December 11, 2025 • 45 mins
Kevin covered the following stories: the Federal Reserve announced their interest rate decision; Home Depot, during an investor day, offered preliminary guidance for 2026; Phil Flynn, Senior Market Analyst, PRICE Futures Group, in his Energy Report, discusses energy "affordability" and green energy push during the Biden years; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and opinions.
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Episode Transcript
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Speaker 1 (00:10):
This is America's Trucking Network with Kevin Gordon.
Speaker 2 (00:15):
Welcome board, Thanks for tuning in on this Thursday morning. Well,
Lion Jerry Powell and the Federal Reserve lowered interest rates.
We'll get to that in the moment. But first, yesterday
during the afternoon, I was doing some show prepping, some
work around the house and so on, and boy, we
were having a bunch of wind gusts and I thought, well,
what what what is that? I mean, not what is it,
(00:38):
but how high is it? And I looked and they
were saying we were getting between thirty five and forty
five mile per hour winds.
Speaker 3 (00:46):
Now, where we live, it's up on a hill.
Speaker 2 (00:50):
And I've described this before, and so we face west
and so all of the most of the weather we
get comes from the west, and so when the wind comes,
it comes in pretty stiff. And I was looking up,
and I remember during the hurricane season they were talking
about tropical storms, that the tropical storms are forming and
(01:12):
that's just below a hurricane status. But in order to
qualify for that, that's got to be thirty five mile
per hour winds up to seventy four mile per hour winds.
And I'm thinking I remember thinking that the time we'll shoot,
we were always in a tropical storm or up you know,
several days a month in a tropical storm up there
on the hill, because that's kind of when we get
(01:35):
but I guess during the winter months it's considered a
gale storm or gale force winds or something along those lines.
So it was kind of a surprising day. I mean,
we get win, but there are certain times when the gusts,
and I guess the way it comes in is where
you can really hear it and hear it outside and
how things rattle, either on the deck or something along
(01:56):
those lines.
Speaker 3 (01:57):
I just thought i'd throw that out there.
Speaker 2 (02:00):
Having gale force wins in the wilder Kentucky area, I
guess mostly, and looking around the country there's.
Speaker 3 (02:06):
A lot of wind going around a lot of other places.
Speaker 2 (02:09):
Getting to Lion Jerry Powell and the Federal Reserve now,
I called Lion Jerry Powell Lion Jerry Powell for a reason.
I guess they should clarify that all along. You know,
he keeps talking about that. Well, at least during the
twenty twenty four year when they started right after they
paused raising interest rates after inflation had gotten out of
(02:33):
control up to nine point one percent in June of
twenty twenty two. I guess they finally decided that, well,
you know, our mandate is we're supposed to keep inflation low.
So they decided to start raising interest rates at that point.
And then they paused in June July of around July
of twenty twenty three, and so they hadn't done anything
with interest rate increases or decreases. Well, all of a sudden,
(02:56):
you know, they start talking about, well, our mandate is
in we need to control inflation. Inflation needs to get
down to about two percent. Then all of a sudden,
they got this jobs report which had come out in
January of twenty twenty four.
Speaker 3 (03:11):
We talked about that on this program.
Speaker 2 (03:13):
And this job's report was that they looked back through
the previous year and determined that about eight hundred and
eighteen I think it was eight hundred and fifty or
something thousand jobs had been overestimated during that period of time,
which basically boiled down to I think something like overestimating
(03:34):
the employment numbers by sixty five seventy thousand per month.
And this report came out and just in that January
December January December of twenty twenty three. January of twenty
twenty four is when I'm trying to spit out here,
and it was a shock to everybody. And I remember
talking at the point where then, you know, looking back
(03:56):
through all this bragging that the Biden administration had talked
about in terms of job creation since the pandemic and
getting back and so on, started digging into the numbers
and saying, well, you know, the plandemic ended pretty much
twenty twenty one. Then we had the supply chain issues,
and they started bragging about the number of jobs created.
(04:18):
But if you go back to pre plandemic and what
the jobs were at that time and how many jobs
were lost as a result of COVID, they had lost
something like we had lost something like twenty million jobs
during that period of time, where restaurants closed, business, clothes
manufacturing clothes, A lot of people were working from home,
but for the most part, people were on unemployment or
(04:41):
getting these subsidy checks or these stimulus checks from the
federal government. And so when the people started coming back
to work, the number of people that came back to
work was around sixteen million. And they're claiming that we've
created sixteen million jobs. Well, no, you're not creating sixteen
million jobs. You just finally opened the and people started
(05:01):
coming back. Now, the real number was that, if it's
sixteen thousand that came back, what happened to those other
four million? They're not back to work, So what are
you not doing in order to bring them along? So anyway,
in twenty twenty four, they started talking about, well, you know,
we need to start paying attention a little bit to
jobs or something along those lines. And it got a
(05:22):
little bit you know, they started mentioning at that point.
Speaker 3 (05:26):
But what was weird is that this report.
Speaker 2 (05:29):
Came out in January indicating that these eight hundred thousand
jobs had been overestimated. Well, the final report on that,
for some reason, comes out in August, and when August
rolled around, the report came out same number that they
reported in January. Well, all of a sudden, everybody's going, oh,
the job market is really slowing down. Oh this is
(05:51):
you know, the job market is softening. The Federal Reserve
needs to do something. They need to They had just
had a one of their meetings. They said they need
to have an emergency meeting and cut interest rates immediately.
Speaker 3 (06:02):
And so on.
Speaker 2 (06:02):
Well, between that time and then when they met in September,
things had pretty much evened.
Speaker 3 (06:07):
Oubt.
Speaker 2 (06:07):
People had kind of gotten used to where there was
a job's report that came in that said things were
improving and that this this eight hundred thousand jobs that
were lost. They started explaining away that, you know, and
explaining how that happened, which was bs but again they
overestimated it. So the numbers are what the numbers are. Well,
(06:30):
in September of twenty twenty four, Lion Jerry Powell, who
said that inflation rate has to come down to two
percent before we start raising lowering interest rates, suddenly six
weeks before the election, lowers interest rates a quarter percentage point,
claiming that the job market is the thing, you know,
because we've got this other mandate making sure that we've
(06:51):
got a strong job market. So all the line that
he did during that year saying that, oh, no, we're
focused on inflation. We're focused on inflation. In September of
twenty twenty four was up around three point two three
point three percent, but they cut interest rates by a
half a percentage point. I said at the time it
was a political move. He's trying to push Kamala Harris
(07:13):
across the finish line, which fortunately didn't work. But now
all of a sudden, people are looking back on that
and say, well, you know what, that was kind of
a political move. Well, no kidding, but you know who
called it out first, who talked about it first here
on Americans Struck a Network.
Speaker 3 (07:28):
And again I mentioned this over and over again.
Speaker 2 (07:31):
If you listen to this program, you are so far
ahead of the curve people won't even see your tail lights.
Things we talk about on this program people start talking
about weeks, months, even a half a year away from
when we start talking about it. So anyway, that's kind
of my point on that, and the fact that Federal
Reserve line. That's why I call it lion Jerry Powell.
(07:52):
Lion Jerry Powell again, because you can't trust what he's saying.
President Trump calls him too late Powell because of being
too far behind, mentioning the fact that he was slow
to react to the inflationary pressures during the Biden administration
and twenty well actually from the beginning of the Biden
administration up until twenty twenty two. After June of twenty
(08:17):
twenty two, when inflation got up to nine point one percent,
nine point one percent in one month.
Speaker 3 (08:24):
Folks, Let's not forget that.
Speaker 2 (08:26):
When you know those people on the other side, the
Democrats and the Liberals, start talking about affordability, what were
you talking about back then, is my question. And secondly,
if your guy, if you guys are the ones that
created the unaffordability problem over the four years of the
Biden administration, what makes you think that we're going to
trust you to come back in and fix it. So
(08:47):
again Jerry Powell talking about you know that what their
mandate is. But then you know, as far as all
the stuff he's keeps talking about that inflation needs to
be around two percent, and yet he's and Trump keeps
calling him too late because he was too late to
react to inflation going out of control, and then once
he started, once they started lowering the interest rates or
(09:08):
raising the interest rates, rather then all of a sudden,
when things started cooling down, he's too late to come
in and start lowering the interest rates, which would generate
an increase in the economy and boost up gross domestic
product and keep the economy flowing and running smoothly. But again,
(09:28):
he's been very reluctant to do that, and then when
you compare our interest rates to the rest of the world,
we are in some cases double on the list. On
the list of countries with their mortgage interest rates and
so on, we are forty sixth on the list compared
to the rest of the world. So we're not the
top ten, not the top five. We are forty six
(09:49):
on the list in terms of lower interest rates, so
we're in the six percentage rate.
Speaker 3 (09:53):
Some are as low as one point ninety seven.
Speaker 2 (09:56):
Coming up, we'll talk a little bit more about this
Federal Reserve interest rate cut, because some of the things
they talked about in here is kind of interesting. I'm
Kevin Gordon, America's Trucking Network seven hundred WLW NEED.
Speaker 1 (10:08):
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I'm Kevin gored in America Instructing Network seven hundred at
w LW talking about this Federal Reserve interest rate cut
that they did yesterday afternoon. I came out at two
o'clock in the afternoon, Federal Reserve split over where is
priority should lie lowered? It's key interest rate, key interest
rate Wednesday, but signaled a tougher road ahead for further reductions.
(14:48):
I cannot wait for May until Lion Jerry Powell is replaced,
and I wonder who that's going to be. A lot
of people were talking about that Kevin Hassen, who is
current advising President Trump on economic policies, that he might
be the one. A lot of people are saying that
there's a ninety some percent chance that he's going to
(15:10):
be the one picked. It's called the National Economic Council Chair.
Kevin Hassett is the front runner, but Lion Jerry Powell's
got to go. As a matter of fact, again I
mentioned this that I had heard this. I think it
was in March or so, and I'm really not sure
who brought it up. It may have been Scott Bessen,
(15:31):
could have been Larry Kudlow from Fox Business News, but
somebody mentioned the fact that what Donald Trump ought to do,
because he kept at that point, has been you know,
he's been on Powell since he, you know, came back
in office that he needs to start cutting interest rates
a little bit more vigorously, and that Powell has been
very reluctant to do that. The fact that again going
(15:52):
back to September of twenty twenty four, when he lowered
interest rates a half percentage point a political move trying
to get Kamala Harris elected.
Speaker 3 (16:00):
So I don't think he likes Trump very much, even.
Speaker 2 (16:02):
Though Trump was the one that appointed him to that
position in his first term.
Speaker 3 (16:07):
I just it's unbelievable.
Speaker 2 (16:09):
But anyway, they were talking at the time that you
can't unless you have just cause, you usually can't fire
a Federal Reserve chairman, even though he does have the
power to do that. History and tradition is that you don't.
And so what people were suggesting, again I don't know
(16:29):
if it was Scott Besson, but said that what Trump
ought to do is ought to pick the person that's
going to replace Jerry Powell, have them go through the
confirmation process, and so that he's sitting in or he
or she is waiting in the wings, and that would
then put pressure on Jerry Powell that when people are
(16:51):
you know, it's kind of one of those things where
Jerry Powell is giving a press conference or talking about
certain things, then they would turn to the new or
the assume replacements.
Speaker 3 (17:01):
Well, what's your opinion on that? What do you think?
Speaker 2 (17:03):
How would you handle this if you were in that position,
And it'd be a kind of a checks and balances
if you were, if you will that okay, that Jerry
Powell can't be out there all by himself prognosticating and
talking about the economy. You got somebody that could possibly
be on the same even footing talking about it as well.
Speaker 3 (17:24):
I don't know why they didn't do it.
Speaker 2 (17:26):
I thought it was an excellent I thought it was
an excellent idea, but they haven't acted on it. Now
supposedly by the first of the year or shortly after
the first of the year. I wish it was done
before Christmas. That'd be a nice Christmas gift for the
American public to know who is going to be heading
up the FED and what their ideas are, whether it's
supply side or whatever they are. In terms of an economist,
(17:50):
it would be interesting to know who that is. But again,
I cannot wait for Jerry Powell to be out of
this office. Again, they're talking about that it's going to
be a high hurdle in order of future interest rate cuts. Well,
let's get another Federal Reserve chairment in there and see
what happens. Fulfilling expectations of a hawkish cut, the Central
(18:11):
Bank Federal Open Market Committee cut its key overnight borrowing
rate by a quarter percentage point, putting it in the
range between three point five and three point seven five percent.
Now in other countries, in England, France, some of those
countries that number is down around one point five percent. Now,
that key overnight rate, again is not the overall interest
(18:35):
rates in our country. What it is is the overnight
borrowing costs that banks do between banks. If they have
to borrow money from individual banks for check cashing purposes,
or if there's stores that deal in a lot of
cash and they have to have a lot of cash
on hand at their individual store locations, maybe around the
first of the month, middle of the month, something along
(18:57):
those lines, around payday, whatever, there are cash needs, and
they may not because you don't keep a lot of
cash in the banks anymore. Simply because of well liability issues,
and plus if cash is sitting there, it's not somewhere
gaining interest or being invested overnight in some funds. But anyway,
it's a whole complicated issue there. But again, this Federal
(19:20):
Reserve overnight rate in terms of borrowing is what this
rate ties into. The three point five now going to
be three point five to three point seventy five.
Speaker 3 (19:29):
However, the move.
Speaker 2 (19:30):
Carried caution flags about where the policy is heading heading
or headed from here, and featured a some no votes
in terms of three members, which hadn't happened since September
twenty nineteen. Usually the Federal Reserve, when they do a vote,
it's unanimous, but over the last few months there have
been dissension. There has been people who have either voted
(19:54):
no on an interest rate cut or one in particular
that keeps voting no because he wants a higher rate.
So the nine to three vote against featured a hawkish
and Dubvish descents. Governor Stephen Maren favored a steeper half
point reduction, while original or while regional presidents Jeffrey Schmid
(20:14):
of Kansas City and Austin Goldsby of Chicago backed holding
the line. In fact, again they voted against an interest
rate cut.
Speaker 3 (20:24):
They wanted no interest rate cut this period.
Speaker 2 (20:27):
Now, Stephen Maren has been a very advocate of what
they call a hawkish hawkish member of the Committee, wanting
interest rates to be cut even further, and I agree
with it. I think the interest rate should have been
the Federal Reserve cutting interest rate last time and even
this time should have been a half a percentage point,
(20:48):
but they keep doing it in quarter point increments. Stephen
Maren said that it should have been a full half
a percentage point, so he voted no against.
Speaker 3 (20:57):
The quarter percent.
Speaker 2 (20:59):
Now these two FED chairman or FED presidents, Jeffrey Schmid
and Austin Goldsby, who voted against any rate cut, Let's
not forget who Austin Goldsby is. Austin Goldsby was the
chairman of the Economic Advisors in the Obama administration, so
he's very liberal and of course very political. I remember
(21:23):
seeing him on various shows, in various programs talking about, oh,
how great the economy was and how great this was.
The Affordable Care Act would be super because it's going
to cut the insurance costs of everybody by twenty five
hundred dollars, when in fact, the Affordable Care Act is
anything but affordable care. It actually raised people's premiums on
(21:48):
insurance by twenty five hundred dollars. They were supposed to
save US twenty five hundred dollars, but in fact cost
US twenty five hundred dollars, a five thousand dollars swing.
So he had been this mouth he's for the Obama administration,
and then during the Trump administration was a critic of
the Trump administration. Every time you talk about, wow, you know,
(22:08):
during our time, we did this and and and this
is where I recommend a.
Speaker 3 (22:12):
Very liberal guy.
Speaker 2 (22:13):
So the fact that he is dissenting and is and
is part of the Fed, now you are not getting
a supply sider. You're not getting a conservative voice.
Speaker 3 (22:24):
Now.
Speaker 2 (22:25):
They keep remember everybody keeps talking about when Trump was
talking about getting rid of Jerry Powell, that the Federal
Reserve is this independent body, that it's you know, a
political that it that it only concentrates on economic policy
and what's good for the country. Well, in fact, you've
got some of these people on there that are a
(22:46):
bunch of clowns, and they don't really understand economics and
Austin Goldsby is a guy who is very liberal.
Speaker 3 (22:54):
And is anti Trump.
Speaker 2 (22:56):
So the fact that he is anti Trump and on
the Federal Reserve, you mean tell me that we're supposed
to believe that he leaves his political views at the
door when he comes in to serve as one of
the board chairman or one of the Federal Open Market
Committee governors at one of the districts, one of the
(23:16):
twelve districts around the country.
Speaker 3 (23:18):
I don't think so.
Speaker 2 (23:19):
And if you listen to interviews from him and go
back and look at some of the stuff that he said,
you know he's not a fan of Donald Trump and
he's not conservatives. So again, the fact that he's dissenting
on this and the fact that there is political movement
within the Federal Reserve is again an indication when the
spoon feder regurgitators in the mainstream media tell us that
(23:40):
this is an independent body, not so much. Talk a
little bit more about this coming up. I'm Kevin Gordon,
America's Trucking Network seven hundred WLW.
Speaker 9 (23:56):
Here's our trucking forecast for the Tri State and the
rest of the country. In the Tri Estate overnight, mostly
Claudia with the chance of snow. The low down to
twenty six mostly claude Thursday, a high of thirty three
snow overnight Thursday into Friday, with one to three inches
of accumulation possible. An additional inch of snow could accumulate
during the day Friday. Nationally, rain over the Pacific Northwest
diminishing into early Thursday. Late Thursday into Friday, Arctic air
(24:20):
surging south into the northern Plains, while active lake effects
snow fall down one of the Great Lakes region continues
through Thursday. Meanwhile, moderate to heavy snow being seen from
the mid Mississippi Valley into the Upper Ohio Valley and
Central Appalachians, from the west coast of the Rockies, as
well as the central to southern Plains into the Lower
Mississippi Valley. Above average temperatures are expected.
Speaker 2 (24:41):
Seven hundred wlw IM Kevin Gordon.
Speaker 3 (24:44):
This is America Destrucking Network.
Speaker 2 (24:47):
Turning in our conversation here about the Federal Reserve interest
rate cut decision.
Speaker 3 (24:51):
We've talked about Austin Goldsby, and you know.
Speaker 2 (24:55):
In the previous segment about how he is so anti
Trump and was a member of the Obama administration. So
again he's got political leanings in that direction, and they
talk about this interest rate being hawk ish, and I
need to probably explain that. By the way, if you've
missed any of our previous segments or into our shows,
hit up that iHeartRadio app and of course that's brought
to you by our friends at Rush Truck Centers.
Speaker 3 (25:16):
And it was kind of interesting.
Speaker 2 (25:18):
You know, in the parlance when you talk about a
hawk or a dove, you know, hawk seems to be
more aggressive, whereas a dove is more passive. But apparently
the way the Federal Reserve and of course you know
the Federal Reserve controlling interest rates, that of course they're
going to be backwards from what would normally be there.
Speaker 3 (25:36):
I get this, okay.
Speaker 2 (25:38):
In Federal Reserve parlance, hawks are generally more concerned about
inflation and favor higher interest rates, while doves focus on
supporting the labor market and want lower rates. That seems
to me to be a complete flip. Now, if you're
caught talking about a inflation hawk, where you are worried
(26:01):
about inflation and you want to keep that in check,
that's one thing. But when you're talking about interest rates,
interest rates should be in my opinion aggressive one way
or the other. If you've got and really, you know,
the marketplace should determine where these rates are. And everybody
(26:23):
talks in terms of these interest rates that if they are.
Speaker 3 (26:26):
Low, it stimulates the economy.
Speaker 2 (26:28):
We talk about that when we're talking about oil and
gas prices. Every time there is a comment in there,
they refer to that as a situation where if interest
rates are low, then people will have more disposable income,
they will buy and use more gasoline, which will then
increase well, affect gasoline prices or affect the prices, because
(26:51):
if the supply is low and the demand is high,
the prices will go up and so on. So it's
just a matter of supply side economics. And so it's
interesting to see the way they put this in consideration.
Speaker 3 (27:06):
So anyway, getting.
Speaker 2 (27:09):
Back to this particular, going back to what was going on,
they're talking about the third consecutive time that Stephen Maron
had voted against interest rate cut because he wants a
half a percentage.
Speaker 3 (27:19):
Point interest rate cuts.
Speaker 2 (27:21):
And in this they say, the post meeting rate statement,
Now get.
Speaker 3 (27:25):
This, Okay, how lazy do you have to be?
Speaker 2 (27:29):
All Right, you got twenty three thousand employees at the
Federal Reserve, and you have a situation where they can
come up with economic I mean they can get on
the telephone, they can read the Wall Street Journal, the
Business Insigner or whatever and get all this information as
far as what's going on in the economy, and then
(27:50):
when they're making their determination, they can come up with
some original language.
Speaker 3 (27:55):
But get this, okay.
Speaker 2 (27:56):
The post meeting rate statement repurposed language from the FOMC
meeting a year ago. They say, in considering the extent
and timing of additional adjustments to the target range for
the Federal Funds rate, the Committee will carefully assess incoming data,
the evolving outlook, and the balance of risks.
Speaker 3 (28:18):
What did they just say there?
Speaker 2 (28:20):
I mean, it is just so obvious, or you know,
it's almost like stating the obvious.
Speaker 3 (28:25):
It's almost like, you know, if you turn on the.
Speaker 2 (28:28):
Radio between midnight and one am Tuesday through Friday, Kevin
Gordon is going to be on americastruct A network. I mean, yeah, okay,
why do you have to spell that out? So again,
let's look at this particular statement, in considering the extent
and timing of additional adjustments to the target range, in
(28:50):
other words, adjusting the interest rate up or down federal
funds rate. The Committee will carefully assess incoming data. Isn't
that assumed? Are we assuming that you're not you're just
going to ignore the data, that you're not going to
pay any attention to it, that you're going to fly
by the seat of your pants. Well, of course you're
going to consider carefully assess that the evolving outlook, what's
(29:13):
going on at that particular point in time, what's up,
what's down? What you know, even geopolitical issues are going
to come into play. So the Committee will carefully assess
the incoming data and evolving outlook and balance the risks.
Speaker 3 (29:28):
Okay, and what risk are we talking about?
Speaker 2 (29:30):
Are we talking about that if the interest rates are down,
people are going to have more money in their pocket.
They'll be out there spending. Do they think that that
will lead Some people think that will lead to inflation?
Other people think that, okay, people having more money in
their pockets is a good thing.
Speaker 3 (29:46):
You know, we are a lot better stewards of what
we want to do or what we need with our money.
Speaker 2 (29:51):
Rather than having it confiscated by the federal government or
confiscated in the form of interest rates on our credit
cards and so on. If we've got more money in
our pockets, we'll pay down our debt. Maybe we'll save
a little bit more. But it's up to us to
make that determination and not manipulated by some entity in
some ivory tower somewhere. So again, this is some of
(30:14):
the things that they, you know, sitting on high they
act as though that they are so brilliant and so smart. Well,
if they're so smart, how did they let inflation get
out of control during the Biden administration? And how did
they tamp down economic recovery buy high interest rates and
going into the area.
Speaker 3 (30:33):
Now why are.
Speaker 2 (30:34):
They pulling back on the reins and keeping this economy
from flourishing again? These guys are the so called experts,
but I'm not so sure how expert or how smart
they are. Third consecutive rate cut is now in the books.
That turned to where they're going to head from here,
the closely watched dot plot.
Speaker 3 (30:51):
Now what part of this is that?
Speaker 2 (30:54):
Also as part of the meeting, everybody that's part of
the meeting, they will say, Okay, what do you think
or what you anticipate or what's your opinion on where
interest rates should be in the coming year or in
the upcoming meetings, and so some people will say, well,
I think interest rates need to be reduced, either lowered
or raised or the same. And so they plot these out,
(31:16):
so they, you know, talk about the individual meetings and okay,
how many interest rate cuts a particular board member should
see for the year, how many you know, and so on.
So they plot these all out and then they kind
of accumulate those dots on this board and kind of
get a feel for how these individuals feel about certain
things because they talk about that there isn't a whole
(31:38):
lot of discussion. There isn't a whole lot of debate
during these meetings. So it's it's like, well, you know,
what is the why.
Speaker 3 (31:46):
Do you meet?
Speaker 2 (31:47):
Why don't you not just phone it in? Why do
you have to Why don't you just pick up the
phone and say, all right, I think there should be
a a half percent rate your meeting for two weeks,
for two days. I mean, there's no debate during that
period of time. The whole thing just kind of surprises
me from some time from time to time. So again,
and getting back to this whole thing, that a hawk
(32:10):
is somebody who wants to raise interest rates, whereas a
dove is somebody that wants to lower them.
Speaker 3 (32:17):
I don't get that. That doesn't make any sense to me.
Speaker 2 (32:20):
So anyway, on the economy ant, the Committee raised its
collective view of gross domestic product for twenty twenty six,
boosting this September projection by half a percentage point to
two point three. The Committee continues to expect inflation to
hold above two percent target until twenty twenty eight. Well,
if they're expecting the inflation rate to be above two
(32:43):
percent till twenty twenty eight, why are they saying they're
going to hold back any interest rate cuts until it
hits that two percent rate. If they already figure that
it's going to be there anyway, why not stimulate the economy,
boost production, which would probably wind up reducing inflation because
the more items that are produced that are produced at
a lesser cost. I mean, you've got your fixed costs,
(33:05):
and you have your variable costs. But the more products
you you know, the more products you sell, the more
products you make, brings that cost overall down, which then
has passed along to the consumer, and the consumer saves
money on that. So again, apparently these people just don't
understand economics on inflation. Prices remain stubbornly high in the
FEDS preferred gauge, putting the annual rate at two point
(33:27):
eight percent in September, the most recent month for which
data is available. They talked about in here that again
timing of the federal rate cuts and talking about Trump
signal that he will make a decision by the end
of the year as to who is going to replace Powell.
I wish he would have done that a little bit earlier. Again,
(33:49):
we've talked about in the past. How I think that
you know that at the beginning of the year that
they were talking about possibly firing Derme Powell and bringing
somebody else in, and then they said, you know again
that they didn't think that was a good idea, and
that affect the independence of the Federal Reserve. Well, again,
(34:10):
they aren't independent. They're politically minded. And if you had
and one of the suggestions was that somebody should you know,
they should vote on who should replace Jerome Powell, have
that person nominated, have that person go through the.
Speaker 3 (34:26):
Confirmation process so that they'll be in place.
Speaker 2 (34:28):
So if Jerome Powell makes a comment on the economy,
they can turn to the new federal chairman and say, well,
do you agree with that?
Speaker 3 (34:34):
What do you think should be done? And so on.
Speaker 2 (34:36):
So I think that should have been done along with this,
and so I think that should have been done around
the beginning of the year, but again it should be
done by the end of the year. Coming up, we'll
talk a little bit more about what's going on here
and finish this up and get onto some other things,
because these interest rate cuts are affecting other businesses and
some of the projections that these businesses are making. I'm
(34:57):
Kevin Gordon, America Struck a Network seven h under WLW.
Speaker 1 (35:03):
News Radio seven hundred WLW and iHeartRadio Station Guarantee Human
seven hundred WLW.
Speaker 3 (35:11):
HI Heard Radio. This is Jim. Hello. Jim started advertising
with iHeartRadio way back in.
Speaker 2 (35:18):
Eight Again, I think it should have been a full
half a percentage point. That would have been nice, but
we take what we can get. Federal officials have had
to operate, and I love this. Had to operate in
an environment where much of the official data they use
in decision making either has been trickling in well behind
schedule or missing entirely due to the government shutdown. The
(35:38):
Schumer shutdown. Now, we saw during the Schumer shutdown, again,
I got to reiterate the fact that the Federal Reserve
has twenty three thousand employees that are supposed to be
these economists, that they're stationed in different locations twelve different
districts around the country, and so being in those individual districts,
they would be able to gauge the economy in those
(36:00):
particular markets by being out on the street reading some
of the business pages of the newspapers there, seeing what's
going on in the economy in their own individual districts,
and be able to report on this. We saw during
the Schumer shutdown that there were companies Goldman Sachs, Nationwide
(36:21):
City Bank, and a couple of others that would look
at the data that the states put in on a
weekly basis up to the Labor Department's website saying how
much of the initial jobless claims were reported by those
states for that particular week. And so these companies were
going to that site, gathering that information and coming up
(36:43):
with the initial jobless claims on a weekly basis. I'm
sure that a lot of this data that is being
funneled to I mean the federal government's got to be
getting this information from somewhere, and that somewhere could be
out there being distributed to them, but then tapped into
by other people when the government shut down, and they
can come up with these reports on their own, which
(37:06):
leads me to believe that, or leads me to ask
the question, why aren't some of these things being done
by an independent agency rather than relying on the federal
government to do this and the federal the taxpayers. I'm
sure there's a profitability in there where somebody could put
this data together and sell it to the individual news
agencies or whatever. But again, reliance on the federal government
(37:28):
to come up with these reports. And again, if that
information is available and other people can tap into that
and come up with the same reports, why aren't we
kind of duplicating processes there. So again the fact that
they say that they're operating it's almost as they're trying
to say we're operating blind. Where again, you don't go
to the grocery store, you don't go to the gas station,
(37:50):
you don't go to the hardware stores, you don't go
out and observe what's going on. You don't eat out,
you don't go to any of these things in your
own districts and get kind of the compilation what's going
on there. And people talk about that within the Federal
Reserve twenty three thousand employees, So you got to kind
of wonder what they do. I said, again, they're talking
about that some of the numbers that they're looking at,
(38:13):
what data they do have available indicator that the labor
market is in a low hire, no fire, and client climate.
Speaker 3 (38:18):
Well, that's been talked about often.
Speaker 2 (38:20):
That's been talked about almost every week, talking about initial
job as claims, talking about the employment reports, talking about
what these companies are doing, what they're telling their board members,
what they're telling their stockholders when they're having these meetings. Again,
this information has been well known out there. And they're
talking about their unofficial data point from talking about heavier
(38:43):
payroll reductions, and they cite this company that they're talking
about that this Challenger Great in Christmas is saying that
their estimates of future layoffs, based on some of the
reports that these companies have said, is going to be
one point one million people.
Speaker 3 (39:01):
In the coming year.
Speaker 2 (39:02):
Now, just last month they said they announced that there
was going to be at one hundred and fifty some
thousand people that were going to be laid off, well
the following month, just a month later, they adjusted that
by half. And so a lot of people have said
that some of that employment data, some of that stuff
that they gather and some of these other people isn't
(39:24):
as reliable as other data. So rather than focusing on
and mentioning that unreliable data, the lazy part of the
spoon fed regurgitators in the mainstream media, they don't bother
going out and getting the actual data from the people
that know what they're talking about. So again, if they're
relying on something that is not necessarily accurate, I don't
(39:45):
know why they would do that. So anyway, Uh, one
of the things that I saw, and again this is
directly related to well directly relatable to what we've been hearing.
You know, as I've said before, the Democrats have been
whining and talking about affordability. Yet where were they concerned
(40:07):
about that during the Biden years? During the Biden administration
when gas got up to at one point national average
of five dollars and two cents a gallon, whereas today,
as of today, gas prices across the board national averages
two dollars and ninety four cents, So again, where were
they back then? Talking about affordability, Phil Flynn has a
(40:27):
very interesting editorial. Actually it's his energy report, but a
lot of things in here. In this particular energy report
is very interesting. Gasline price is at the lowest level
since twenty twenty one, making life more affordable, and seeing
that affordability is the new favorite word of the left,
that should be a major win. Of course, the left
(40:47):
will point out that the electricity won't point out will
point out that electricity prices have been soaring, but that
is directly attributable to the record demand that has happened
because of power centers, and demand for artificial intelligence that
is growing, and the economy and lack of investment in
infrastructure that occurred due to democrat over regulation and the
(41:12):
push toward green energy. In other words, all this point
push to green energy, all those grants that were put
out there, the billions of dollars that were put into
that from the federal government in the form of grants
or tax credits to these green energy companies that are
going to produce all these windmills, solar power, and all
(41:32):
this sort of stuff which hadn't even been a blip
on the radar screen in terms of and they talked
about this would be more affordable because of the investment
in that, the shift to that from other reliable sources,
and what they talk about in terms of fossil fuel.
That has spiked these energy prices. As you know, when
(41:54):
you start raising increasing the regulations on certain areas of
energy production like oil and gas or gas cold powered
plants in favor of solar power or wind power which
is unproven and unreliable. As they found out, you don't
have as much infrastructure and you do not have as
(42:16):
much electricity being produced, so you're not you're doing away
with one and not replacing it with one that's even
better or even substantial. So that led to brownouts and
led to higher costs for the individuals because not only
are there having to fund one area that is producing electricity,
(42:37):
but developing another area that's well supposed to increase or
develop electricity that isn't being produced. So again, these costs
and you know the you know, remember the Affordable Care
or not the Affordable Care Act, but THEA was it
called the Inflation Reduction Act. When the administration passed that
(43:01):
Inflation Reduction Act. It was basically they might as well
call it the Green New Steel Bill because there was
an awful lot of funding in there for these green
energy products. So we jumped a billions and billions of
dollars into those which really didn't pan out. So that's
wasted tax money, that's wasted energy production, and again higher
(43:22):
electricity costs. But it's a very good editorial. I'll probably
posted this on my Facebook page. But getting to one
of the areas where things are really important in terms
of how interest rates were affecting different things. Hot Home
Depot issues it costs twenty twenty six Outlook Home Depot
is offering costious preliminary outlet in the coming year, a
(43:45):
sign that the home improvement retail doesn't anticipate the housing
market to rebound in the short term. The company expects
comparable sales growth to be in the range of flat
to up to two percent for the year, below the
average of estimates compiled by You and these other companies.
The US housing market has weighed on Home Depot as
(44:05):
high interest rates prompt consumers to remain on the sidelines
for big ticket purchases and projects that required refinement and
required financing. While mortgage rates are lower than they were
a year ago, Americans have been cautius amid higher costs
across the economy. Some prices also remain high, remaining that
(44:26):
the meaning that the housing has become more out of
reach for a large portion of the population directly result
of interest rates. Now, what they are also saying in
this report that Home Depot released, and we may talk
about this a little bit more tomorrow, but they hosted
this meeting and talked about these issues, but then added
(44:49):
that if the market, if the interest rates come down,
they're forecast for increases, They're in forecast for u profitability,
and additional sales could jump up to four and a
half to five percent increase. So again they're saying, here's
(45:09):
what we expect it to be. But if interest rates
come down, here's what will happen. There'll be more people
spending money, more people buying houses, and so on. So again,
very important. That's why interest rates, That's why I talk
about that on this program a lot. Well, folks, we're
up against clock here. Time to step out, Stay tuned
for REREDI raded at the top of the hour. I'm
(45:29):
Kevin Gordon Americas struck in the network seven hundred WLW
This is America's Trucking Network with Kevin Gordon.
Speaker 2 (00:15):
Welcome board, Thanks for tuning in on this Thursday morning. Well,
Lion Jerry Powell and the Federal Reserve lowered interest rates.
We'll get to that in the moment. But first, yesterday
during the afternoon, I was doing some show prepping, some
work around the house and so on, and boy, we
were having a bunch of wind gusts and I thought, well,
what what what is that? I mean, not what is it,
(00:38):
but how high is it? And I looked and they
were saying we were getting between thirty five and forty
five mile per hour winds.
Speaker 3 (00:46):
Now, where we live, it's up on a hill.
Speaker 2 (00:50):
And I've described this before, and so we face west
and so all of the most of the weather we
get comes from the west, and so when the wind comes,
it comes in pretty stiff. And I was looking up,
and I remember during the hurricane season they were talking
about tropical storms, that the tropical storms are forming and
(01:12):
that's just below a hurricane status. But in order to
qualify for that, that's got to be thirty five mile
per hour winds up to seventy four mile per hour winds.
And I'm thinking I remember thinking that the time we'll shoot,
we were always in a tropical storm or up you know,
several days a month in a tropical storm up there
on the hill, because that's kind of when we get
(01:35):
but I guess during the winter months it's considered a
gale storm or gale force winds or something along those lines.
So it was kind of a surprising day. I mean,
we get win, but there are certain times when the gusts,
and I guess the way it comes in is where
you can really hear it and hear it outside and
how things rattle, either on the deck or something along
(01:56):
those lines.
Speaker 3 (01:57):
I just thought i'd throw that out there.
Speaker 2 (02:00):
Having gale force wins in the wilder Kentucky area, I
guess mostly, and looking around the country there's.
Speaker 3 (02:06):
A lot of wind going around a lot of other places.
Speaker 2 (02:09):
Getting to Lion Jerry Powell and the Federal Reserve now,
I called Lion Jerry Powell Lion Jerry Powell for a reason.
I guess they should clarify that all along. You know,
he keeps talking about that. Well, at least during the
twenty twenty four year when they started right after they
paused raising interest rates after inflation had gotten out of
(02:33):
control up to nine point one percent in June of
twenty twenty two. I guess they finally decided that, well,
you know, our mandate is we're supposed to keep inflation low.
So they decided to start raising interest rates at that point.
And then they paused in June July of around July
of twenty twenty three, and so they hadn't done anything
with interest rate increases or decreases. Well, all of a sudden,
(02:56):
you know, they start talking about, well, our mandate is
in we need to control inflation. Inflation needs to get
down to about two percent. Then all of a sudden,
they got this jobs report which had come out in
January of twenty twenty four.
Speaker 3 (03:11):
We talked about that on this program.
Speaker 2 (03:13):
And this job's report was that they looked back through
the previous year and determined that about eight hundred and
eighteen I think it was eight hundred and fifty or
something thousand jobs had been overestimated during that period of time,
which basically boiled down to I think something like overestimating
(03:34):
the employment numbers by sixty five seventy thousand per month.
And this report came out and just in that January
December January December of twenty twenty three. January of twenty
twenty four is when I'm trying to spit out here,
and it was a shock to everybody. And I remember
talking at the point where then, you know, looking back
(03:56):
through all this bragging that the Biden administration had talked
about in terms of job creation since the pandemic and
getting back and so on, started digging into the numbers
and saying, well, you know, the plandemic ended pretty much
twenty twenty one. Then we had the supply chain issues,
and they started bragging about the number of jobs created.
(04:18):
But if you go back to pre plandemic and what
the jobs were at that time and how many jobs
were lost as a result of COVID, they had lost
something like we had lost something like twenty million jobs
during that period of time, where restaurants closed, business, clothes
manufacturing clothes, A lot of people were working from home,
but for the most part, people were on unemployment or
(04:41):
getting these subsidy checks or these stimulus checks from the
federal government. And so when the people started coming back
to work, the number of people that came back to
work was around sixteen million. And they're claiming that we've
created sixteen million jobs. Well, no, you're not creating sixteen
million jobs. You just finally opened the and people started
(05:01):
coming back. Now, the real number was that, if it's
sixteen thousand that came back, what happened to those other
four million? They're not back to work, So what are
you not doing in order to bring them along? So anyway,
in twenty twenty four, they started talking about, well, you know,
we need to start paying attention a little bit to
jobs or something along those lines. And it got a
(05:22):
little bit you know, they started mentioning at that point.
Speaker 3 (05:26):
But what was weird is that this report.
Speaker 2 (05:29):
Came out in January indicating that these eight hundred thousand
jobs had been overestimated. Well, the final report on that,
for some reason, comes out in August, and when August
rolled around, the report came out same number that they
reported in January. Well, all of a sudden, everybody's going, oh,
the job market is really slowing down. Oh this is
(05:51):
you know, the job market is softening. The Federal Reserve
needs to do something. They need to They had just
had a one of their meetings. They said they need
to have an emergency meeting and cut interest rates immediately.
Speaker 3 (06:02):
And so on.
Speaker 2 (06:02):
Well, between that time and then when they met in September,
things had pretty much evened.
Speaker 3 (06:07):
Oubt.
Speaker 2 (06:07):
People had kind of gotten used to where there was
a job's report that came in that said things were
improving and that this this eight hundred thousand jobs that
were lost. They started explaining away that, you know, and
explaining how that happened, which was bs but again they
overestimated it. So the numbers are what the numbers are. Well,
(06:30):
in September of twenty twenty four, Lion Jerry Powell, who
said that inflation rate has to come down to two
percent before we start raising lowering interest rates, suddenly six
weeks before the election, lowers interest rates a quarter percentage point,
claiming that the job market is the thing, you know,
because we've got this other mandate making sure that we've
(06:51):
got a strong job market. So all the line that
he did during that year saying that, oh, no, we're
focused on inflation. We're focused on inflation. In September of
twenty twenty four was up around three point two three
point three percent, but they cut interest rates by a
half a percentage point. I said at the time it
was a political move. He's trying to push Kamala Harris
(07:13):
across the finish line, which fortunately didn't work. But now
all of a sudden, people are looking back on that
and say, well, you know what, that was kind of
a political move. Well, no kidding, but you know who
called it out first, who talked about it first here
on Americans Struck a Network.
Speaker 3 (07:28):
And again I mentioned this over and over again.
Speaker 2 (07:31):
If you listen to this program, you are so far
ahead of the curve people won't even see your tail lights.
Things we talk about on this program people start talking
about weeks, months, even a half a year away from
when we start talking about it. So anyway, that's kind
of my point on that, and the fact that Federal
Reserve line. That's why I call it lion Jerry Powell.
(07:52):
Lion Jerry Powell again, because you can't trust what he's saying.
President Trump calls him too late Powell because of being
too far behind, mentioning the fact that he was slow
to react to the inflationary pressures during the Biden administration
and twenty well actually from the beginning of the Biden
administration up until twenty twenty two. After June of twenty
(08:17):
twenty two, when inflation got up to nine point one percent,
nine point one percent in one month.
Speaker 3 (08:24):
Folks, Let's not forget that.
Speaker 2 (08:26):
When you know those people on the other side, the
Democrats and the Liberals, start talking about affordability, what were
you talking about back then, is my question. And secondly,
if your guy, if you guys are the ones that
created the unaffordability problem over the four years of the
Biden administration, what makes you think that we're going to
trust you to come back in and fix it. So
(08:47):
again Jerry Powell talking about you know that what their
mandate is. But then you know, as far as all
the stuff he's keeps talking about that inflation needs to
be around two percent, and yet he's and Trump keeps
calling him too late because he was too late to
react to inflation going out of control, and then once
he started, once they started lowering the interest rates or
(09:08):
raising the interest rates, rather then all of a sudden,
when things started cooling down, he's too late to come
in and start lowering the interest rates, which would generate
an increase in the economy and boost up gross domestic
product and keep the economy flowing and running smoothly. But again,
(09:28):
he's been very reluctant to do that, and then when
you compare our interest rates to the rest of the world,
we are in some cases double on the list. On
the list of countries with their mortgage interest rates and
so on, we are forty sixth on the list compared
to the rest of the world. So we're not the
top ten, not the top five. We are forty six
(09:49):
on the list in terms of lower interest rates, so
we're in the six percentage rate.
Speaker 3 (09:53):
Some are as low as one point ninety seven.
Speaker 2 (09:56):
Coming up, we'll talk a little bit more about this
Federal Reserve interest rate cut, because some of the things
they talked about in here is kind of interesting. I'm
Kevin Gordon, America's Trucking Network seven hundred WLW NEED.
Speaker 1 (10:08):
This is the breathing reboard on America's drugging edwork on
seven hundred wlwf.
Speaker 4 (10:14):
NTT IndyCar Series teams are starting to mark testing dates
ahead of the twenty twenty sixth opener on the streets
of Saint Petersburg. The first team test of Indy Cars
is set for early January. It's a Firestone tire test
in Phoenix. They will also test in February at Sea
Bring Raceway and Florida to feature at least twenty cars.
Former IndyCar driver Colton Hurde has completed his first Formula
(10:37):
two tests to get a license in Abu Dhabi in
the sixty fourth running of the Rolex twenty four hour
DAYTOTA will feature a capacity of sixty one cars on
the grid in January of twenty twenty six.
Speaker 1 (10:50):
Need This is the wreathing reboard on America's trucking edwork
on seven hundred WLWF Say Dennison at.
Speaker 5 (10:59):
N If you are a loved one has sleep apnea,
you can help advance research that may lead to a cure.
Myapnea dot org is an online community where providers, researchers,
families and patients can share and learn from each other.
Fill out the online survey and wake up to a
better future at myapnea dot org, a public service from
the American Sleep Apnea Association.
Speaker 6 (11:20):
Over the years, you've brought them into your home. We
were prescribed opioids after the C section when dad injured
us back when your basketball star tore as acl Opioids
helped with the pain, and you held onto them just
in case.
Speaker 7 (11:35):
But did you know holding onto.
Speaker 6 (11:37):
Unused opioids puts your family at risk. Opioids are powerful
pain reducing prescription medicines, but most people who are prescribed
opioids don't finish their prescriptions, so millions of unused opioids
are sitting at homes across the country, and tragically, more
than one hundred Americans die every day from overdoses involving opioids.
(12:00):
What can you do to protect your family? Remove the
risk of unused opioids from your home, pills patches or
syrups and drawers, purses and cabinets anywhere they might be hiding.
To find out how to dispose of them properly, visit
www dot FDA dot gov slash Drug Disposal.
Speaker 3 (12:20):
I expected to be a lot easier. I thought it
was going to be a piece of cake. I didn't
know what stuff to take next. I was transitioning from
the military. I was a vehicle gunner, an avionic specialist.
I was an MP military police. My friends thought I
could do anything. I missed my unit, my family, playing
with my daughter. I felt like a stranger. I was overwhelmed.
(12:45):
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Because before I was able to take on my next mission,
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To find purpose.
Speaker 9 (13:12):
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I'm Kevin gored in America Instructing Network seven hundred at
w LW talking about this Federal Reserve interest rate cut
that they did yesterday afternoon. I came out at two
o'clock in the afternoon, Federal Reserve split over where is
priority should lie lowered? It's key interest rate, key interest
rate Wednesday, but signaled a tougher road ahead for further reductions.
(14:48):
I cannot wait for May until Lion Jerry Powell is replaced,
and I wonder who that's going to be. A lot
of people were talking about that Kevin Hassen, who is
current advising President Trump on economic policies, that he might
be the one. A lot of people are saying that
there's a ninety some percent chance that he's going to
(15:10):
be the one picked. It's called the National Economic Council Chair.
Kevin Hassett is the front runner, but Lion Jerry Powell's
got to go. As a matter of fact, again I
mentioned this that I had heard this. I think it
was in March or so, and I'm really not sure
who brought it up. It may have been Scott Bessen,
(15:31):
could have been Larry Kudlow from Fox Business News, but
somebody mentioned the fact that what Donald Trump ought to do,
because he kept at that point, has been you know,
he's been on Powell since he, you know, came back
in office that he needs to start cutting interest rates
a little bit more vigorously, and that Powell has been
very reluctant to do that. The fact that again going
(15:52):
back to September of twenty twenty four, when he lowered
interest rates a half percentage point a political move trying
to get Kamala Harris elected.
Speaker 3 (16:00):
So I don't think he likes Trump very much, even.
Speaker 2 (16:02):
Though Trump was the one that appointed him to that
position in his first term.
Speaker 3 (16:07):
I just it's unbelievable.
Speaker 2 (16:09):
But anyway, they were talking at the time that you
can't unless you have just cause, you usually can't fire
a Federal Reserve chairman, even though he does have the
power to do that. History and tradition is that you don't.
And so what people were suggesting, again I don't know
(16:29):
if it was Scott Besson, but said that what Trump
ought to do is ought to pick the person that's
going to replace Jerry Powell, have them go through the
confirmation process, and so that he's sitting in or he
or she is waiting in the wings, and that would
then put pressure on Jerry Powell that when people are
(16:51):
you know, it's kind of one of those things where
Jerry Powell is giving a press conference or talking about
certain things, then they would turn to the new or
the assume replacements.
Speaker 3 (17:01):
Well, what's your opinion on that? What do you think?
Speaker 2 (17:03):
How would you handle this if you were in that position,
And it'd be a kind of a checks and balances
if you were, if you will that okay, that Jerry
Powell can't be out there all by himself prognosticating and
talking about the economy. You got somebody that could possibly
be on the same even footing talking about it as well.
Speaker 3 (17:24):
I don't know why they didn't do it.
Speaker 2 (17:26):
I thought it was an excellent I thought it was
an excellent idea, but they haven't acted on it. Now
supposedly by the first of the year or shortly after
the first of the year. I wish it was done
before Christmas. That'd be a nice Christmas gift for the
American public to know who is going to be heading
up the FED and what their ideas are, whether it's
supply side or whatever they are. In terms of an economist,
(17:50):
it would be interesting to know who that is. But again,
I cannot wait for Jerry Powell to be out of
this office. Again, they're talking about that it's going to
be a high hurdle in order of future interest rate cuts. Well,
let's get another Federal Reserve chairment in there and see
what happens. Fulfilling expectations of a hawkish cut, the Central
(18:11):
Bank Federal Open Market Committee cut its key overnight borrowing
rate by a quarter percentage point, putting it in the
range between three point five and three point seven five percent.
Now in other countries, in England, France, some of those
countries that number is down around one point five percent. Now,
that key overnight rate, again is not the overall interest
(18:35):
rates in our country. What it is is the overnight
borrowing costs that banks do between banks. If they have
to borrow money from individual banks for check cashing purposes,
or if there's stores that deal in a lot of
cash and they have to have a lot of cash
on hand at their individual store locations, maybe around the
first of the month, middle of the month, something along
(18:57):
those lines, around payday, whatever, there are cash needs, and
they may not because you don't keep a lot of
cash in the banks anymore. Simply because of well liability issues,
and plus if cash is sitting there, it's not somewhere
gaining interest or being invested overnight in some funds. But anyway,
it's a whole complicated issue there. But again, this Federal
(19:20):
Reserve overnight rate in terms of borrowing is what this
rate ties into. The three point five now going to
be three point five to three point seventy five.
Speaker 3 (19:29):
However, the move.
Speaker 2 (19:30):
Carried caution flags about where the policy is heading heading
or headed from here, and featured a some no votes
in terms of three members, which hadn't happened since September
twenty nineteen. Usually the Federal Reserve, when they do a vote,
it's unanimous, but over the last few months there have
been dissension. There has been people who have either voted
(19:54):
no on an interest rate cut or one in particular
that keeps voting no because he wants a higher rate.
So the nine to three vote against featured a hawkish
and Dubvish descents. Governor Stephen Maren favored a steeper half
point reduction, while original or while regional presidents Jeffrey Schmid
(20:14):
of Kansas City and Austin Goldsby of Chicago backed holding
the line. In fact, again they voted against an interest
rate cut.
Speaker 3 (20:24):
They wanted no interest rate cut this period.
Speaker 2 (20:27):
Now, Stephen Maren has been a very advocate of what
they call a hawkish hawkish member of the Committee, wanting
interest rates to be cut even further, and I agree
with it. I think the interest rate should have been
the Federal Reserve cutting interest rate last time and even
this time should have been a half a percentage point,
(20:48):
but they keep doing it in quarter point increments. Stephen
Maren said that it should have been a full half
a percentage point, so he voted no against.
Speaker 3 (20:57):
The quarter percent.
Speaker 2 (20:59):
Now these two FED chairman or FED presidents, Jeffrey Schmid
and Austin Goldsby, who voted against any rate cut, Let's
not forget who Austin Goldsby is. Austin Goldsby was the
chairman of the Economic Advisors in the Obama administration, so
he's very liberal and of course very political. I remember
(21:23):
seeing him on various shows, in various programs talking about, oh,
how great the economy was and how great this was.
The Affordable Care Act would be super because it's going
to cut the insurance costs of everybody by twenty five
hundred dollars, when in fact, the Affordable Care Act is
anything but affordable care. It actually raised people's premiums on
(21:48):
insurance by twenty five hundred dollars. They were supposed to
save US twenty five hundred dollars, but in fact cost
US twenty five hundred dollars, a five thousand dollars swing.
So he had been this mouth he's for the Obama administration,
and then during the Trump administration was a critic of
the Trump administration. Every time you talk about, wow, you know,
(22:08):
during our time, we did this and and and this
is where I recommend a.
Speaker 3 (22:12):
Very liberal guy.
Speaker 2 (22:13):
So the fact that he is dissenting and is and
is part of the Fed, now you are not getting
a supply sider. You're not getting a conservative voice.
Speaker 3 (22:24):
Now.
Speaker 2 (22:25):
They keep remember everybody keeps talking about when Trump was
talking about getting rid of Jerry Powell, that the Federal
Reserve is this independent body, that it's you know, a
political that it that it only concentrates on economic policy
and what's good for the country. Well, in fact, you've
got some of these people on there that are a
(22:46):
bunch of clowns, and they don't really understand economics and
Austin Goldsby is a guy who is very liberal.
Speaker 3 (22:54):
And is anti Trump.
Speaker 2 (22:56):
So the fact that he is anti Trump and on
the Federal Reserve, you mean tell me that we're supposed
to believe that he leaves his political views at the
door when he comes in to serve as one of
the board chairman or one of the Federal Open Market
Committee governors at one of the districts, one of the
(23:16):
twelve districts around the country.
Speaker 3 (23:18):
I don't think so.
Speaker 2 (23:19):
And if you listen to interviews from him and go
back and look at some of the stuff that he said,
you know he's not a fan of Donald Trump and
he's not conservatives. So again, the fact that he's dissenting
on this and the fact that there is political movement
within the Federal Reserve is again an indication when the
spoon feder regurgitators in the mainstream media tell us that
(23:40):
this is an independent body, not so much. Talk a
little bit more about this coming up. I'm Kevin Gordon,
America's Trucking Network seven hundred WLW.
Speaker 9 (23:56):
Here's our trucking forecast for the Tri State and the
rest of the country. In the Tri Estate overnight, mostly
Claudia with the chance of snow. The low down to
twenty six mostly claude Thursday, a high of thirty three
snow overnight Thursday into Friday, with one to three inches
of accumulation possible. An additional inch of snow could accumulate
during the day Friday. Nationally, rain over the Pacific Northwest
diminishing into early Thursday. Late Thursday into Friday, Arctic air
(24:20):
surging south into the northern Plains, while active lake effects
snow fall down one of the Great Lakes region continues
through Thursday. Meanwhile, moderate to heavy snow being seen from
the mid Mississippi Valley into the Upper Ohio Valley and
Central Appalachians, from the west coast of the Rockies, as
well as the central to southern Plains into the Lower
Mississippi Valley. Above average temperatures are expected.
Speaker 2 (24:41):
Seven hundred wlw IM Kevin Gordon.
Speaker 3 (24:44):
This is America Destrucking Network.
Speaker 2 (24:47):
Turning in our conversation here about the Federal Reserve interest
rate cut decision.
Speaker 3 (24:51):
We've talked about Austin Goldsby, and you know.
Speaker 2 (24:55):
In the previous segment about how he is so anti
Trump and was a member of the Obama administration. So
again he's got political leanings in that direction, and they
talk about this interest rate being hawk ish, and I
need to probably explain that. By the way, if you've
missed any of our previous segments or into our shows,
hit up that iHeartRadio app and of course that's brought
to you by our friends at Rush Truck Centers.
Speaker 3 (25:16):
And it was kind of interesting.
Speaker 2 (25:18):
You know, in the parlance when you talk about a
hawk or a dove, you know, hawk seems to be
more aggressive, whereas a dove is more passive. But apparently
the way the Federal Reserve and of course you know
the Federal Reserve controlling interest rates, that of course they're
going to be backwards from what would normally be there.
Speaker 3 (25:36):
I get this, okay.
Speaker 2 (25:38):
In Federal Reserve parlance, hawks are generally more concerned about
inflation and favor higher interest rates, while doves focus on
supporting the labor market and want lower rates. That seems
to me to be a complete flip. Now, if you're
caught talking about a inflation hawk, where you are worried
(26:01):
about inflation and you want to keep that in check,
that's one thing. But when you're talking about interest rates,
interest rates should be in my opinion aggressive one way
or the other. If you've got and really, you know,
the marketplace should determine where these rates are. And everybody
(26:23):
talks in terms of these interest rates that if they are.
Speaker 3 (26:26):
Low, it stimulates the economy.
Speaker 2 (26:28):
We talk about that when we're talking about oil and
gas prices. Every time there is a comment in there,
they refer to that as a situation where if interest
rates are low, then people will have more disposable income,
they will buy and use more gasoline, which will then
increase well, affect gasoline prices or affect the prices, because
(26:51):
if the supply is low and the demand is high,
the prices will go up and so on. So it's
just a matter of supply side economics. And so it's
interesting to see the way they put this in consideration.
Speaker 3 (27:06):
So anyway, getting.
Speaker 2 (27:09):
Back to this particular, going back to what was going on,
they're talking about the third consecutive time that Stephen Maron
had voted against interest rate cut because he wants a
half a percentage.
Speaker 3 (27:19):
Point interest rate cuts.
Speaker 2 (27:21):
And in this they say, the post meeting rate statement,
Now get.
Speaker 3 (27:25):
This, Okay, how lazy do you have to be?
Speaker 2 (27:29):
All Right, you got twenty three thousand employees at the
Federal Reserve, and you have a situation where they can
come up with economic I mean they can get on
the telephone, they can read the Wall Street Journal, the
Business Insigner or whatever and get all this information as
far as what's going on in the economy, and then
(27:50):
when they're making their determination, they can come up with
some original language.
Speaker 3 (27:55):
But get this, okay.
Speaker 2 (27:56):
The post meeting rate statement repurposed language from the FOMC
meeting a year ago. They say, in considering the extent
and timing of additional adjustments to the target range for
the Federal Funds rate, the Committee will carefully assess incoming data,
the evolving outlook, and the balance of risks.
Speaker 3 (28:18):
What did they just say there?
Speaker 2 (28:20):
I mean, it is just so obvious, or you know,
it's almost like stating the obvious.
Speaker 3 (28:25):
It's almost like, you know, if you turn on the.
Speaker 2 (28:28):
Radio between midnight and one am Tuesday through Friday, Kevin
Gordon is going to be on americastruct A network. I mean, yeah, okay,
why do you have to spell that out? So again,
let's look at this particular statement, in considering the extent
and timing of additional adjustments to the target range, in
(28:50):
other words, adjusting the interest rate up or down federal
funds rate. The Committee will carefully assess incoming data. Isn't
that assumed? Are we assuming that you're not you're just
going to ignore the data, that you're not going to
pay any attention to it, that you're going to fly
by the seat of your pants. Well, of course you're
going to consider carefully assess that the evolving outlook, what's
(29:13):
going on at that particular point in time, what's up,
what's down? What you know, even geopolitical issues are going
to come into play. So the Committee will carefully assess
the incoming data and evolving outlook and balance the risks.
Speaker 3 (29:28):
Okay, and what risk are we talking about?
Speaker 2 (29:30):
Are we talking about that if the interest rates are down,
people are going to have more money in their pocket.
They'll be out there spending. Do they think that that
will lead Some people think that will lead to inflation?
Other people think that, okay, people having more money in
their pockets is a good thing.
Speaker 3 (29:46):
You know, we are a lot better stewards of what
we want to do or what we need with our money.
Speaker 2 (29:51):
Rather than having it confiscated by the federal government or
confiscated in the form of interest rates on our credit
cards and so on. If we've got more money in
our pockets, we'll pay down our debt. Maybe we'll save
a little bit more. But it's up to us to
make that determination and not manipulated by some entity in
some ivory tower somewhere. So again, this is some of
(30:14):
the things that they, you know, sitting on high they
act as though that they are so brilliant and so smart. Well,
if they're so smart, how did they let inflation get
out of control during the Biden administration? And how did
they tamp down economic recovery buy high interest rates and
going into the area.
Speaker 3 (30:33):
Now why are.
Speaker 2 (30:34):
They pulling back on the reins and keeping this economy
from flourishing again? These guys are the so called experts,
but I'm not so sure how expert or how smart
they are. Third consecutive rate cut is now in the books.
That turned to where they're going to head from here,
the closely watched dot plot.
Speaker 3 (30:51):
Now what part of this is that?
Speaker 2 (30:54):
Also as part of the meeting, everybody that's part of
the meeting, they will say, Okay, what do you think
or what you anticipate or what's your opinion on where
interest rates should be in the coming year or in
the upcoming meetings, and so some people will say, well,
I think interest rates need to be reduced, either lowered
or raised or the same. And so they plot these out,
(31:16):
so they, you know, talk about the individual meetings and okay,
how many interest rate cuts a particular board member should
see for the year, how many you know, and so on.
So they plot these all out and then they kind
of accumulate those dots on this board and kind of
get a feel for how these individuals feel about certain
things because they talk about that there isn't a whole
(31:38):
lot of discussion. There isn't a whole lot of debate
during these meetings. So it's it's like, well, you know,
what is the why.
Speaker 3 (31:46):
Do you meet?
Speaker 2 (31:47):
Why don't you not just phone it in? Why do
you have to Why don't you just pick up the
phone and say, all right, I think there should be
a a half percent rate your meeting for two weeks,
for two days. I mean, there's no debate during that
period of time. The whole thing just kind of surprises
me from some time from time to time. So again,
and getting back to this whole thing, that a hawk
(32:10):
is somebody who wants to raise interest rates, whereas a
dove is somebody that wants to lower them.
Speaker 3 (32:17):
I don't get that. That doesn't make any sense to me.
Speaker 2 (32:20):
So anyway, on the economy ant, the Committee raised its
collective view of gross domestic product for twenty twenty six,
boosting this September projection by half a percentage point to
two point three. The Committee continues to expect inflation to
hold above two percent target until twenty twenty eight. Well,
if they're expecting the inflation rate to be above two
(32:43):
percent till twenty twenty eight, why are they saying they're
going to hold back any interest rate cuts until it
hits that two percent rate. If they already figure that
it's going to be there anyway, why not stimulate the economy,
boost production, which would probably wind up reducing inflation because
the more items that are produced that are produced at
a lesser cost. I mean, you've got your fixed costs,
(33:05):
and you have your variable costs. But the more products
you you know, the more products you sell, the more
products you make, brings that cost overall down, which then
has passed along to the consumer, and the consumer saves
money on that. So again, apparently these people just don't
understand economics on inflation. Prices remain stubbornly high in the
FEDS preferred gauge, putting the annual rate at two point
(33:27):
eight percent in September, the most recent month for which
data is available. They talked about in here that again
timing of the federal rate cuts and talking about Trump
signal that he will make a decision by the end
of the year as to who is going to replace Powell.
I wish he would have done that a little bit earlier. Again,
(33:49):
we've talked about in the past. How I think that
you know that at the beginning of the year that
they were talking about possibly firing Derme Powell and bringing
somebody else in, and then they said, you know again
that they didn't think that was a good idea, and
that affect the independence of the Federal Reserve. Well, again,
(34:10):
they aren't independent. They're politically minded. And if you had
and one of the suggestions was that somebody should you know,
they should vote on who should replace Jerome Powell, have
that person nominated, have that person go through the.
Speaker 3 (34:26):
Confirmation process so that they'll be in place.
Speaker 2 (34:28):
So if Jerome Powell makes a comment on the economy,
they can turn to the new federal chairman and say, well,
do you agree with that?
Speaker 3 (34:34):
What do you think should be done? And so on.
Speaker 2 (34:36):
So I think that should have been done along with this,
and so I think that should have been done around
the beginning of the year, but again it should be
done by the end of the year. Coming up, we'll
talk a little bit more about what's going on here
and finish this up and get onto some other things,
because these interest rate cuts are affecting other businesses and
some of the projections that these businesses are making. I'm
(34:57):
Kevin Gordon, America Struck a Network seven h under WLW.
Speaker 1 (35:03):
News Radio seven hundred WLW and iHeartRadio Station Guarantee Human
seven hundred WLW.
Speaker 3 (35:11):
HI Heard Radio. This is Jim. Hello. Jim started advertising
with iHeartRadio way back in.
Speaker 2 (35:18):
Eight Again, I think it should have been a full
half a percentage point. That would have been nice, but
we take what we can get. Federal officials have had
to operate, and I love this. Had to operate in
an environment where much of the official data they use
in decision making either has been trickling in well behind
schedule or missing entirely due to the government shutdown. The
(35:38):
Schumer shutdown. Now, we saw during the Schumer shutdown, again,
I got to reiterate the fact that the Federal Reserve
has twenty three thousand employees that are supposed to be
these economists, that they're stationed in different locations twelve different
districts around the country, and so being in those individual districts,
they would be able to gauge the economy in those
(36:00):
particular markets by being out on the street reading some
of the business pages of the newspapers there, seeing what's
going on in the economy in their own individual districts,
and be able to report on this. We saw during
the Schumer shutdown that there were companies Goldman Sachs, Nationwide
(36:21):
City Bank, and a couple of others that would look
at the data that the states put in on a
weekly basis up to the Labor Department's website saying how
much of the initial jobless claims were reported by those
states for that particular week. And so these companies were
going to that site, gathering that information and coming up
(36:43):
with the initial jobless claims on a weekly basis. I'm
sure that a lot of this data that is being
funneled to I mean the federal government's got to be
getting this information from somewhere, and that somewhere could be
out there being distributed to them, but then tapped into
by other people when the government shut down, and they
can come up with these reports on their own, which
(37:06):
leads me to believe that, or leads me to ask
the question, why aren't some of these things being done
by an independent agency rather than relying on the federal
government to do this and the federal the taxpayers. I'm
sure there's a profitability in there where somebody could put
this data together and sell it to the individual news
agencies or whatever. But again, reliance on the federal government
(37:28):
to come up with these reports. And again, if that
information is available and other people can tap into that
and come up with the same reports, why aren't we
kind of duplicating processes there. So again the fact that
they say that they're operating it's almost as they're trying
to say we're operating blind. Where again, you don't go
to the grocery store, you don't go to the gas station,
(37:50):
you don't go to the hardware stores, you don't go
out and observe what's going on. You don't eat out,
you don't go to any of these things in your
own districts and get kind of the compilation what's going
on there. And people talk about that within the Federal
Reserve twenty three thousand employees, So you got to kind
of wonder what they do. I said, again, they're talking
about that some of the numbers that they're looking at,
(38:13):
what data they do have available indicator that the labor
market is in a low hire, no fire, and client climate.
Speaker 3 (38:18):
Well, that's been talked about often.
Speaker 2 (38:20):
That's been talked about almost every week, talking about initial
job as claims, talking about the employment reports, talking about
what these companies are doing, what they're telling their board members,
what they're telling their stockholders when they're having these meetings. Again,
this information has been well known out there. And they're
talking about their unofficial data point from talking about heavier
(38:43):
payroll reductions, and they cite this company that they're talking
about that this Challenger Great in Christmas is saying that
their estimates of future layoffs, based on some of the
reports that these companies have said, is going to be
one point one million people.
Speaker 3 (39:01):
In the coming year.
Speaker 2 (39:02):
Now, just last month they said they announced that there
was going to be at one hundred and fifty some
thousand people that were going to be laid off, well
the following month, just a month later, they adjusted that
by half. And so a lot of people have said
that some of that employment data, some of that stuff
that they gather and some of these other people isn't
(39:24):
as reliable as other data. So rather than focusing on
and mentioning that unreliable data, the lazy part of the
spoon fed regurgitators in the mainstream media, they don't bother
going out and getting the actual data from the people
that know what they're talking about. So again, if they're
relying on something that is not necessarily accurate, I don't
(39:45):
know why they would do that. So anyway, Uh, one
of the things that I saw, and again this is
directly related to well directly relatable to what we've been hearing.
You know, as I've said before, the Democrats have been
whining and talking about affordability. Yet where were they concerned
(40:07):
about that during the Biden years? During the Biden administration
when gas got up to at one point national average
of five dollars and two cents a gallon, whereas today,
as of today, gas prices across the board national averages
two dollars and ninety four cents, So again, where were
they back then? Talking about affordability, Phil Flynn has a
(40:27):
very interesting editorial. Actually it's his energy report, but a
lot of things in here. In this particular energy report
is very interesting. Gasline price is at the lowest level
since twenty twenty one, making life more affordable, and seeing
that affordability is the new favorite word of the left,
that should be a major win. Of course, the left
(40:47):
will point out that the electricity won't point out will
point out that electricity prices have been soaring, but that
is directly attributable to the record demand that has happened
because of power centers, and demand for artificial intelligence that
is growing, and the economy and lack of investment in
infrastructure that occurred due to democrat over regulation and the
(41:12):
push toward green energy. In other words, all this point
push to green energy, all those grants that were put
out there, the billions of dollars that were put into
that from the federal government in the form of grants
or tax credits to these green energy companies that are
going to produce all these windmills, solar power, and all
(41:32):
this sort of stuff which hadn't even been a blip
on the radar screen in terms of and they talked
about this would be more affordable because of the investment
in that, the shift to that from other reliable sources,
and what they talk about in terms of fossil fuel.
That has spiked these energy prices. As you know, when
(41:54):
you start raising increasing the regulations on certain areas of
energy production like oil and gas or gas cold powered
plants in favor of solar power or wind power which
is unproven and unreliable. As they found out, you don't
have as much infrastructure and you do not have as
(42:16):
much electricity being produced, so you're not you're doing away
with one and not replacing it with one that's even
better or even substantial. So that led to brownouts and
led to higher costs for the individuals because not only
are there having to fund one area that is producing electricity,
(42:37):
but developing another area that's well supposed to increase or
develop electricity that isn't being produced. So again, these costs
and you know the you know, remember the Affordable Care
or not the Affordable Care Act, but THEA was it
called the Inflation Reduction Act. When the administration passed that
(43:01):
Inflation Reduction Act. It was basically they might as well
call it the Green New Steel Bill because there was
an awful lot of funding in there for these green
energy products. So we jumped a billions and billions of
dollars into those which really didn't pan out. So that's
wasted tax money, that's wasted energy production, and again higher
(43:22):
electricity costs. But it's a very good editorial. I'll probably
posted this on my Facebook page. But getting to one
of the areas where things are really important in terms
of how interest rates were affecting different things. Hot Home
Depot issues it costs twenty twenty six Outlook Home Depot
is offering costious preliminary outlet in the coming year, a
(43:45):
sign that the home improvement retail doesn't anticipate the housing
market to rebound in the short term. The company expects
comparable sales growth to be in the range of flat
to up to two percent for the year, below the
average of estimates compiled by You and these other companies.
The US housing market has weighed on Home Depot as
(44:05):
high interest rates prompt consumers to remain on the sidelines
for big ticket purchases and projects that required refinement and
required financing. While mortgage rates are lower than they were
a year ago, Americans have been cautius amid higher costs
across the economy. Some prices also remain high, remaining that
(44:26):
the meaning that the housing has become more out of
reach for a large portion of the population directly result
of interest rates. Now, what they are also saying in
this report that Home Depot released, and we may talk
about this a little bit more tomorrow, but they hosted
this meeting and talked about these issues, but then added
(44:49):
that if the market, if the interest rates come down,
they're forecast for increases, They're in forecast for u profitability,
and additional sales could jump up to four and a
half to five percent increase. So again they're saying, here's
(45:09):
what we expect it to be. But if interest rates
come down, here's what will happen. There'll be more people
spending money, more people buying houses, and so on. So again,
very important. That's why interest rates, That's why I talk
about that on this program a lot. Well, folks, we're
up against clock here. Time to step out, Stay tuned
for REREDI raded at the top of the hour. I'm
(45:29):
Kevin Gordon Americas struck in the network seven hundred WLW
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