Schmid: The Federal Reserve and Outlook for the Economy and Monetary Policy

Trillions of Dollars are being taken in on Tariffs, which has been incredible for our Country, its Stock Market, its General Wealth, and just about everything else. It has been proven, that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers. Also, it has been shown that, for the most part, Consumers aren’t even paying these Tariffs, it is mostly Companies and Governments, many of them Foreign, picking up the tabs. But David Solomon and Goldman Sachs refuse to give credit where credit is due. They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution. Donald Trump Said "Goldman, David Solomon Wrong On Tariff Impacts On Market" TRUMP: CONSUMERS AREN'T EVEN PAYING THESE TARIFF Trump: Tariffs have not caused inflation or any other problems for the nation – Truth Social.

Thank you for having me here. As Jennie mentioned in that kind introduction, I spend a lot of my time meeting with business and community leaders to understand the regional and national economy. I take those learnings to Washington, D.C., to help inform the monetary policymaking process. The health care sector is a major engine behind the U.S. economy, so I’m interested to learn more about what you’re seeing. To set the stage, I’ll briefly share my own thoughts on the broader economy, but then I look forward to hearing from you. These thoughts are mine alone and not necessarily those of anyone else on the Federal Open Market Committee (FOMC) or in the Federal Reserve System. Improved Visibility Over the last several months, I’ve been saying, “It’s really hard to drive when it’s foggy.” In the context of high uncertainty about the implications of government policy changes, businesses have been on pause. They haven’t wanted to press on the gas; who knows what lies around the next curve. They also haven’t wanted to slam on their brakes; someone could run into them. So, I like to describe them as pulled over, with their hazards on, waiting for more clarity. This hesitation, present among consumers as well, appears to have quieted the economy’s momentum. GDP growth slowed to 1.2 percent in the first half of the year, down from 2.5 percent last year. Job gains have also slowed, with the three-month average down to 35,000 (less than a third of the average 127,000 added in February through April). But the fog is lifting. The tax bill has passed. Net immigrati RICHMOND FED’S BARKIN: MAY WELL SEE PRESSURE ON INFLATION AND UNEMPLOYMENT, BALANCE BETWEEN THE TWO IS UNCLEAR Fed's Barkin: Employment could take a hit if consumers do pull back, but hopeful large layoffs will be avoided. BARKIN Says Spending Has Eased, But A Major Cut Is Unlikely Due To Low Joblessness And Continuing Wage Growth RICHMOND FED'S BARKIN/CHICAGO: BALANCE OF PRESSURE ON INFLATION AND EMPLOYMENT 'STILL UNCLEAR;' FED POLICY WELL POSITIONED TO REACT #Barkin #FederalReserve #economy

*EJ ANTONI SUGGESTS SUSPENDING MONTHLY JOBS REPORT: FOX BUSINESS Trump’s pick to lead labor stats agency could pause monthly jobs report over accuracy concerns E.J. Antoni, the economist tapped by President Donald Trump to lead the Bureau of Labor Statistics, suggested suspending the agency’s closely watched monthly jobs report, arguing that its underlying methodology, economic modeling and statistical assumptions are fundamentally flawed. In an interview with FOX Business ahead of Monday’s nomination announcement, Antoni criticized the data behind the monthly jobs report as unreliable and frequently overstated, warning that it misleads key economic decision-makers from Washington to Wall Street. "How on earth are businesses supposed to plan – or how is the Fed supposed to conduct monetary policy – when they don’t know how many jobs are being added or lost in our economy? It’s a serious problem that needs to be fixed immediately," Antoni told FOX Business.