Tangle - The latest economic signals.

Starting point is 00:00:00 Based on Charles Yu's award-winning book, Interior Chinatown follows the story of Willis Wu, a background character trapped in a police procedural who dreams about a world beyond Chinatown. When he inadvertently becomes a witness to a crime, Willis begins to unravel a criminal web, his family's buried history, and what it feels like to be in the spotlight. Interior Chinatown is streaming November 19th, only on Disney+. The flu remains a serious disease. Last season, over 102,000 influenza cases have been reported across Canada, which is Chinatown is streaming November 19th, only on Disney+. yourself from the flu. It's the first cell-based flu vaccine authorized in Canada for ages six months and older, and it may be available for free in your province. Side effects and allergic reactions can occur, and 100% protection is not guaranteed. Learn more at flucellvax.ca.

Starting point is 00:01:00 From executive producer Isaac Saul, this is Tangle. Good morning, good afternoon, and good evening, and welcome to the Tangle podcast, the place where we get views from across the political spectrum, some independent thinking, and a little bit of my take. I'm your host, Isaac Saul, and on today's episode, we are going to be talking about the May inflation report. That's right, we've got some new economic data to peel back the layers on and discuss. Before you do jump in, though, I want to give a quick heads up that tomorrow, we are going to be releasing an old, not an old, but an old styled edition in the Friday newsletter, something I used to do a few years ago when Tangle first started that I realized I have not done in

Starting point is 00:01:51 a very long time. And it is a recommendations of favorites newsletter, basically a newsletter for subscribers only. That is an encapsulation of a bunch of my favorite stuff, my favorite recipe from the last few months, favorite new band I've been listening toulation of a bunch of my favorite stuff, my favorite recipe from the last few months, favorite new band I've been listening to. So a lot of reading, you know, favorite articles, sometimes political stuff, sometimes non-political stuff, just random favorites and recommendations of mine. And this time, because we have a tangled staff now

Starting point is 00:02:20 on like three or four years ago, I'm collecting some recommendations from the rest of the staff too. So I think it's gonna be a really cool article. They used to be hits. We'd do them once every few months Now, unlike three or four years ago, I'm collecting some recommendations from the rest of the staff, too. So I think it's going to be a really cool article. They used to be hits. We do them once every few months, and people seem to really love them in the early days of Tangle. This is a newsletter, subscribers-only newsletter.

Starting point is 00:02:42 So you have to be a Tangle member to get it tomorrow on Friday, which you can do by going to readtangle.com forward slash membership. All right. With that out of the way, I'm going to pass it off to John to kick us off and I'll be back for my take. Thank you, Isaac, and welcome everybody. Here are your quick hits for today. First up, the Supreme Court unanimously rejected a legal challenge of the Food and Drug Administration's regulation of the abortion pill mefapristone. Number two, the House voted 216 to 207 to hold Attorney General Merrick Garland in contempt for withholding audio of President Biden's interview with Special Counsel Robert Herr. Zero Democrats voted in favor and one Republican voted against the measure. Number three, former President Trump will make his first visit to Capitol Hill

Starting point is 00:03:26 since the January 6th riots today. Separately, President Biden arrived in Italy this morning for the G7 summit. Number four, Hezbollah launched rockets from Lebanon into northern Israel in response to an Israeli airstrike that killed a senior commander. And number five, during their annual convention, Southern Baptists voted to oppose in vitro fertilization and also voted down a formal ban on churches with female pastors. Let's begin this morning with the May jobs report, defying expectations.

Starting point is 00:04:07 A staggering 272,000 jobs were added last month, beating analysts' predictions and signaling hopeful news for the economy this morning. But the unemployment rate did rise to 4%. And the new CPI report shows U.S. inflation cooled in May, raising hopes that price pressures are easing. in May, raising hopes that price pressures are easing. The May consumer price index had no change from the month before, while overall inflation was 3.3 percent compared to the same time last year. The report comes just hours before the Federal Reserve is set to make a pivotal decision on interest rates. On Wednesday, the Bureau of Labor Statistics released its consumer price index report for May, which showed a year-over-year rise of 3.3%, slightly lower than April's 3.4% rate. On a month-to-month basis, prices remained the same for the first time since July of 2022. Core inflation, which excludes volatile foods and

Starting point is 00:04:57 energy prices, rose 0.2%, its slowest pace since October of 2023. A reminder, the CPI tracks price fluctuations for 80,000 items in a fixed basket of goods and services, representing everything from gasoline to apples to the cost of a doctor's visit. You can check out our coverage on past inflation reports with a link in today's episode description. Economists predicted the CPI would increase by 0.1% monthly and 3.4% annually before the report came out. A 3.6% decrease in gas prices from April accounted for much of the inflation slowdown, while grocery prices remained steady. However, shelter inflation rose for the fourth straight month, increasing by 0.4% in May. The month-to-month prices of transportation services and motor vehicle

Starting point is 00:05:45 insurance, two other volatile categories that have contributed to inflation, fell 0.5% and 0.1% respectively, but remain high on an annual basis. Separately, the producer price index, a gauge of prices that producers get for their goods and services in the open market, declined by 0.2% for the month, bucking expectations of gaining 0.5% in April. The BLS published its report hours before Federal Reserve officials decided to leave interest rates unchanged at their June meeting, though the Fed indicated that they still expect to make at least one cut in 2024.

Starting point is 00:06:20 Fed Chair Jerome Powell said he was encouraged by the latest economic numbers, but it was too soon to cut interest rates. We've made pretty good progress on inflation, he said, but you don't want to be too motivated by any single data point. Fed officials will meet four more times in 2024, in July, September, November, and December, but Powell gave no indication when a cut might come. Still, 15 of 19 officials expect the Fed to make at least one cut this year. Finally, the Department of Labor's May employment report, released on Friday,

Starting point is 00:06:51 tempered expectations for a rate cut this fall. The report showed that the U.S. economy added 272,000 jobs in May, significantly more than expected, while average hourly earnings rose 0.4 percent, though the unemployment rate also rose, hitting 4% for the first time in 27 months. The Fed views rising employment and wages as precursors to inflation. Today, we'll explore arguments from the right and the left about the latest economic numbers, and then Isaac's take. We'll be right back after this quick commercial break. Looking for a compliment to tangle that focuses on world news?

Starting point is 00:07:39 Meet our international news partner, Daily Chatter. It can feel like the world is spiraling out of control, but Daily Chatter gives concise, global coverage. Daily Chatter carefully curates scores of important global and regional news sources and reports world news with the same kind of balance and neutrality you can expect from Tangle. Check out some of their latest coverage. As the world focuses on Gaza and Ukraine, an enormous human tragedy is unfolding in the strategic horn of Africa. Could Belgium, home of the EU, be headed toward a breakup into its Flemish and French abs? Central Asia, especially the tiny Armenia, is shaping into an important new battleground between Russia and the West. These are just three examples of recent coverage Daily Chatter has had. We read Daily Chatter every morning when it drops in our inbox at 6 a.m.

Starting point is 00:08:25 Eastern. It's indispensable, especially in times like these. Tangle readers can now try Daily Chatter for free for a two-week trial. You can go to www.dailychatter.com. Thanks for watching. web is family's buried history and what it feels like to be in the spotlight. Interior Chinatown is streaming November 19th, only on Disney+. The flu remains a serious disease. Last season, over 102,000 influenza cases have been reported across Canada, which is nearly double the historic average of 52,000 cases. What can you do this flu season? Talk to your pharmacist or doctor about getting a flu shot. Consider FluCellVax Quad and help protect yourself from the flu. It's the first cell-based flu vaccine authorized in Canada for ages 6 months and older, and it may be available for free in your province.

Starting point is 00:09:33 Side effects and allergic reactions can occur, and 100% protection is not guaranteed. Learn more at FluCellVax.ca. First up, let's start with what the right is saying. The right acknowledges the positive trend in the latest numbers, but says the U.S. is still far from where it needs to be on inflation. Some say the rise in shelter prices shows why Americans don't feel the economy is improving. Others argue the numbers aren't strong enough to change voters' perception of Biden. proving. Others argue the numbers aren't strong enough to change voters' perception of Biden. In National Review, Dominic Pino wrote, 3.3% is not good enough. A 3.3% inflation rate is better than a 9% inflation rate, but the Fed's target is 2%. It measures that using the PCE price index, which is slightly lower than the CPI and gets released later in the month. But the Fed

Starting point is 00:10:25 should not let a financial press or politicians begging for rate cuts sway its decision-making, Pino said. The difference between 2% and 3% might not seem like a big deal, but it is. First, inflation is cumulative, and that extra percentage point each year adds up over time for a much bigger increase in the price level. Second, and probably most importantly, Jerome Powell has staked the Fed's credibility on a return to 2% inflation. Some have argued that he should raise the inflation target rate to 3%, but he has declined to. To go back on that now would signal that he doesn't have what it takes to stand up for the independent monetary policy that seeks price stability, Pino wrote. The financial sector

Starting point is 00:11:05 wants to go back to the near-zero interest rates of the 2010s because it was fun when money was basically free and the stock market did fantastic. The Fed's duty is to price stability and full employment, not to the financial sector or to whiny politicians who also want rate cuts. In the Washington Examiner, Carter Shroep suggested May's positive inflation report doesn't tell the whole story. The Biden administration will use this data to project economic strength and argue that inflation is finally under control. The better than expected report deserves a closer look, however, and requires a perspective that yields analysis more nuanced than simply stating that inflation is down, Shroub said. Inflation and cost of living are not the same.

Starting point is 00:11:46 The former may have cooled last month, sure, but the latter did not. High rent prices have a far more significant impact on individuals and families than a slight drop in gas prices. Two-thirds of the annual increase in inflation is due to shelter prices. The disproportionate impact this metric has on the Consumer Price Index has been contributing significantly to the difficulty of reining in inflation. That disconnect between inflation and the cost of living is central to why Biden is struggling so much to convince the public that the

Starting point is 00:12:15 economy is booming. He can cite job growth, a low unemployment rate, and this most recent inflation report as much as he wants to, but those metrics aren't nearly as important as he would like to believe, Shrope wrote. A family with two children still won't be able to outbid a private equity firm on a house, no matter how many jobs are added to the economy next month. The math being done at kitchen tables all across the country is very bleak, and that's what really matters. In CNN, Patrick T. Brown said the economy is strong, but it might not be strong enough for Biden. This month's rosy economic data is nearly everything the president could ask for. But the question remains, will a strong economy be enough to drag President Joe Biden over the

Starting point is 00:12:56 finish line? Or will voters' concerns about his age and performance outweigh the question first asked by Ronald Reagan in 1980? Are you better off now than you were four years ago, Brown wrote. Voters have a longer memory than Democrats might wish. No matter how the Biden administration might try to pitch it, as the price paid for are gangbusters post-COVID recovery, high inflation leaves a bad aftertaste like a generic brand diet cola. All told, prices are up 19% since Biden was sworn in, while average weekly wages have only increased 15%, though the latter number is complicated by the shifting composition of the post-COVID labor force. And the aftermath persists. High interest rates continue to make big-ticket

Starting point is 00:13:37 items like houses and cars feel out of reach for many would-be buyers, Brown said. All of this, on top of the fact that Biden would be the oldest man ever elected president were he to win re-election, suggests the Biden campaign can't solely point to the signs of a strong economy to do their work for them. All right, that is it for what the right is saying, which brings us to what the left is saying. The left touts the inflation numbers as a sign the post-COVID economy has arrived. Some say the report was a best-case scenario in key areas. Others lament the Fed's decision not to cut rates despite the positive news.

Starting point is 00:14:21 In New York Magazine, Kevin T. Dugan wrote, The economy is finally becoming normal. First, the inflation report showed that prices were rising at the slowest pace since last July, with grocery prices staying at a lower level than they were in February. Second, wages are still rising faster than inflation, which puts consumers on better footing to afford their lifestyle, Dugan said. These two sets of data alone would be cause for great news. They show an equilibrium returning to the U.S. economy after years of bad vibes and trillions of dollars in stimulus

Starting point is 00:14:52 extended our inflationary era past the three-year mark. And it didn't even account for the fact that, across some of the biggest retailers in the country, prices are actually starting to fall. Most Fed officials predicted the central bank will cut rates at least once by the end of the year, amounting to a quarter-point fall in benchmark interest rates. Practically, it would not be a giant change, the equivalent of $17 less per month for every $100,000 on a mortgage, but it signals that the economy is going in the right direction, Dukin wrote. There's a good reason to think that only a single cut actually undersells the optimism of the central bank. According to the Fed survey of its officials,

Starting point is 00:15:29 the most popular position was for two cuts this year. In Bloomberg, Jonathan Levin said, disinflation is happening in all the right places. It was just one month in a notoriously volatile data set, of course, but it adds to the evidence from April that the hot first quarter was an aberration in a longer disinflation process, Levin wrote. Under the hood, there were plenty of encouraging signals for Fed policymakers to chew on. The breadth of the ongoing inflation is getting much narrower. Across the CPI, the weighted share of components inflating by more than 4% annualized fell to 53%, down from 59% a month earlier. Within the core index, the only two broad categories that experienced month-on-month

Starting point is 00:16:11 inflation that's at least a standard deviation above the 2017-2019 normal were medical care and commodities and the famously problematic shelter gauge. Amid the fog of lags and imputations, it was always going to be important to monitor vanilla consumer services categories for signs of enduring inflation, and the news there was mostly encouraging. The personal care services category, which includes haircuts, cooled following a hot April, as did laundry and dry cleaning, Levin said. Powell kept his cards close to his chest at the press conference Wednesday, and frankly, there wasn't much of a signal from policymakers' summary of economic projections either, but the news from the CPI was about as good as you could have hoped for. In MSNBC, James Downey criticized the Fed's

Starting point is 00:16:55 interest rate mistake. Powell suggested that one or two rate cuts could come before the end of the year, but almost certainly not until fall. Wednesday's decision to maintain current rates, though, was a mistake. The Fed should be cutting rates already, and every month it refuses to do so is a gift to Donald Trump, Downey wrote. The Fed says it's maintaining current interest rates to fight inflation. It might seem like that's a good plan for Biden, but that isn't the case. A look beneath those top-line numbers shows this cautious reading is a mistake. The May jobs numbers may have been above expectations, but other data is less encouraging. First quarter GDP growth was only 1.3% on an annual basis. The unemployment rate hit 4% for the first time in more than two years, and other metrics also show a softening labor market, Downey said. The Fed's delay is particularly frustrating because interest rates

Starting point is 00:17:45 are a clumsy tool for fighting this bout of inflation. Higher interest rates can be useful when inflation is primarily a problem of too much consumer demand. But recent inflation has been driven far more by supply chain bottlenecks. The Fed's mistaken interest rate policy is unnecessarily risking the economy, raising the cost of living, and buttressing a key voter concern that may help bring Trump back. All right, let's head over to Isaac for his take. All right, that is it for what the right and the left are saying, which brings us to my take. So, inflation remains one of the most difficult political issues I think I've ever seen a president have to handle. Think about this for a minute. Biden is in a spot where he genuinely

Starting point is 00:18:38 has very little control. We can debate whether his past policies made inflation worse, and I think there is a good case that both Biden and Trump bear some responsibility. But mitigating inflation is now almost entirely up to one of the most independent institutions in the federal government, the Federal Reserve. Biden can't really pull any levers to bring inflation down or throw his weight around with the Fed, aside from appointing a new chairman, which he isn't going to do. At the same time, inflation got bad enough, for long enough, that any good news short of a complete turnaround can't really be celebrated either. If the President trumpets CPI that shows we're on the right track, which is objectively and genuinely good for the country, he comes off as out of touch. Consumers are still feeling the pain of higher prices relative

Starting point is 00:19:25 to where they were just a few years ago, and a cooling inflation report means that prices are still rising. Additionally, inflation is worse in areas where consumers feel it most acutely, like their housing costs or mortgage rates. And when you consider that a healthy jobs report showing unexpected job growth and relatively flat unemployment numbers is actually bad news for a president hoping for an interest rate cut, you see just how difficult of a political spot Biden is in. When the May CPI came out yesterday, a friend texted me, quote, Biden should be talking about this 24-7. But I disagree. Yes, 3% year-over-year inflation is a huge improvement over where we were last year.

Starting point is 00:20:08 The U.S. economic recovery from the pandemic has outpaced most of the world, and 3% is a fairly average rate of inflation historically. But the Fed is targeting 2% for a reason. That's long been their standard, and it's a healthy normal baseline rate to achieve, disregarding periods of higher inflation that raise the average. Maintaining a debatably acceptable inflation benchmark just isn't good enough reason for Biden to ask an undecided voter's support. I will say this, though. We have covered inflation over 20 times in the Tangle newsletter and podcast, one of the most recurring topics ever. We've provided a lot of very negative updates and a handful of good ones, but this latest report and the latest economic indicators we're getting is probably the most positive update of them all. One big reason

Starting point is 00:20:50 for optimism is that inflation has been driven by a few select industries recently rather than broadly dispersed across many different sectors as we saw early on, and that trend is continuing. Fed Chair Jerome Powell has in the past referred to the importance of so-called supercore inflation, a measure of inflation indicators that excludes the costs of goods, housing, energy, and food. These costs account for about one quarter of the total consumer price index, but they have been very predictive of future inflation. This month, supercore inflation cooled down for the second straight month, with one single element, auto insurance, responsible for half of its total growth. Meanwhile, gas prices are falling, grocery prices are staying steady,

Starting point is 00:21:32 and perhaps most importantly, wages are outpacing inflation. Then this morning, we got news that wholesale prices fell unexpectedly, sending stock futures up and offering another signal that inflation is receding. For President Biden, that's about as good as news can get for a problem that can only sending stock futures up and offering another signal that inflation is receding. For President Biden, that's about as good as news can get for a problem that can only recede gradually and has been intractable through his term. At the same time, we've seen repeatedly that positive economic trends take time to be reflected in voters' perceptions of the economy. We've also seen again and again that economic indices tend to be volatile. Every time a trend seems to emerge, something goes sideways. In January, for instance, we wrote a newsletter about good news on the economy.

Starting point is 00:22:11 In April, we were back to reporting very mixed signals. I've learned my lesson enough not to celebrate too early, but in a country so desperate for some relief on prices, I'm happy to see some good news. relief on prices, I'm happy to see some good news. We'll be right back after this quick break. Based on Charles Yu's award-winning book, Interior Chinatown follows the story of Willis Wu, a background character trapped in a police procedural who dreams about a world beyond Chinatown. When he inadvertently becomes a witness to a crime, Willis begins to unravel a criminal web, his family's buried history,

Starting point is 00:22:53 and what it feels like to be in the spotlight. Interior Chinatown is streaming November 19th, only on Disney+. The flu remains a serious disease. Last season, over 102,000 influenza cases have been reported across Canada, which is nearly double the historic average of 52,000 cases. What can you do this flu season? Talk to your pharmacist or doctor about getting a flu shot. Consider FluCellVax Quad and help protect yourself from the flu. It's the first cell-based flu vaccine authorized in Canada for ages 6 months and older,

Starting point is 00:23:20 and it may be available for free in your province. Side effects and allergic reactions can occur, and 100% protection is not guaranteed. Learn more at flucellvax.ca. All right, that is it for my take, which brings us to your questions answered. This one's from Michael in Fishkill, New York. Michael said, how do you write nonfiction and what are some things you consistently like about your favorite thinkers? If someone was, say, submitting to the Tangle Sunday edition or starting a sub stack, where would you point them? Great question, Michael. Thanks for asking this light and conversational question, too. We have a series of detailed or controversial questions in the queue, so I'm always happy to get a chance to end our week of coverage by talking about something I love, in this case, writing. But you're asking how I write nonfiction and who

Starting point is 00:24:14 my favorite thinkers are, which are two different things. So to start with the writing nonfiction, I'd say a few things. Trust your process, kill your darlings, and read great writers. The thing I'm most proud of with Tangle is our process. I don't necessarily think I'm uniquely able to share and analyze all sides of an issue. I just think we've built a great process that helps me do that. I read opinions from all over before I write a single word on any topic, and I surround myself with smart people who aren't afraid to question me. I've also gotten better at admitting when I'm wrong or deferring to others' ideas. Behind every great writer is at least one great editor, and I've got a few. The hard part is knowing when to listen to them, knowing when to push back and fight for your writing, and knowing when to let

Starting point is 00:24:59 something go. So that's the second part. Kill your darlings. Simply put, a lot of the sentences I write that I'm most attached to are the ones that end up doing the least work and probably need to go. I can't quite explain why that is, but it's a lesson I learned in my nonfiction writing classes in college. It has always stuck with me and it remains true to this day. You may have written a line that you love or expressed an idea you thought was really clever, but if you read it back and discover it doesn't quite fit, you can't be afraid to leave it on the cutting room floor. When an editor calls out one of your darlings is not really working, that's a strong signal you've missed the mark. As for reading great writers, that's the fun part. Anytime I'm in a writing rut, I snag a book off my bookshelf from a writer I love

Starting point is 00:25:43 and I read a few passages. Or I'll go buy a new book I haven't read yet and devour it for some inspiration. I learn a lot just from the simple practice of writing and being edited every day, and I learned a lot from taking formal writing classes. But I learn the most from reading excellent writers, and reading them closely. It doesn't matter whether they are fiction or nonfiction writers, and there are far too many who have shaped my writing to list them all here, but some of my favorites right now are Brian Doyle, my favorite writer of all time, Cormac McCarthy, who many of you probably know, Matt Levine from Bloomberg, Maria Doria Russell, and Tim Urban, just to name a few. My favorite thinkers? Really, anyone who consistently introduces me to new ideas.

Starting point is 00:26:25 I almost prefer not to name names because I'm afraid I'll look silly for missing any and because plenty of my favorite writers are obvious partisans on both sides. But if you're trying to start a substack and looking for inspiration, I think the people and outlets doing some of the most interesting work in that space are Representative Jeff Jackson, the Democrat from North Carolina who writes his own substack. Ethan Strauss, the former ESPN and sports writer who now has his own newsletter. And the Free Press, which in my opinion is somebody kind of in our space, but bigger and further along. And they always have a lot of interesting contributors too. All right, that is

Starting point is 00:26:59 it for today's reader question. I appreciated that one. And as always, if you want to ask a question, you can reach me, Isaac, I-S-A-A-C, at readtangle.com. Thanks, Isaac. And here's your Under the Radar story for today, folks. Russian warships arrived in Cuba this week, catching the attention of American officials. Russia and Cuba are longtime allies, and Russian military vessels have visited the Caribbean nation several times in the last few decades. This flotilla, however, is the largest to visit since Russia's invasion of eastern Ukraine and comes amid U.S. assistance to support Ukraine. The four vessels arriving in Havana Bay, just 90 miles from Florida,

Starting point is 00:27:41 included the Admiral Gorshkov frigate and the Kazan submarine, are both capable of carrying advanced weapons such as hypersonic missiles. U.S. officials said they monitored the ship's arrival with sea drones and the visit is consistent with routine naval visits that they've seen under different administrations, posing no threat to the U.S. BBC News has this story, and there's a link in today's episode description. All right, next up is our numbers section. The decrease in the average price of a gallon of gasoline in the U.S. between May 6th and June 10th was minus 21 cents, according to the Energy Information Administration. The 10-year median U.S. consumer sentiment rating is 89.1, according to the University of Michigan. U.S. consumer sentiment in April of 2024 was 77.2. The 10-year median for 30-year mortgage rates is 3.95%, according to Freddie Mac. The average 30-year mortgage rate in June of 2024 is 6.99%.

Starting point is 00:28:42 The percentage of Americans who said the U.S. economy was improving in March of 2024 was 33%, according to Gallup. The percentage of Americans who said the U.S. economy was improving in May of 2024 is 26%. The percentage of voters under 55 who trust Donald Trump and Joe Biden on the economy is 42% and 32% respectively, according to a June 2024 poll from the Financial Times and the University of Michigan. And the percentage of voters over 55 who trust Biden and Trump on the economy is 42% and 41% respectively. And last but not least, our Have a Nice Day story. Brandon Garrett was camping with a group of people in rural Oregon in early June when he went out for a drive on a remote mountainous road.

Starting point is 00:29:30 Garrett took a turn poorly and crashed his car into a ravine, but someone in the car he was driving got out to help, one of his four dogs. Garrett's dogs ran four miles to the campsite, alerting the group that something was wrong. Garrett's brother then called the Baker County Sheriff, who discovered the truck overturned off a U.S. service road. Garrett and the other three dogs were all rescued from the crash.

Starting point is 00:29:53 The Baker County Sheriff's Office has this story, and there's a link in today's episode description. All right, everybody, that is it for today's episode. As always, if you'd like to support our work, please go to readtangle.com and sign up for a membership. Remember that we have a new podcast page for our series, The Undecideds. And if you could go to that page with the link in today's episode description, give us a five-star rating and leave a comment.

Starting point is 00:30:22 It would be incredibly helpful to getting the word out about this show. If you are signed up as a member, we look forward to talking to you in tomorrow's Friday edition. If not, we'll be right back here first thing on Monday. For Isaac and the rest of the team, this is John Law signing off. Have a great day, y'all. Peace. Our podcast is written by me, Isaac Saul, and edited and engineered by John Law. Peace. Music for the podcast was produced by Diet 75. If you're looking for more from Tangle, please go to readtangle.com and check out our website.

Tangle - The latest economic signals.

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