The Painter's Ship Show.

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Well, today we got the conclusion of the two day federal open market committee meeting.

And so at two o'clock, we got the official decision on interest rates, their official

statement on monetary policy and the Jerome Powell press conference that followed a half

hour later.

And I am going to talk extensively about that statement and that press conference, particularly

the Q&A.

But first, I want to set a bit of a backdrop by going over some of the inflation data that

actually came out earlier this morning before the statement and the press conference.

And that was data on import and export prices.

Now first of all, these import export prices are far more reflective of what's actually

happening to prices.

And let's say the official government measures like the CPI.

And the reason that these prices are more accurate is because they're not all manipulated.

Because when you have a basket like the CPI, the basket changes.

The government is very subjective about what goes in there and what comes out.

They have substitutions.

They have hedonics where they try to interpose a judgment call as to whether or not the

quality of a product went up or down.

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