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TRANSCRIPT:
McKEE: “For those who are watching inflation got some more of it today. We are seeing numbers that we have not seen in quite some time. The income and spending numbers come in pretty much as expected. We knew that incomes were going to fall because we had seen transfer payments, the stimmy checks go up 570% in March. They are down by 70% this month. Spending held in at .5%. We knew it would drop, but it did hold in. But the numbers everybody is looking at, of course, are the PCE numbers. The core PCE, 1.8% last month, up to 3.1%. That is the highest since 1992. So that will get a lot of people’s attentions."
