Cautiously optimistic on GDP. Investment and surge in non-residential construction jobs laying groundwork for significant growth into 2026. Growth is supply-driven.
Asks about studies showing tariffs passed to consumers.
Romaine Bostick
Pierre Yared
Tariff studies show effect on relative prices, not who bears burden. Must look at totality of policies: tax cuts, AI boom, deregulation, trade deals. Result is record productivity and strong wage growth, especially in manufacturing.
Asks about Fed independence concerns.
Katie Greifeld
Pierre Yared
Criticizing a Fed study is not an attack on Fed independence. White House values Fed independence.
Asks about potential stimulus for middle/lower income.
Romaine Bostick
Pierre Yared
Won't preview State of the Union. Wage growth relative to inflation is broad-based, most pronounced in blue-collar manufacturing, mining, lodging, construction.