You talked about how consumer spending is uneven. The president calls inflation defeated and solved. The FOMC says it's a somewhat elevated inflation, but you talked about those customer survey or those some consumer sentiment surveys and public opinion polls that show that most families say the cost of living is still issue number one.What is the conversation around the table with your colleagues about how wealthier consumers seem to be driving so much of the economy and why so many families still feel lik ...

Group 1 - The core viewpoint of the articles indicates that the supply of essential consumer goods in the province is sufficient, with overall retail market prices showing a slight decline and weak performance as the New Year approaches [1][2] Group 2 - Grain and oil prices remain stable, with monitored rice prices averaging 3.25 yuan per 500 grams and flour prices at 3.27 yuan per 500 grams, unchanged from the previous week [1] - The retail price of small packaged cooking oil has also remained stable, with peanut oil and blended oil prices at 153.22 yuan and 68.0 yuan respectively, showing a slight increase of 0.01% compared to last week [1] Group 3 - Pork prices have slightly decreased, with the average retail price for pork at 18.58 yuan per 500 grams, down by 0.21% from the previous week [2] - Specific cuts of pork, such as ribs and lean meat, have also seen minor price declines, with prices for ribs, lean meat, upper meat, and belly meat at 28.05 yuan, 18.24 yuan, 13.79 yuan, and 14.23 yuan per 500 grams respectively [2] Group 4 - Egg prices are stabilizing at a low level, with the average retail price at 6.51 yuan per 500 grams, a slight decrease of 0.15% from the previous week [2] Group 5 - Vegetable prices have shown a slight decline, with the average retail price for 30 monitored vegetables at 4.67 yuan per 500 grams, down by 1.68% from the previous week [2] - Leafy vegetables have experienced a more significant price drop, with an overall decline of 2.74%, and specific varieties like watercress, lettuce, and spinach dropping over 4% [2]

Core Viewpoint - The administration is actively seeking a new Federal Reserve Chair who will focus on reducing the central bank's influence and ending the era of quantitative easing [1][2]. Monetary Policy - Treasury Secretary Scott Bessent criticized the Federal Reserve's monetary policies over the past 15 years, particularly large-scale asset purchases initiated in 2008, which he believes have contributed to economic inequality [2][3]. - Bessent described the Fed as "the engine of inequality," arguing that while it is not responsible for creating equality, it should not worsen the wealth gap [3][4]. - He emphasized that the next Chair should regard quantitative easing as an emergency measure rather than a standard practice, highlighting the negative impact of low interest rates and asset purchases on economic fairness [4]. Structural Changes - Bessent called for a structural downsizing of the Federal Reserve, criticizing its lack of budgetary oversight and the ability to "print its own money" without fiscal discipline [5]. - He stated that there is a desire for a smaller and more predictable central bank that does not dominate market sentiment [6]. Candidate Selection - Bessent confirmed that he has conducted in-depth interviews with potential candidates for the Fed Chair position, including Kevin Warsh, Kevin Hassett, and Governor Chris Waller, who align with the administration's vision for a traditional Fed focused on price stability [7].

Diane, how would you describe uh this. Is it abnormal. Is it funky.Are we just in a waiting period of transition. What What do you say is going on here. >> Well, it certainly is an early chill for the holiday season, but I think you know consumers are still spending, which is ironic.The core retail sales, which goes into the GDP calculation for the retail sales data, actually was up 0.9%. So much better than that headline figure suggested. and data for September and August were revised up.So, we came into t ...

I wanted to ask you about how the higher inome households are really [clears throat] driving spending right now. They're backed by home equity and stock market wealth, but lower-income consumers are really struggling with the accumulation of 5 years now of rising prices. It's price levels, not really the inflation rate holding some of these families back.How sustainable is this so-called K-shaped economy and and what are the Fed's thoughts on whether that's a risk going forward. So we do um through our vast ...

Germany’s inflation rate unexpectedly rose to the highest level in nine months, offering a reminder before the European Central Bank’s final meeting of the year that risks to price stability remain https://t.co/Ap4iqm6IVq ...

Europe’s central bankers are stepping beyond their traditional role as guardians of price stability https://t.co/NneKb8qoLS ...

Core Viewpoint - The Federal Reserve's policy makers are divided on the necessity for further rate cuts this year, with discussions highlighting the implications of the current inflation target and its alignment with the Fed's dual mandate [1][10]. Group 1: Inflation and Monetary Policy - The Fed's target of 2% inflation is viewed as a deviation from the original goal of price stability, which some argue should be zero [2][3]. - There is skepticism regarding the Fed's ability to accurately measure inflation, with different indices leading to confusion about the real impact on average American families [8][9]. - The current inflation rate is estimated to be around 3%, but there is doubt about the reliability of various measures used by the Fed [7][10]. Group 2: Economic Growth and Interest Rates - The argument is made that the Fed's approach to managing inflation through high interest rates restricts access to capital, which is detrimental to small and medium-sized businesses that drive job creation [14][21]. - There is a belief that increasing output, rather than restricting growth, is a more effective way to combat inflation [22]. - The Fed's current methods are criticized as being overly reliant on Keynesian models, which may not account for the benefits of lower taxes and deregulation [13][14]. Group 3: Trust in Government and Financial Instruments - A proposal is made for the Treasury to issue gold-backed long-term bonds to restore trust in government and provide a reliable store of value for investors [17][19]. - The discussion emphasizes the need for honest government and sound money, criticizing perpetual deficit spending as immoral and corrupt [16][19]. - The potential for gold-linked Treasury bonds to create demand and signal a move towards sound financial practices is highlighted [19][20].

Monetary Policy & Inflation - The Fed's 2% inflation target is considered by some to be above the original dual mandate, with a zero percent target preferred for pure price stability [2] - The Fed aims for stable inflation, but its track record in achieving this is questionable [3] - A little bit of deflation is considered a natural part of economic development due to technological and productivity improvements [6] - Current inflation measures, such as the Consumer Price Index (CPI) and the Personal Consumption Expenditures (PCE) indicator, may not accurately reflect the price inflation experienced by average American families [8] - The Fed's deliberate debasement of purchasing power necessitates inflation adjustments, creating confusion [9] Interest Rates & Economic Impact - The Fed's method of curbing inflation by restricting growth is questioned, particularly its reliance on Keynesian models that ignore the impact of lower taxes and less regulation on increasing supply [12][13] - High interest rates restrict access to capital, hindering real prosperity gained through the production of goods and services [15][21] - The Fed's actions empower the government at the expense of the private sector, especially small and medium-sized businesses [14] - Lowering rates is suggested to stimulate small business hiring by improving access to capital [21] Fiscal Policy & Government - Perpetual deficit spending is viewed as immoral and corrupt, creating purchasing power based on future, unproduced goods and services [16] - A balanced budget is crucial, and the inability to manage government finances is demoralizing [22][23] Alternative Monetary Solutions - A proposal suggests Treasury should issue a gold-backed long-term bond to compensate for losses in purchasing power, potentially competing with assets like Bitcoin [17] - Relinking the dollar to gold could be a cost-effective way for the government to borrow and signal a move towards sound finances [19][20]

Let me start with I did agree with the decision. I thought it was appropriate to take another bit off the policy rate. We have an economy that has been remarkably resilient, really weathered so many different things, and still consumers continue to spend.Businesses continue to invest. We continue to have good growth, but we still have inflation printing above our 2% target. And we need to get that down is gradually coming down, but is still too high.And importantly, we have a labour market that relative to ...