Tim Miller

How about that transition?

I wanted to talk to you about we had some delayed jobs numbers that came out because of the government shutdown and the fact that the president was considering a scheme to cook the books that isn't going well so far.

And the numbers that we saw yesterday revealed an unemployment rate that's at a four-year high.

even though I should say it's pretty low, you know, compared to like past really bad recessions and just otherwise a lot of softness in the economic numbers.

What did you see?

What caught your eye in particular?

Let's talk about that because I heard you mention that yesterday with Sam as well, which was that the Fed is looking at this and I guess determining that they think maybe the picture of the actual economy is maybe a little uglier than what even these really weak numbers are showing.

What are you worried about?

You mentioned that, you know, so the Fed did a rate cut in part based on assessment of the economy is even worse than the bad numbers look.

As a result of that, I don't know if anybody is like me.

I've been getting calls from the mortgage company trying to get me to refi for the past couple of days.

But I've seen some reports that actually in some ways mortgage rates are moving higher after the Fed rate cut and that loan demand is going down.

Rate cut also risks inflation.

further exacerbating inflation issues.

What's the sense of what's happening with all that?

I mean, it feels like we're at least at a little bit of risk of the dreaded stagflation problem.

A beautiful word.

Like groceries.

Yeah, let's put a hack in there like Kevin Hassett to just really step on the gas of stagflation.

That'd be great.