E.J. Antoni

Well, the amazing thing is that they don't react badly to Trump anymore.

They just kind of grin and bear it and hope to get through.

And the positive for the markets is that they hope that Trump won't like regulation.

But when something like this happens today, they really like it because it means that we do adhere to the rule of law here.

And if we're a country that doesn't adhere to the rule of law, then expect your markets to fly out the window because nobody's going to invest a red cent here.

I think overall, these are very good numbers.

You know, we've seen them come down, obviously significantly from where they were under Biden.

But we also have to remember that there's a huge lag in some of the components that are contributing the biggest increases in this index.

The Bureau of Labor Statistics is not accurately capturing many markets in the country where rents are declining right now.

Instead, the indexes are still rising.

So inflation is most likely even cooler than these prints are suggesting.

The vast majority of the tariffs have not been passed on to consumers.

That's due to a couple of different factors.

One is the fact that the administration is simply refining the tariff strategy.

When they find markets like bananas or coffee, where the costs are likely to be passed on to consumers, the administration has rolled back those tariffs to make sure that consumers in America aren't paying the cost.

But when you have cases where middlemen,

or foreign exporters are going to bear the brunt of that tariff, the administration is leaving those in place, or in some cases, ramping them up.

That has resulted in revenue coming into the Treasury with minimal costs being passed on to consumers.

Vince, good to see you. Beautiful studio, by the way. My first time in here. I love it.

Vince, good to see you. Beautiful studio, by the way. My first time in here. I love it.