Trump's advisors are urgently telling the President to stop yelling at people about affordability/inflation ("it's a scam" or " a con") and take these concerns seriously. --- Problems with Trump shifting * It's not easy to fix. It will take time and harsh policies to bring inflation down to, say, 1% for a few years so that wages can catch up with the current price level. * CPI is up 27% since the end of the COVID recession (April 2020), the largest such rise in 40 years. The current price level is squeezing the American public, leaving them unhappy, which is hurting Trump's approval rating. Inflation leveling out at 3%, as YoY CPI was in September, is unacceptable and needs to be immediately addressed, not dismissed, so the Fed can keep cutting rates. * The policies of bringing affordability/inflation back under control start with the Fed ending the rate cuts, assuming they have not gone too far, and maybe, down the road, considering hiking rates. The problem is that Trump has bashed Powell for a year, calling him an idiot, stupid, and "too late." Maybe it is because Powell was "too late" (in Trump's opinion) that inflation/affordability is not worse.(Jim Bianco)