Comparing the two, we see a clear disconnect developing at the moment between U.S. producer prices for finished durable and nondurable consumer goods.

A similar gap developed early in the pandemic, when global supply chains were initially thrown into turmoil.

Manufacturing employment fell for the second month in a row.

• Key Takeaway: Evidence of tariff-driven price increases remains minimal but with an effective tariff rate in the mid-teens, it is a matter of when, not if.

Political ideology continues to skew perceptions massively, with Democrats now expecting inflation to exceed 10% by June 2026 vs only 1.5% for Republicans.

So, Core Goods inflation would have accelerated in May if it weren't for the big drag from car prices.

Some irony as well: While tariffs may spur some onshoring, concerns about retaliatory tariffs mean some businesses have an incentive to offshore U.S. production of goods destined for international markets.

Definitely not as chaotic, but their superior competence arguably makes it more chilling. They’ve used coercive economic measures on foreign critics like Lithuania and Australia, are stealing IP and subsidizing domestically to ensure local market dominance, and might invade Taiwan in the late-2020s

Keep in mind that the alternative here is China, which has brutal authoritarian powers that Trump could only dream about. It’s sad that America is making it such a tough choice, but it’s not like the Chinese offer an appealing vision for the world

When he says CBO is unreliable, what he's referring to is that CBO didn't predict inflation would spike.

He'll say, "CBO said the Trump tax cuts would lose revenue, but revenues are at their pre-TCJA projections."

But ONLY if you don't adjust for inflation. If you do.... CBO was dead on target.

Was quite a moment, a sense we reached some kind of inflection point in U.S. history. You can now personally pay a U.S. president to gain an audience.