The latest Personal Consumption Expenditures data released Friday morning showed a reading of 2.6%, igniting investor optimism for a near-term Federal Reserve rate cut.interrogated immigration, economic policy, and, notably, taxes. Geltrude & Company founder Daniel Geltrude joined the show to give insight into both candidates' tax policies and what they mean for Americans and the economy.
Hey, on today's show, the Biden Trump mash up in the first presidential debate of 2024 we'll talk about the issues important to consumers like taxes and what a Biden presidency versus a Trump presidency would mean for your wallet and mortgage rates declined for 1/4 straight week, but it's not all coming up roses for the market here.Plus we're less than a week out from the July 4th holiday.
One of the criteria one of the uh dynamics that seems to be in play is that the seasonality has reasserted itself in a meaningful way when companies raise prices on an annual basis, they're catching up to price increases. So I think this is going to be the really interesting question because candidly, we actually don't know, we have a segment of the market that has done extraordinarily.At the same time, we're seeing struggling many of the companies in the Russell 2000 remain 20 to 30% off their highs from 2021.
If it doesn't come fast enough though, you start to enter what I call a phase change where credit availability and credit um ratings effectively, credit performance begins to become a really critical issue.It's unclear whether the fed is going to get ahead of that or allow itself to fall behind because of the fear of inflation.
We gotta take a look at what I was left when I became president and what Mr Trump left me, the economy collapsed.Working class, people are still in trouble. Um Trump does favor this t this 10% tariff on all imports and a big 60% new tariff on Chinese imports.Uh Biden was right when he said there are a lot of economists who say that would add a couple $1000 a year to the uh typical family expenses.Trump denies that Americans would pay those tariffs, but a tariff is a tax on top of the cost.Uh Another issue that American consumers are concerned about is the availability of their Medicare and social security.
Two topics front of mind, especially for Gen Z and for millennial voters here, did there seem to be any concentration of thought around how these candidates would address either of those matters?Uh Biden is trying you and I have discussed this many times before Biden's trying through a different uh ra range of executive orders to can cancel the debt or forgive some of it or make it easier to pay back through a bunch of different programs that's being challenged in court.