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Well, today was the day that the Federal Open Market Committee concluded their two-day meeting,

and they announced to the world their decision on interest rates, but more importantly,

Powell held his post decision press conference.

So I'm going to get to all the highlights or more particular the low lights of that press conference

in a bit.

But before I get started there, I want to talk a little bit about some of the economic data that came out,

not only earlier today, but earlier in the week, that really evidences the stagflationary environment that were in,

and these problems were not even mentioned in today's press conference.

No one even cared about this economic data, even the data that came out today, which I might as well start with,

which was the trade deficit in goods, otherwise known as the merchandise trade deficit.

Last month, the May trade deficit was $88.1 billion, and the estimate for the deficit in June was for a slight increase to $88.7 billion.

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