Dave Brat

So of the 3%, personal consumption is, you know, two-thirds of the economy usually, and it is now.

The remaining part, the big part, non-residential fixed investment.

Non-residential, so non-housing.

So how big is fixed investment?

And where is that?

It's pretty good.

It's pretty good.

But the surprising piece is structures are not up.

Structures are flat up a hair.

So all these data centers you're hearing about, that's not a huge part of the economy.

But the good news is equipment and info processing equipment are up significantly.

So it looks like we'll get some productivity gains.

They'll take place within existing structures.

And those together, those account for about 1% of that 3% GDP growth.

And so I think it's important for us and the president and other people speaking on the economy to put these AI stories in context so we don't get too carried away.

Yeah, it looks like they're going to lower rates.

You know, it'll be a little bit.

And so, you know, that's fine.

They've been, you know, sticky.

The Fed's been very reluctant.