Ed Elson

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.

And we were having this debate in our episode yesterday about why that is.

Maybe it's because...

We've kind of seen the strength of the Fed in Jerome Powell's video.

Maybe it means that the Fed truly is independent.

Maybe because the investigation isn't that serious.

Maybe because the markets just don't seem to care anymore.

It's some sort of taco effect.

But does it genuinely worry you from an inflation perspective?

Do you think that realistically this will actually lead

to worse inflation, given what has happened in the past 48 hours?