Joining me now are Michael Gapen, chief US economist at Morgan Stanley and Barry Knap, director of research at Iron Size Macro. Um, it's great to have you both here and Barry, I'll start with you. Um, what's the significance around the Fed's action or non-action yesterday.And it does it have anything to this weird move in the dollar and some of the metals this morning. I don't know if that's Fed related or or um at this point if it's just highly volatile as a trade. Now, the dollar had a structural break wi ...

Retail Sales - Retail sales for August increased by 0.6%, significantly exceeding expectations of a 0.2% rise, marking the highest increase since June when it was up nearly 1% [1] - Excluding autos, retail sales rose by 0.7%, the best performance since June when it was up 0.8% [1] - Core retail sales, known as control group sales, also increased by 0.7%, indicating strong consumer spending [1] Import Prices - Import prices for August unexpectedly rose by 0.3%, contrary to expectations of a 0.2% decline, following a previous increase of 0.4% [3] - Year-over-year import prices remained unchanged at 0%, aligning closely with expectations [3] - Excluding petroleum, import prices increased by 0.2% [3] Export Prices - Month-over-month export prices rose by 0.3%, the highest increase since June when it was up 0.5% [4] - Year-over-year export prices saw a significant increase of 3.4%, the largest increase of the year, with the last comparable figure being at the end of 2022 [4]

Yesterday's headlines, just modestly higher inflation from tariffs. Steve's going to dig deeper into it, but I just want to have a conversation with you before you you wrote something out. We've been crunching some numbers.You can do that in a sec. Can I read something to you. >> You got something. What do you got.>> So, this is what we were trying to say yesterday that and I think this is good. And then I want to ask you what it would really take for the Fed. The lack of a more alarming acceleration in pri ...