Ed Elson

If we were to just look at these numbers that we did see in the report, and now that we've gotten all of the gigantic asterisks out of the way, let's just sort of look at the numbers.

One thing that was striking, to me at least, energy up 2.6% year over year, but...

There's some nuance here.

Gasoline prices down 3.5%.

Electricity prices up 6.7%, nearly 7% increase in electricity prices.

This jumped out to our research team.

I guess our question is, is that data centers?

Is that AI?

Do we have any— That's AI.

That's AI?

So we've got higher electricity prices.

We should expect them to go up because, I mean, this AI train isn't stopping anytime soon.

We've got 3% inflation based on the adjustments that you've made for what we didn't see in October.

Fed's target is 2%.

Meanwhile, there is now a criminal investigation into the Federal Reserve about a building, but most people agree this is really about...

reducing interest rates even further.

What do you make of what happened this week between Trump and Powell?

And what does this mean for inflation going forward?

Do you think it will?

I mean, I think one thing that has been interesting has been the market's reaction where we haven't seen that much of a reaction.