Maybe making a decision that he doesn't want to go back into the administration. Given what's going on with the administration. I have no inside information on that, although I talked to Steve on Friday and he said he had a lot of questions running through his mind about what he wanted to do next.He is going to be staying on the Fed until a successor to that seat is confirmed, which is likely going to be Kevin Warsh. But I don't think he knows what he's going to do after that. Now, if you've been chairman o ...

Core Viewpoint - The article discusses the potential confirmation of Kevin Warsh as a successor at the Federal Reserve and the implications of his economic views on interest rates and inflation management. Group 1: Kevin Warsh's Role and Confirmation - Kevin Warsh is expected to be confirmed as a successor at the Federal Reserve, with a leaning towards dovish policies and interest rate cuts, although the current economic conditions may not necessitate such actions [2][8] - The confirmation process is anticipated to be politically charged, with potential opposition from Democrats due to Warsh's economic views and ongoing investigations into the Fed [10][11] Group 2: Economic Perspectives and Market Reactions - Warsh's arguments for lower interest rates are based on productivity and economic theories that remain unproven, leading to mixed perceptions of his influence within the market [3][4] - The market appears to have confidence in Warsh's background and his understanding of inflation risks, suggesting that concerns about inflation under his leadership may be minimal [8] Group 3: Federal Reserve Dynamics - The dynamics within the Federal Reserve are expected to remain stable, with a more collaborative environment compared to the Bank of England, where dissent is more pronounced [12][13] - The ability of the new chair to build credibility and lead colleagues in policy direction will be crucial, as the transition may take time [9]

Financial Data and Key Metrics Changes - PFG's total net sales grew by 5.2% in Q2 2026, with total company cases increasing by 3.4% [20][24] - Net income reached $61.7 million, a 45.5% increase year-over-year [24] - Adjusted EBITDA increased by 6.7% to $451 million, with diluted earnings per share at $0.39 and adjusted diluted earnings per share flat at $0.98 year-over-year [24][25] Business Line Data and Key Metrics Changes - Food service segment delivered 5.3% organic independent case growth, driven by a 5.8% independent account growth [9][20] - Convenience segment net sales increased by 6.1%, benefiting from market share gains and onboarding of new accounts [15][20] - Specialty segment saw sales growth tempered by a 30% decline in theater, but other channels grew at a high single-digit to low double-digit rate [17][20] Market Data and Key Metrics Changes - Industry-wide foot traffic decelerated, with December traffic down 3.5% [10] - Convenience segment sales were driven by low single-digit dollar growth from food and mid-teen growth in non-combustible nicotine products [16][20] - Total company cost inflation was approximately 4.5%, with food service inflation at 1.8% and convenience inflation at 7.4% [21][23] Company Strategy and Development Direction - PFG's three-year strategic vision focuses on revenue growth, market share gains, gross margin enhancement, and improving operating leverage [8] - The company aims to achieve sales in the range of $73-$75 billion and adjusted EBITDA between $2.3 billion and $2.5 billion by fiscal 2028 [28] - The integration of Cheney Brothers is expected to contribute significantly to revenue and profit growth in the long term, with synergies anticipated to flow through in years two and three [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth and EBITDA performance despite a challenging macro environment [9][18] - The company anticipates a modest sequential decline in net interest expense and expects to maintain a tax rate close to historical averages [25][27] - Management remains optimistic about achieving the full-year guidance despite challenges in Q2, with expectations for a strong second half of the year [28][29] Other Important Information - The company generated $456 million of operating cash flow in the first half of 2026, an increase of $77 million compared to the same period last year [25][26] - PFG did not repurchase any shares in the quarter, prioritizing debt reduction while maintaining a robust M&A pipeline [26] Q&A Session Summary Question: Can you provide additional color on performance by month for organic independent case growth? - Management noted strong performance in October, followed by impacts from the government shutdown in November and December, with a rebound in January despite weather challenges [33][34] Question: How did the pace of your sales force growth compare to recent quarters? - The sales force grew at approximately 6%, with consistent market share gains in independent accounts [35][36] Question: Can you discuss the dynamics at play for the food service business in Q2? - Management highlighted strong independent growth but noted higher-than-expected costs related to the Cheney acquisition and deflation in cheese and poultry impacting margins [40][42] Question: What is the outlook for the convenience segment's EBITDA margins? - Management expressed optimism about margin expansion due to growth in food service and the shift towards non-combustible nicotine products [44][46] Question: How is the integration of Cheney progressing? - The integration is on track, with some costs running higher than anticipated due to infrastructure investments, but overall performance is satisfactory [41][42] Question: What is the company's approach to M&A following the Cheney acquisition? - Management confirmed no change in M&A strategy, emphasizing collaboration and careful integration of acquisitions [57][58] Question: How does deflation impact margins? - Deflation primarily affects margins, particularly in cheese and poultry, where oversupply has led to lower prices [51][52]

Core Viewpoint - Consumer demand was pressured early in the second quarter due to factors such as the government shutdown and increased value-seeking behavior [1] Group 1 - The government shutdown negatively impacted consumer demand [1] - Heightened value-seeking behavior among consumers contributed to the pressure on demand [1]

So, after three and a half days, the government shutdown is over. House and Senate have both passed a bill that's going to fund honestly 95 96% of the government until the very end of the fiscal year. Now, the debate, of course, turns to that other small percent, the Department of Homeland Security.And of course, that's been under a lot of scrutiny after those two fatal shootings in Minnesota. Both Democrats and Republicans have said that they do believe that there are some reforms needed, but they're going ...

HI THERE, AND WELCOME TO MEET THE PRESS NOW I'M RYAN NOBLES IN WASHINGTON, WHERE IT'S GROUNDHOG DAY IN THE HALLS OF CONGRESS WITH WASHINGTON IN THE MIDST OF ANOTHER GOVERNMENT SHUTDOWN, LESS THAN THREE MONTHS SINCE THE LAST FUNDING FIGHT, THIS TIME OVER, DEMOCRATS DEMANDS FOR REFORMS TO ICE AND BORDER PATROL IN THE AFTERMATH OF THE FATAL SHOOTINGS OF RENEE NICOLE GOOD AND ALEX PRETTI IN MINNEAPOLIS. RIGHT NOW, THE HOUSE RULES COMMITTEE IS MEETING AS IT TRIES TO SET UP A FLOOR VOTE ON THE GOVERNMENT FUNDING ...

Hi there and welcome to Meet the Press Now. I'm Ryan Nobles in Washington where it's Groundhog Day in the halls of Congress with Washington in the midst of another government shutdown. Less than 3 months since the last funding fight, this time over Democrats demands for reforms to ICE and Border Patrol in the aftermath of the fatal shootings of Renee Nicole Good and Alex Prey in Minneapolis.Right now, the House Rules Committee is meeting as it tries to set up a floor vote on the government funding package t ...

Political turmoil in the US House over President Donald Trump’s immigration raids risks prolonging a partial government shutdown https://t.co/brx1gzlMFB ...

And joining me now is Speaker of the House Mike Johnson, Republican of Louisiana. Speaker Johnson, welcome back to Meet the Press. >> Always great to be with you. Thanks. >> It is great to have you. And as we sit here today, we are in the midst of a partial government shutdown. So I want to start right there. The latest reports are that you've spoken to Leader Hakeim Jeff, that he has made it clear that you don't have Democrat support to reopen the government. So let me put this bottom line question to you. ...

Let's turn to the partial government shutdown that of course started this weekend. Democrats did not get the DHS uh reforms that you all were asking for. You got two weeks to negotiate.There will be, it's expected, a House vote on Monday to reopen the government. Where do you stand right now, Congressman. Will you be voting yes to reopen the government.>> I'm not just a no. I'm a firm no. And I'm going to advocate with colleagues that they vote no.Look, Bernie Sanders introduced an amendment and he said, "L ...