Tim Miller

Treasury 30-year yield this morning is up to, it's about a 5% highest in September.

So it's like the cost of everything.

I was talking to my friend that owns a,

local pizza joint down here in New Orleans.

I just bumped into on the street yesterday and he was just talking about the costs and everything.

And it's like, imagine you're a restaurant owner right now.

Like you own an actual business.

You own an actual business.

Okay.

You dealt with this 2022 inflation shock that was like kind of out of everybody's hands.

Probably the Biden administration juiced the economy a little too much with the stimulus.

But mostly this was like this external shock from COVID and everybody's trying to muddle through it.

Then Trump gets in.

You get this nut punch from the tariffs, depending on what kind of ingredients you got.

Labor costs are up because of a tightening market.

They're bragging about how in major cities now a population is down.

Net migration is out.

They posted a bragging about that this week.

So labor costs are up.

Your rent and mortgage is up.