• Trump has normalized the idea of a 15 – 20% tariff.
• I've evolved on the idea of tariffs.
• Tariffs have not set off any inflationary mindset
• China has consistently cut prices for exports.
• I don't believe tariffs are a tax
• The Supreme Court need to be prudent about undoing Trump's IEEPA tariffs.
• He is optimistic on Supreme Court tariff decision.
• IEEPA authority on tariffs have given the US bargaining room on trade.
• Fed chair has room to start discussion on policy but has one vote.
• No one understands Fed's balance sheet function.
• The regional banks don't necessarily represent their districts.
• Going to start advocating that Fed bank presidents should have lived in their districts for at least 3 years.
• Certain sectors of the economy have weekend, need interest rate cuts.
• I am very optimistic about economy next year, capex is up
• China is reaching correct cadence to complete its promised US soybean purchases