Steve Rattner
@SteveRattner
Former head of Obama Auto Task Force. Wall Street financier. Contributing Writer to NY Times Op-Ed. Morning Joe Economic Analyst. ๐
372 Following 130.1K Followers
PCE inflation last month was 3.7% โ still almost double the Fed target โ in stark contrast to Trump's promises.
It was down from May given the brief lapse in the Iran War, but it will likely bounce back up in the next reading after Trump shredded his proposed peace deal.
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Debt payments are rising not just because the debt is growing under Trump, but because the government has leaned on too much short-term borrowing.
As it comes due, Washington must now lock in the higher rates the inflationary Iran War has created.
My @Morning_Joe Chart
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I previously reported that the growth rate and composition of Trump's wealth gain in office are unprecedented in recent history.
Upon request, here is the data on the relative size of Trump's presidential windfall. The extent of his self-enrichment is even more striking.
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Oil is back above $100, and gas is above $4.
These numbers are brutal for inflation and Americans' pocketbooks.
And there is no end in sight for their fundamental cause: Trump's war of choice in Iran.
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Oil prices are up nearly $4.50 since Trump scrapped the MoU with Iran.
Without a deal, the market is pricing in elevated oil prices through 2030. The margin of increase will likely go up if there is no progress on negotiations in the coming weeks.
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The number of financial side deals the Trump family is running is so shocking it can sometimes be hard to track.
According to @Reuters, their crypto ventures alone have delivered $2.3 billion to Trump & co. while creating a similar-sized loss for investors.
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Musk is right that many problems can't be solved just by "throwing money" at them.
But US aid to fight AIDS, child hunger & other global plagues has one of the highest ROIs in government.
The data is clear: cutting this $ means millions will die. The question is how many.
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FACT: DOGE failed to reduce the federal deficit.
The deficit under Trump has remained near its highest level in American history outside of COVID: almost $2 trillion.
