Luca Pietro0:00 Fed Chair Jerome Powell met today in Jackson Hole for the yearly economic summit, giving an outlook on U.S.0:07 monetary policy as well as some economic outlook going forward, especially before the September uh interest rate meeting that is going to be set uh late mid to late September.0:18 But long story short, Jerome Powell spoke on a few things today in Jackson Hole uh regarding inflation employment and uh economic outlook for the U.S.0:27 Um really wanted to keep the target inflation rate from the Fed around 2%, and that's being threatened by these tariffs that are coming in and filtering through the economy now, going through supply chains of various companies, uh resulting in these higher prices for consumers.0:40 And we'll see that that'll start to have an inflationary uh effect on the consumer because obviously these prices of goods are becoming more expensive.0:48 Consumers' wallets are strained, um, which is gonna lead to a little bit higher inflation.0:54 Along with that, the labor market isn't doing very well with uh shortages on supply and demand, which has resulted in a slight uptick in unemployment, but nothing too crazy.1:04 It's still stable with the historical averages for the for the past few years.1:10 Um moving on to kind of the outlook for that, that resulted in Jerome Powell highly indicating that there will be an interest cut interest rate cut at their meeting uh late September.1:21 So that was very bullish for investors.1:23 Uh the market's doing well today as a result of that.1:26 But there is a lot of concern and a lot of risk mitigation that needs to be done by Jerome Powell and the rest of the Fed.1:33 So it's interesting to see where this is gonna be going after.
Graham Forgey0:00 To comment on Luca's discussion of the Jackson Hole inflation crisis, I myself have been there and I have seen what is happening.0:08 The record high inflation seen in Jackson Hole is becoming an economic crisis in the city.0:14 Those who work there, such as the liftees, those who work at the restaurants, those who manage the mountain and manage the town altogether, then make it the people who make it one of the best tourist destinations in America are struggling to live there.0:27 This has become a huge problem around other cities such as Vail and other ski towns and popular tourist destinations that do not have much land to work with.0:38 This crisis is affecting them even more because Jackson Hole not only is a popular tourist destination, but is also home is but is also home to the highest GDP per capita town in America.0:52 Many billionaires have their family homes or have their vacation homes in Jackson Hole, making the tax rates and in and interest rates in the city unbearable to normal citizens trying to make who make a average wage.