Michael McKee

speaker

1,106 appearances 198 recordings 2 series first heard Aug 2025 last heard 15 Sep

Michael McKee’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 195 in all, peaking in Jan 2026 with 40.

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While that is what's expected, it's not going down, which is something that the Fed has been watching because this is their target 2 percent number.

It's a very, very low number.

It's certainly not the record in recent months or years, but what we're seeing is certainly a growing labor force.

There are a lot more Americans out there, so there are more Americans working.

So the number of jobless claims falling just tells you that the labor market is holding in there.

We're not seeing people losing jobs, and the number gets more impressive in terms of a percentage of labor force as it continues to go down.

That is the largest 12-month increase since rising 3.5% in March.

So on the basis of the PPI annual figures, it looks like you're not going to be cutting inflation.

The January meeting, they've already said they're probably not going to be cutting.

And I would assume that this kind of data seals that.

And then they'll have two, three more reports on all of these things before the next meeting in March.

So they'll have a much cleaner read by the time we get to the end of the first quarter.

CPI monthly up three-tenths of a percent.

Remember, there were no October numbers, so the November numbers didn't get into this as a month-over-month thing.

But the three-tenths translates into 2.7% year-over-year.

Core comes in at two-tenths gain.

That translates to a 2.6% year-over-year number.

The interesting thing is housing because there was a feeling that the lack of October data would depress the housing numbers and keep them depressed.

But we see owner's equivalent rent come in by three-tenths gain.

That's up a little bit.

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