July 21, 2025 • 9 mins
America's Money Answers Man joined the program to analyze the latest economic indicators.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
We are enjoyed now by America's money answers Man Jordan
Goodman and Jordan. Late last week we had some numbers
come out, jobs numbers, retail sales, inflation numbers, all kinds
of things to evaluate. So go ahead and look at
some of those numbers.
Speaker 2 (00:16):
For US, well, relatively positive overall numbers. Retail sales of
zero point six which is definitely more than people had expected,
particularly strong car sales. As you say, the consumer price
indexes up at a two point seven percent and your
rate compared to two point four percent the month before,
(00:36):
so a little bit hotter inflation in various areas. The
producer prices you say was flat, so more inflation on
the consumer level than the producer level. Unemployment claims came
down a bit, so overall, kind of a relatively strong
economic backdrop here. Coming into the FEDS meeting next week
(00:58):
or this week, actually, I think it's highly unlikely they're
going to change rates one way or the other. There's
just too much worry about potential inflation for them to
be lowering or raising rates. Part of the reason the
inflation went up a bit is the tariffs are starting
to impact prices aluminum, steel, for example, you're seeing that
(01:20):
at appliance and car prices. So it's just a very beginning,
but we're starting to see the impact of tasks, and
come August first we'll see what happens. But if these
big tasks going to effect, and you'll see a much
bigger impact of it.
Speaker 1 (01:33):
Well, Jordan eva with some trepidation, it appears the markets
are moving ahead and a lot of the optimism is
driven by the anticipation of the effect of artificial intelligence. Right.
Speaker 2 (01:48):
Well, it is Nvidia, which is building all the chips
for the artificial intelligence, went over four trillion dollars, the
first time any company went over four trillion dollars, and
they President Trump reversed his position and said, now Nvidia
can sell chips to chime out. He'd kind of had
a ban on it before. So that gave that stock
(02:10):
another boost to new all time record highs. And yes,
the S and T five hundred and nasdak all time
record highs. The feeling is that the economy's got some
momentum here. Earnings have been kind of really strong. Most
companies reporting the second quarter have been beating estimates, and
(02:30):
it's just a sense of positivity out there. No matter
what's going on around the world with wars and other
kinds of things.
Speaker 1 (02:37):
Jordan's speaking of that oil the market continues to be
rather stable, which I guess is a good thing, right, Yeah, No,
it's fine.
Speaker 2 (02:47):
Oil is about sixty seven something like that. You remember
he had went up through about seventy five when there
was worry with the Iran situation. But that kind of
we got through that. So this's kind of a basic
equilibrium supplying to it. Now. One thing that could change
things a lot. Russia exports most of its oil to
China and India, and President Trump has said to put
(03:10):
a squeeze on putin that he may increase tariffs on
any country that supports Russia, like one percent tariffs on
China and India because of that. So that would really
upset the oil market a lot. But right now it's
relatively stable.
Speaker 1 (03:27):
Well, Jordan, let's extrapolate on that. Let's say that China
and India are punished and now they have to buy
their oil somewhere else. What happens with all that. Do
a little prognosticating. I guess it's.
Speaker 2 (03:42):
Very uncam mean with China, it's some obviously much bigger relationship.
We have over six hundred billion dollars of imports we
have from China everya so if we put one hundred
percent taffs on that, so that's going to hurt American
consumers a lot for all the things we buy from China,
but it's going to hurt the Chinese economy really badly.
So remember we were up to what was it one
hundred and forty five percent or something like that before
(04:03):
we went down to a mere thirty percent. It's a
very volatile situation, and the whole world is waiting to
see what's going to happen between now and August first,
which is not that far away. Here. President Trump sent
out letters to a whole bunch of countries saying, if
you don't come to deals by then here's the number
you're going to get. In Brazil fifty percent, European Union
(04:26):
thirty percent, Mexico thirty percent. So it's I just can't
imagine getting deals done that quickly. We've had since April,
and the only two deals we've got so far officially
in the United Kingdom and Vietnam. So it seems like
we're running out of time, and it seems like these
big tariffs are going to go into effect come August first.
Speaker 1 (04:46):
Well, of course, these tariffs are not really in the
mold of the so called Liberation Day tariffs where Trump
talks about, you know, the US being ripped off and
the trade imbalance and stuff. This is much more about
trying to affect you wait, some change with the war
between Russia and Ukraine. So this is a little bit
different tack here.
Speaker 2 (05:07):
Well, yeah, he uses tariffs in all kinds of ways.
For example, the fifty percent tariff on Brazil is not
necessarily just Brazil, because they are prosecuting both Scenaro, the
previous president, who they call the Trump of the Traffics,
and Trump likes him very much and they want him
to stop prosecuting both Scenaro, and in return for that,
(05:28):
the Brazilian people are going to get hit with a
fifty percent So it has nothing to do with economics.
It's all a political thing in that case. So yes,
Trump uses tariffs as a you know, cudgel to get
what he wants on all kinds of different fronts.
Speaker 1 (05:42):
America's Money answers Man, Jordan Goodman with us here on
the program. Jordan, will we of course continue to have
the sparring between President Trump and FED chair Jerome Powell,
who will certainly be gone when his term ends, right.
Speaker 2 (05:56):
Powell's definitely going to be gone after his term is
over in twenty six, but not before that. I don't
think there's anyway he can farm. I mean, there was
a big krifuffle last week about the cost of renovations
of the Federal Reserve being two point seven billion dollars
or something like that. But that's that's not the kind
of fraud you can throw a FED chairman out over.
(06:19):
So trum He's putting as much pressure as you can
on a power to lower interest rates, but it's not
going to work. Powell's going to do his thing. But
come May, yes, we will definitely get a new FED chair.
The two people people talk about the most often are
Kevin Walsh, who is a former FED governor, and Kevin Hassett,
(06:39):
who's the current director of the Council of Economic Advisors.
We'll have to see, but those are the two most
likely candidates right now.
Speaker 1 (06:45):
You know what, Jordan, let's do a little tutorial on
the Federal Reserve. Of course, it's famously supposed to be
independent from the President, but of course many times the
FED chair walks in locks up with the president, depending
depending on their respective politics. But it seems to me
also the Federal Reserve sort of is ungoverned. Talk about
(07:07):
all that.
Speaker 2 (07:09):
Well. It was set up in nineteen thirteen to be
an independent agency to regulate the monetary system and interest rates.
The governors of the SAD there's twelve of them in total,
are appointed by the President, so he does direct influence
over it. But once they're appointed, they've typically got seven
year terms and it's designed not to be subject to
(07:32):
political pressure. So Jerome Powell was originally appointed by President
Trump back in twenty seventeen, and then reappointed by Biden
and then come May he's going to be out. It's
not only power, I mean there's a whole board of
governors that there's some permanent members like the head of
(07:54):
the New York FED, and then there's rotating members from
all the different said you know, banks around the country.
But they make the decisions. It's not only that the
chairman that does he has a big influence, but they
make the decisions. So and in fact, the Supreme Court
recently has said the Fed's independence has to be preserved
and this last week you had all these bank CEOs
(08:17):
and Chase and City Bank and Wells Fargo saying, you know,
preserve of the Fed, don't impinge on that because if
it's considered a political organization, that would lose a lot
of credibility for the said.
Speaker 1 (08:31):
Final subject was America's money answers Man, Jordan Goodman, the
recisions made by Congress, they actually unspent some money, if
you will. Money that was allocated was actually not spent.
And of course the deaths have begun from the recisions. Jordan.
I couldn't believe it. Congress actually got it done and
did some recisions and took back some spending.
Speaker 2 (08:53):
How about that, Well, this is something that's supposed to
go through Congress and not just be done by the
executive And big big cuts in foreign aid, USAID, PBS
and NPR are going to lose over a billion dollars
in their screaming foul. And yes, a lot of the
dose cuts are going to be put into law the
right way to do things. Zero democratic support as usual
(09:17):
for any of this stuff. We just have a completely
partisan situation right now. Todd. It's unfortunate, but that's the
reality of it.
Speaker 1 (09:23):
That's America's money answers Man Jordan Goodman, as always Jordan,
thanks for joining
Speaker 2 (09:27):
Us, all right, thank you, Todd
We are enjoyed now by America's money answers Man Jordan
Goodman and Jordan. Late last week we had some numbers
come out, jobs numbers, retail sales, inflation numbers, all kinds
of things to evaluate. So go ahead and look at
some of those numbers.
Speaker 2 (00:16):
For US, well, relatively positive overall numbers. Retail sales of
zero point six which is definitely more than people had expected,
particularly strong car sales. As you say, the consumer price
indexes up at a two point seven percent and your
rate compared to two point four percent the month before,
(00:36):
so a little bit hotter inflation in various areas. The
producer prices you say was flat, so more inflation on
the consumer level than the producer level. Unemployment claims came
down a bit, so overall, kind of a relatively strong
economic backdrop here. Coming into the FEDS meeting next week
(00:58):
or this week, actually, I think it's highly unlikely they're
going to change rates one way or the other. There's
just too much worry about potential inflation for them to
be lowering or raising rates. Part of the reason the
inflation went up a bit is the tariffs are starting
to impact prices aluminum, steel, for example, you're seeing that
(01:20):
at appliance and car prices. So it's just a very beginning,
but we're starting to see the impact of tasks, and
come August first we'll see what happens. But if these
big tasks going to effect, and you'll see a much
bigger impact of it.
Speaker 1 (01:33):
Well, Jordan eva with some trepidation, it appears the markets
are moving ahead and a lot of the optimism is
driven by the anticipation of the effect of artificial intelligence. Right.
Speaker 2 (01:48):
Well, it is Nvidia, which is building all the chips
for the artificial intelligence, went over four trillion dollars, the
first time any company went over four trillion dollars, and
they President Trump reversed his position and said, now Nvidia
can sell chips to chime out. He'd kind of had
a ban on it before. So that gave that stock
(02:10):
another boost to new all time record highs. And yes,
the S and T five hundred and nasdak all time
record highs. The feeling is that the economy's got some
momentum here. Earnings have been kind of really strong. Most
companies reporting the second quarter have been beating estimates, and
(02:30):
it's just a sense of positivity out there. No matter
what's going on around the world with wars and other
kinds of things.
Speaker 1 (02:37):
Jordan's speaking of that oil the market continues to be
rather stable, which I guess is a good thing, right, Yeah, No,
it's fine.
Speaker 2 (02:47):
Oil is about sixty seven something like that. You remember
he had went up through about seventy five when there
was worry with the Iran situation. But that kind of
we got through that. So this's kind of a basic
equilibrium supplying to it. Now. One thing that could change
things a lot. Russia exports most of its oil to
China and India, and President Trump has said to put
(03:10):
a squeeze on putin that he may increase tariffs on
any country that supports Russia, like one percent tariffs on
China and India because of that. So that would really
upset the oil market a lot. But right now it's
relatively stable.
Speaker 1 (03:27):
Well, Jordan, let's extrapolate on that. Let's say that China
and India are punished and now they have to buy
their oil somewhere else. What happens with all that. Do
a little prognosticating. I guess it's.
Speaker 2 (03:42):
Very uncam mean with China, it's some obviously much bigger relationship.
We have over six hundred billion dollars of imports we
have from China everya so if we put one hundred
percent taffs on that, so that's going to hurt American
consumers a lot for all the things we buy from China,
but it's going to hurt the Chinese economy really badly.
So remember we were up to what was it one
hundred and forty five percent or something like that before
(04:03):
we went down to a mere thirty percent. It's a
very volatile situation, and the whole world is waiting to
see what's going to happen between now and August first,
which is not that far away. Here. President Trump sent
out letters to a whole bunch of countries saying, if
you don't come to deals by then here's the number
you're going to get. In Brazil fifty percent, European Union
(04:26):
thirty percent, Mexico thirty percent. So it's I just can't
imagine getting deals done that quickly. We've had since April,
and the only two deals we've got so far officially
in the United Kingdom and Vietnam. So it seems like
we're running out of time, and it seems like these
big tariffs are going to go into effect come August first.
Speaker 1 (04:46):
Well, of course, these tariffs are not really in the
mold of the so called Liberation Day tariffs where Trump
talks about, you know, the US being ripped off and
the trade imbalance and stuff. This is much more about
trying to affect you wait, some change with the war
between Russia and Ukraine. So this is a little bit
different tack here.
Speaker 2 (05:07):
Well, yeah, he uses tariffs in all kinds of ways.
For example, the fifty percent tariff on Brazil is not
necessarily just Brazil, because they are prosecuting both Scenaro, the
previous president, who they call the Trump of the Traffics,
and Trump likes him very much and they want him
to stop prosecuting both Scenaro, and in return for that,
(05:28):
the Brazilian people are going to get hit with a
fifty percent So it has nothing to do with economics.
It's all a political thing in that case. So yes,
Trump uses tariffs as a you know, cudgel to get
what he wants on all kinds of different fronts.
Speaker 1 (05:42):
America's Money answers Man, Jordan Goodman with us here on
the program. Jordan, will we of course continue to have
the sparring between President Trump and FED chair Jerome Powell,
who will certainly be gone when his term ends, right.
Speaker 2 (05:56):
Powell's definitely going to be gone after his term is
over in twenty six, but not before that. I don't
think there's anyway he can farm. I mean, there was
a big krifuffle last week about the cost of renovations
of the Federal Reserve being two point seven billion dollars
or something like that. But that's that's not the kind
of fraud you can throw a FED chairman out over.
(06:19):
So trum He's putting as much pressure as you can
on a power to lower interest rates, but it's not
going to work. Powell's going to do his thing. But
come May, yes, we will definitely get a new FED chair.
The two people people talk about the most often are
Kevin Walsh, who is a former FED governor, and Kevin Hassett,
(06:39):
who's the current director of the Council of Economic Advisors.
We'll have to see, but those are the two most
likely candidates right now.
Speaker 1 (06:45):
You know what, Jordan, let's do a little tutorial on
the Federal Reserve. Of course, it's famously supposed to be
independent from the President, but of course many times the
FED chair walks in locks up with the president, depending
depending on their respective politics. But it seems to me
also the Federal Reserve sort of is ungoverned. Talk about
(07:07):
all that.
Speaker 2 (07:09):
Well. It was set up in nineteen thirteen to be
an independent agency to regulate the monetary system and interest rates.
The governors of the SAD there's twelve of them in total,
are appointed by the President, so he does direct influence
over it. But once they're appointed, they've typically got seven
year terms and it's designed not to be subject to
(07:32):
political pressure. So Jerome Powell was originally appointed by President
Trump back in twenty seventeen, and then reappointed by Biden
and then come May he's going to be out. It's
not only power, I mean there's a whole board of
governors that there's some permanent members like the head of
(07:54):
the New York FED, and then there's rotating members from
all the different said you know, banks around the country.
But they make the decisions. It's not only that the
chairman that does he has a big influence, but they
make the decisions. So and in fact, the Supreme Court
recently has said the Fed's independence has to be preserved
and this last week you had all these bank CEOs
(08:17):
and Chase and City Bank and Wells Fargo saying, you know,
preserve of the Fed, don't impinge on that because if
it's considered a political organization, that would lose a lot
of credibility for the said.
Speaker 1 (08:31):
Final subject was America's money answers Man, Jordan Goodman, the
recisions made by Congress, they actually unspent some money, if
you will. Money that was allocated was actually not spent.
And of course the deaths have begun from the recisions. Jordan.
I couldn't believe it. Congress actually got it done and
did some recisions and took back some spending.
Speaker 2 (08:53):
How about that, Well, this is something that's supposed to
go through Congress and not just be done by the
executive And big big cuts in foreign aid, USAID, PBS
and NPR are going to lose over a billion dollars
in their screaming foul. And yes, a lot of the
dose cuts are going to be put into law the
right way to do things. Zero democratic support as usual
(09:17):
for any of this stuff. We just have a completely
partisan situation right now. Todd. It's unfortunate, but that's the
reality of it.
Speaker 1 (09:23):
That's America's money answers Man Jordan Goodman, as always Jordan,
thanks for joining
Speaker 2 (09:27):
Us, all right, thank you, Todd
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.