Around a thousand dollars a year. And some very detailed microdata that ive seen on Household Spending patterns aggests that there may be linkage, as you would expect, from reduced amounts that people pay at the pump to other spending, like eating out, restaurant meals and other things. The aggregate data, you know, is spending isg and not as strong as it could be given the decline. And of course, on the other side, it may be that it will take a while and it is something that will slowly strengthen stay low. F oil prices on the other side, we have seen a market decline in drilling inivity, a marked decline drilling activity. Impact oilt to prices on inflation, the committee has generally tended to look through movements in oil prices, whether they were on the outsider on the downside, viewing it as a factor that should have a transitory influence. Is, i say that, what i mean if Oil Prices Move up during the inflation,t raises but they dont need to move down to previous levels for that
Michael overhanging all that is the fed meeting thats underway today. The bank of japan on friday. Its a busy day at a lot for investors to think about. We give everybody our second clue on the where in the world is tom keene contest. Francine what do we win . Lets get to the first word news. Here is vonnie quinn. donald trump is the only one left in the republican race who can reach the number of delegates needed for the nomination. He could when the rest of the primaries and still come up short. Hillary Clinton Clinton will leave doubt that she will be the democratic hardy dominate. In recent speeches she has hardly mentioned Bernie Sanders. Preachil, they will him the president. She will have to step down if the opposition gets enough votes to start a trial. That could start in may. Doctors in the National Health service are beginning a twoday strike against new contracts. They will refuse to provide a emergency care. They are unhappy over their pay and conditions. Senior doctors wi
Now is probably benefiting around 1,000 a year, and some very detailed microdata that i have seen on Household Spending patterns suggest there may be a link, as you would expect from reduce reduced amounts that people pay at the pump to overspending like eating out for restaurant meals and other things, but the aggregate data, you know, is not as strong spending is not as strong as it could be given the decline. And, of course on the other sigh we are it may be that it will take a while and its something that will slowly strengthen over time if Oil Prices Stay low. On the other side, of course, we have seen a marked decline in drilling, which is depressed investment spending, and, of course, very substantial layoffs in the energy sector. With respect to impact of oil prices on inflation and what would happen if they move up, the committee has generally tended to look through movements of oil prices, whether they were on the up side or on the down side, viewing it as a factor that shoul
Overshoots some undershoot and overshoots are part of how the economy operates and our tolerance for those asymmetric with respect to under and overshoots. We did take note in a statement of the fact that inflation has picked up in recent months. I see some of that is having to do with unusually high inflation readings in categories that tend to be quite a volatile without very much significance for inflation over time. So im wary and having it concluded that we have seen any significant uptick that would be lasting in, for example, in core inflation. But the Committee Notes as it did in december that we continue to monitor Development Trends and developments closely. And that would include both the fact that recent inflation readings have been on the high side. And as i mention on the other side, that readings on measures of inflation compensation and some survey measures have been on the low side. So in that sense the our risks around the inflation forecast in both directions. Your s
Of the Supreme Court. Interview, he also said, can you imagine dropping a nominee into that fight, into that cauldron in a president ial year . Whichvironment within such a hearing would be held would be so supercharged to be able to be distorted. Biden later, it chairman talked about the confirmation process and further explained his recommendation for deferring should a Supreme Court vacancy occur. He repeated his recommendation regarding how to handle a nomination that year. Let me just refer to this chart and read it. President bush should consider following the practice of the majority of his predecessors and name a nominee until the november election is completed. If the president presses and electionyear nomination, the senate should seriously consider confirmationg hearings until after the Political Campaign season is over. Chairman biden again explained the reasons for this recommendation. The confirmation process is degraded in the wake of controversial nominations, and in th