That is the lowest it's been since March of 2021.

So this report came as a surprise to a lot of folks on Wall Street and especially the legacy media.

Here are some of the responses we saw on CNN and CNBC.

As you can imagine, the Trump administration took a bit of a victory lap on Thursday.

Here's White House economist Kevin Hassett kind of mocking the experts who had predicted that inflation would be spiking right now.

And investors were also thrilled by the news as the Dow, Nasdaq and S&P 500 all climbed significantly, almost hitting record highs following the report.

And it's also worth pointing out, if inflation keeps heading in the right direction, it could also make it more likely the Fed will continue to lower interest rates next year, which, again, would be more welcome news for Trump.

For their part, the White House took offense to the idea that inflation fell unexpectedly.