Sectors with some of the highest immigrant workforce growth (i.e., construction and manufacturing) saw the sharpest slowdown in wage growth from 2021-23.

Wage growth slowed by 0.7 pp for every 1.0 pp increase in an industry’s immigrant employment growth kansascityfed.org/Economic%20Bul…

Waller is skeptical that the neutral rate of interest, or 'r-star,' has gone up.

He offers five reasons for the decline in the neutral rate over the last 40 years and then concludes: 'I do not believe any of these factors can explain the possible recent increase in r-star.'

And on this second point, you can expect a fulsome discussion on this in August since the Kansas City Fed says the Jackson Hole symposium theme this year is the following:

'Reassessing the Effectiveness and Transmission of Monetary Policy' kansascityfed.org/research/jacks…

Fed minutes would've been more notable if April data had been hotter:

-The adjective 'various' is deployed to describe an unspecified number of officials who indicated a willingness to raise rates

-More uncertainty around the degree of restrictiveness

wsj.com/economy/centra…

One of the two names that Peter Navarro, in his interview from prison, puts forward for Fed chair is an economic adviser who resigned his position in the Trump administration on January 7, 2021, following the violence at the Capitol the previous day. wsj.com/articles/top-t…

A decline in self-reported well-being of U.S. households was especially pronounced among parents living with children.

Only 64% said they were doing all right financially, down from 75% in 2021, when they were receiving checks as part of a tax credit wsj.com/finance/regula…

CoreLogic's single-family rental index (detached homes, i.e., no shared walls) held steady at 3.4% in March (vs +3.4% in Feb and +2.6% in Jan)

But *attached* SF rentals posted a decline of -0.6% in March, the first such year-over-year drop in 14 years corelogic.com/press-releases…

Kansas City Fed: Unusually high investment in manufacturing structures is masking a more substantial slowdown in the rate of capex growth by U.S. businesses kansascityfed.org/research/chart…

Waller addresses the critique that the Fed is 'overly data dependent'

This 'doesn't make sense to me' given how little the SEP has changed between over the last 12 months

Terminal rate projection was consistently around 5.1%-5.6%

Q4 2024 rate has been around 4.7%, +/- 0.4 pp

FDIC Chairman Marty Gruenberg says he is willing to resign.

'In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed.'