Contingency funds are available to fund SNAP disbursements for at least part of November. OMB Director Vought’s unprecedented decision to prohibit use of these funds will have macro implications (I eschew any moral or ethical judgments in this discussion), especially if the government shutdown continues.
Eleven states for GDP, ten for employment:
Egg prices are down. In part because Trump allowed egg imports. Beef steaks and ground beef prices zoomed up; in order to reduce costs to consumers, Trump has quadrupled the Argentina import quota… Why not allow more tariff free imports of coffee? Of steel? Of Aluminum? Of garments?
That’s the title of my presentation at the 2025 Minnesota Economic Association annual meeting, where I had the honor of speaking at the Leonid Hurwicz Lecture. It was a fantastic opportunity to share my thoughts and in responding to thoughtful questions, expand my views. The event took place at St. Catherine University yesterday.
Apparently, in addition to halting trade negotiations with Canada, an additional 10% tariff is to be applied to imports from Canada. It’s unclear which imports will be tariffed (i.e., will USMCA-covered goods be affected?).
See this clip, at 2:17. Over the longer term, the stock prices should equal the present discounted value of dividends, themselves relective of earnings and profits. That’s basic finance. That being said, there are over time substantial (apparent) deviations from the PDV of dividends (see Shiller, AER 1981), or big moves in the price-earnings ratio, defined in any way you want (12 month trailing, cyclically-adjusted, 1 year forward), as earnings fail to materialize, or the equity risk premium seemingly changes.
Grocery inflation slightly above September ERS forecast for 2025 y/y, furniture prices continue to (technically speaking) zoom up.
Betting is now 37% Supreme Court upholding IEEPA tariffs.
As noted by CNN, the Trump administration’s deactivation of the website tracking climatic-related disasters has been partially alleviated by Climate Central‘s initiative.