Recent inflation reports indicate that prices are falling for food, transportation and warehousing, and that wholesale prices rose just 2.3%, which is the 10th straight month of slow-down, and the lowest figure since January 2021. Lower energy prices also helped to slow down the annual inflation rate and we are now beginning to see numbers in the 3% range, as compared to 12 months earlier. Automobile sales are still a major hurdle to get over.
The Trump Town Hall was, at best, a debacle. As many commentators have noted it was more like a campaign rally than it was a Town Hall. He rambled on with the same lack of control as he might have standing in front of a crowd in a stadium giving an hour-long speech. The lies were enumerable, immeasurable, and unable to be fact checked in real time, yet, the crowd cheered. Of course, the crowd was made-up of only Republicans, so any sense of how non-Republicans would respond to Mr. Trump is unknown. My only solace is that on several legal matters he may have dug a deeper hole.
There has also been much debate about whether or not the media should be covering Mr. Trump. Unfortunately, in our system he is a recognized candidate, and in fact, the leading Republican, so there is no choice. It might be a good idea, however, when he is covered, and his statements are in the media, that some form of notice be posted, for instance on the screen saying – untruthful/lies, so that while the public is hearing what he is saying, they are also hearing, or seeing, that this information may, in fact, be wholly untruthful. We clearly need to do something.
A recent scientific discovery indicates certain microbes can digest plastic at low temperatures, and those same scientists are continuing to study what the full range of temperatures are, and which microbes contain this capacity. Obviously, this could have a dramatic impact on recycling, landfills, and the ocean. Let’s hope they can get this into a workable and affordable process as soon as possible.
The Fed is making noises about placing a hold on rate hikes. A pause seems warranted so that we can see where the economy is going.
The race for the Republican Presidential nomination has, or will have shortly, several new entrants. All but Trump and DeSantis are delusional given Trump’s continued standing with his base.
Popular Mechanics reported tremors in the Danish Island of Bornholm as they were recording acoustic pressure waves not caused by earthquakes. The possible causes are unknown, but it could be an unknown atmospheric event. Intriguing!
Trans border freight was up 6.6% in February, 2023 from February of 2022, totaling $119.9 billion including all modes of transportation. $59.3 billion of this trade between the US and Canada was done by truck, so ports like Champlain clearly benefitted.
Speaker McCarthy’s ploy at passing a debt ceiling bill seems to have worked in as much as it brought President Biden to the table. This past weekend saw rapidly changing events. Some reduced spending would be a rational approach, as would tax increases. The negotiations will certainly be of interest, but more importantly will be whether or not Mr. McCarthy can bring along enough of his far-right Republicans to vote in favor of any agreement. Another important aspect of this process is whether or not those right-wing Republicans who vote no, will then challenge Speaker McCarthy’s speakership.
The labor markets in both Canada and the United States remain resilient with the US adding over 260,000 jobs in the month of March, which obviously puts additional pressure on the Fed. This is good news for both employers and employees.
Minister Ng of Canada spoke with the US trade representative Ambassador Tai regarding the ongoing lumber dispute. I wonder if the dispute is actually having any impact on how business operates, or whether this is an academic conversation, with little or no practical nor economic impact at this juncture. In other words, the market has adjusted.
Bill Owens is a former member of Congress representing the New York 21st, a partner in Stafford, Owens, Piller, Murnane, Kelleher and Trombley in Plattsburgh, NY and a Strategic Advisor at Dentons to Washington, DC.
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