So, you've said you don't think the Federal Reserve should be in a rush to cut interest rates. Why is that. So, I've been describing today's economy as like driving through fog.Um uh just some examples. Um there's a tax bill being um uh discussed, but no one actually knows what's going to end up in it and when it's going to pass. Um we've talked about tariffs, but I don't know, maybe you know better than I do, but I couldn't tell you what the tariff rate on Europe is going to be six months from now.Sure. Um ...

- The service economy is what drives this economy today. It's not a goods-oriented economy. It's not a commodity, it's not an export-oriented, not a heavy-manufacturing-- service oriented.So, most of what drives the economy is resilient to what is a goods--slowdown in goods. Second thing that I--that I wouldn't have anticipated. I would have thought you've got more pricing transmission in, but it's pretty incredible how companies moved and-- now some of it, in the near term, companies took it into margin.We ...

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Key Appointments & Policy Shifts - Paul Volcker nominated to lead the US Federal Reserve by President Jimmy Carter on July 25th, 1979 [1] - Volcker's appointment followed Carter's economic malaise speech and a cabinet reshuffle [2] - Volcker known for advocating monetary restraint while heading the Fed's regional bank in New York [2] Economic Challenges & Responses - Consumer inflation had doubled to 11% prior to Volcker's appointment [2] - Volcker lamented pervasive uncertainty about the price level [3] - The Fed, under Volcker, lifted rates a full percentage point to 12% on October 6th, 1979, focusing on limiting money supply growth [4] - Fed rates eventually pushed above 20% [4] Economic Impact & Political Pressure - President Carter lost reelection largely due to economic pain caused by rate hikes [5] - Ronald Reagan tried to influence Volcker to be more dovish due to recessions, a 10% jobless rate, and soaring loan defaults [5] - Congress introduced legislation requiring the Fed to cut rates, but the bill failed [5] Economic Recovery & Legacy - Inflation plunged from 15% in 1980 to under 4% by 1983 [6] - Refocus on money supply helped lay the foundation for the global economic boom of the 1980s and 90s [6]

Give us a sense, Rick, of where this economy is headed. Because if you look at the stock market, it looks really good. It's really going places.At the same time, if you look at the markets, they say we're going to have a rate cut or two this year. Normally, you wouldn't cut rates into robustly growing market. So, it's pretty extraordinary.I mean, it almost never happens in time. So, there a couple things happen. First thing, I think all financial assets, there's an extraordinary amount of cash and money tha ...

Financial Data and Key Metrics Changes - Net sales for the second quarter were $2.8 billion, essentially flat compared to the prior year [6][14] - Adjusted earnings per share for the quarter were $2.77, reflecting strong productivity and restructuring actions [6][14] - Gross margin for the quarter was 25.5%, a decrease of approximately 70 basis points year-over-year due to higher input costs [14][16] - Free cash flow generated during the quarter was approximately $125 million [7][19] Business Line Data and Key Metrics Changes - Global Ceramic segment sales exceeded $1.1 billion, a 0.5% increase as reported, benefiting from new product introductions [16][17] - Flooring North America had sales of $947 million, a 1.2% decrease primarily due to lower volumes in soft surfaces [18] - Flooring Rest of the World reported sales of $734 million, a 1% increase as reported, but a 3% decrease on a constant basis due to pricing pressure [18][19] Market Data and Key Metrics Changes - U.S. housing inventory has risen to its highest level since February 2007, impacting sales of new and existing homes [9][10] - The architectural billing index in the U.S. is forecasting slowing conditions, indicating potential challenges ahead [8][10] - European housing markets are experiencing a shortage of units and affordability issues, although lower interest rates may stimulate sales [11][12] Company Strategy and Development Direction - The company is focusing on operational improvements, cost containment, and market development initiatives to navigate challenging market conditions [6][7] - Restructuring actions are on schedule, expected to deliver approximately $100 million in annual cost savings [7][15] - The company is emphasizing locally produced collections to mitigate the impact of tariffs and enhance its competitive position [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that ongoing inflation and low consumer confidence are constraining industry sales, with the timing of recovery remaining unpredictable [31][32] - The company expects input cost pressures to peak in the third quarter, with potential improvements in the fourth quarter as inflation eases [59][66] - Management remains optimistic about long-term growth as the industry recovers from the cyclical downturn [7][34] Other Important Information - The company repurchased approximately 393,000 shares for about $42 million during the quarter [7][19] - A new authorization to acquire $500 million of the company's outstanding stock was recently approved by the board [7][19] - The company released its annual sustainability report, highlighting its commitment to reducing carbon footprint and investing in green energy [13] Q&A Session Summary Question: Can you provide insights on the pricing environment in Flooring North America? - Management indicated that while the segment's sales were flat, stronger performance in hard surfaces was noted, with ongoing productivity initiatives helping to mitigate pricing pressures [36][37] Question: What is the expected impact of new tariffs on costs? - Management stated that the current tariff negotiations are ongoing, and while initial tariffs were around 10%, they could rise significantly, impacting pricing strategies [41][42] Question: How is the company addressing competitive pricing pressures? - The company has announced price increases of 8% to offset rising costs and is exploring supply chain optimizations to manage tariff impacts [46][47] Question: What is the outlook for profitability in the second half of the year? - Management anticipates continued challenges in the market but expects improvements in profitability driven by restructuring actions and a favorable product mix [58][66] Question: How is the M&A pipeline looking? - The M&A pipeline remains limited due to compressed earnings in the housing industry, but management expects opportunities to arise as market conditions improve [114][115]

That is the president a few moments ago outside the White House talking about a number of issues. His meeting with the Fed chair yesterday, prospect of a weaker dollar, Gaza, Macron, uh hostage deal potentially. Uh but maybe most importantly, Megan Cassella would be this notion about a deal with trade between the US and the EU. He put it at 50/50 and maybe a little bit less. >> Yes, Carl. That's what I thought was the biggest headline from here, too. given that we know talks with the EU are ongoing. They're ...

I think we had a very good meeting. Forgetting about the building that's out of control and all that. But I think we had a very good meeting on interest.And he said to me, I don't know if he's going to say this on Thursday or every state, but he said to me very strongly the country is doing well. He said, Congratulations. The country is doing really well.And I got that to be that. I think he's going to start recommending lower rates because of that conversation. I think that the country is going to be reall ...

While the Federal Reserve is widely expected to leave rates unchanged, the decision may not be unanimous. https://t.co/jUxEjPhmG7 ...