It's not something that bubbles up slowly and catches their attention, and so you can't really tell them the report was okay other than gas, because that's the very thing that they're most upset about.

Yeah, and a, uh, another cloud darkening that ray of light is that there's no easy fix, and there's no quick fix for higher energy prices.

Uh, if suppose that we solve Iran today, and we get a durable, lasting peace today that comes out in the news an hour from now.

Suppose that happens.

Best case scenario is it'll take months to rebuild the infrastructure that's been bombed, for companies to feel safe sending their workers back out into oil fields.

Um, so no matter what happens, even in the best of circumstances, we're gonna have high gas prices well into next year, and there's nothing that can be done about that.

No export bans, no reserve releases, nothing is gonna do short-term relief.

But that's a little hard to explain to somebody on the eve of an election that's mad about how much they just spent to fill their tank.

Mm.

And the reason for that is the tariff volatility.

Um, if you raise tariffs to a high level and then they stay there, that's one thing.

It's a hit, but companies can plan around it.

Um, but when they're up and down and all over the place, which has been policy for the last year and a half or so, um, that makes investment difficult.

So a lot of projects that we're seeing, um, frankly, have been projects that were already previously announced, and they're being hyped now as part of a PR push.

Aside from data center construction, overall construction in the US is actually down.

So Ryan, what are your expectations for interest rates going into the final part of the year?

W- any, any thoughts or comments?

Yeah.

Uh, it's half correct.

Uh, inflation has to do with how many dollars are in existence and how fast they circulate throughout the economy.

Tariffs don't affect the number of dollars, so they're not strictly inflationary, but they do raise prices.

And one way to tell the difference is that that money supply inflation, that affects every price for every good across the entire economy.

Tariffs only affect certain goods, so all goods versus some goods.

What are your thoughts?

You can't flip a switch at Ford and all of a sudden 30,000 more cars are coming off the line every month.

That's exactly right.

And a lot of the tariffs are on raw materials.

Steel is a great example, not just because it goes into autos, but it also affects housing prices for construction, which is the biggest use of steel, more than 40% of it.

Cars are the other big one.

Appliances, electronics.

The tin plate steel that's used for canned foods and beverages is another big one.

The concept that the U.S. is reaping a windfall from tariffs, what's the truth about that?