Joe Biden go on Double Pivot.

If he’s gonna go on Stern, Biden should go on Hot Ones

WALMART U.S. CEO: '.. we are now seeing prices that are in line with where they were 12 months ago. I haven’t been able to say that for a few years .. The last few weeks, we've taken even more prices down in areas like produce and meat and fresh food.”

$WMT ABC News…

The core PCE price index rose 0.32% in March and was up 2.8% from a year earlier

January's gain of 0.45% was revised to a gain of 0.50%.

The 6-month annualized rate of core PCE inflation held steady at 3% in March

The 3-month rate was 4.4%, up from 3.7% in February

The Fed’s increasingly dubious philosophy on housing is they need to suppress housing supply now so they can increase it later.

[Bloomberg Opinion] We’re getting to the point where the impact of higher interest rates on housing is going to be longer-term inflationary because of the negative impact it’s having on construction/new supply: bloomberg.com/opinion/articl…

In 2022 and 2023 we had lots of cyclical/rate-sensitive industries slumping, weak business and consumer confidence, recession fears, and a Fed looking to tighten financial conditions. At the moment we don’t have any of that, which is what the bond market is digesting.

to really clear out the regulatory and financial barriers to long range transmission, you need something from FERC (watch this space in May) and Congress (lol), but upgrading existing lines is a very hot topic right now heatmap.news/climate/clean-…

not just power plants, there's transmission news too! money for a line from idaho to nevada (and thus california), and clearing out regulatory barriers for upgrading existing lines heatmap.news/sparks/biden-p…

This is a mirror image of Q223, when consensus was 4% and core PCE was 3.8%. Back then, the downside miss was due to sharply lower airfares on the back of big revisions to the seasonal factors. Good news, if any, is that upward revisions to seasonals will be paid back later.

🎯🎯🎯

I spent two hours putting together a detailed post-GDP update to Core PCE nowcasts, and Omair just tweeted it out… 😂

The 3.7% core PCE beat is likely due to revised seasonal factors that boosted some of the PPI items in Jan/Feb (and maybe Mar). Think airfares and imputed financial serv. Mar may be higher due to imputed financial serv. Consensus of 0.30% more likely will straddle 0.3%/0.4%.

BREAKING: Oil prices selloff sharply on heightened stagflation fears.

'Productivity' Is A Policy Choice: @EmployAmerica's Preston Mui Pitchfork Economics Podcast tinyurl.com/knew5uz8 Skanda Amarnath DeLong🖖 Alex Williams Arnab Datta Bharat Ramamurti Sandy Darity, Retweets do not mean endorsement. OM Arin Dube Bobby Kogan Matthew C. Klein Eric Levitz Pavlina R Tcherneva Noah Smith 🐇🇺🇸🇺🇦

Real GDP growth came in at 1.6% in Q1, softer than expected. But that appears to be driven by weakness in volatile components, especially net exports. Private domestic final purchases--'core GDP' made up of consumption & fixed investment--grew 3.1%, a very strong print.

Real GDP increased at an annual rate of 1.6% in the first quarter of 2024

A broad measure of U.S. economic demand—real final sales to private domestic purchasers, which excludes trade, inventories and government spending—increased at a 3.1% rate

wsj.com/economy/centra…

For the first panel of #NewCommonSense , Peter S. Goodman of The New York Times and Skanda Amarnath of Employ America join Rana Foroohar to discuss the U.S. economy, how economists’ and pundits' predictions for a post-pandemic economy played out, ongoing misconceptions, and what’s next.

'To push next-gen geothermal from theoretical potential to widespread utility-scale deployment, policy efforts must shift from primarily supporting research and development to facilitating project deployment.'