00:00We've got a lot of numbers to talk about. Let's start with the inflation outlook,
00:04the inflation side of the Fed's mandate, and that is the PCE price index for the month of March,
00:11up seven-tenths percent. That is almost double the four-tenths the months before, and it is
00:16what was expected. The core on a month-over-month basis, up three-tenths as expected, down just a
00:24little bit. But that puts our numbers exactly where Jay Powell said they would be, index for
00:31prices year-over-year, 3.5 percent, and for the core, 3.2 percent, significantly far away from the
00:38Fed's 2 percent target. Now, as part of that report, we also get income and spending incomes up six-tenths
00:45of a percent. I'll get to break down where that comes from for you a little bit later. Personal
00:49spending up nine-tenths as expected, consumers hanging in there a little bit. All of this
00:55feeds into the GDP report. GDP for the first quarter, this is the first report for the first
01:01quarter, up two percent. It was a half percent gain in the fourth quarter of last year. The two percent
01:07comes in lower than the 2.3 percent that had been expected. Personal consumption stronger, though,
01:121.6 percent, 1.4 percent was expected. The employment cost index is a little stronger,
01:20up nine-tenths of a percent compared to seven-tenths the prior quarter and eight-tenths for the
01:28expectation. We'll get a breakdown on that for you in just a second, whether that's wages or
01:34the sort of benefits and insurance. And then finally, we'll go to the employment side of the Fed's
01:39mandate. 189,000 is the jobless claims number. It's sort of ridiculously low here. 215,000 was the
01:48number for the prior week. On a continuing basis, 1,785,000 down from 1,808,000. So a lot
02:01of numbers
02:01out there to digest it.
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