Michael McKee

They look through the tariffs because they think there'll be a one-off.

Now, the inflation numbers, personal, the price index on a month over month basis up four tenths on a year over year basis.

It goes up from two point eight percent to two point nine percent.

So a rise in the headline, the core up four tenths and the core year over year.

is up to 3% from 2.8%.

That is something that does not look particularly good if the Fed wants to cut interest rates again.

Now the inflation numbers, the price index on a month-over-month basis up four-tenths.

On a year-over-year basis, it goes up from 2.8% to 2.9%, so a rise in the headline.

The core up four-tenths, and the core year-over-year index,

is up to 3% from 2.8%.

That is something that does not look particularly good if the Fed wants to cut interest rates again.

The number getting, of course, all of the headlines is GDP because it came in significantly lower than anticipated at 1.4%.

Consumption fell off, and we see that reflected in those spending numbers.

Business spending did rise, most of that for software and intellectual property, AI, I guess.

Inventories and trade contributed only a fraction to the numbers this time.

But the big question is what happened with the government shutdown.

The BEA says the government shutdown cost one percentage point to GDP.

Now, the inflation numbers personal, the price index on a month over month basis up four tenths on a year over year basis.

It goes up from two point eight percent to two point nine percent.

So a rise in the headline, the core up four tenths and the core year over year.