Speaker 1: This is America's Trucking Network with Kevin Gordon.
Speaker 2: Welcome aboard, Thanks for tuning in on this Wednesday morning. Hey,
Speaker 2: we got to start off with a little bit of
Speaker 2: weather alert. I kind of find this interesting. Thirteenth tropical
Speaker 2: storm name storm of the season, Melissa forms over the
Speaker 2: Central Caribbean Sea. Hurricane watch issued for portions of Haiti. Now,
Speaker 2: the tracking of this storm looks like it's going to
Speaker 2: go a little bit across Haiti, but take a northernly
Speaker 2: almost like at this point, like a northwesterly attack, which
Speaker 2: if it goes across Cuba, could possibly hit the tip
Speaker 2: of Florida later on. But so far, and I hate
Speaker 2: saying this because you know, I don't want to tempt
Speaker 2: fade or anything, but the hurricane season begins June first
Speaker 2: and goes until the end of November, and we have
Speaker 2: yet to have a name storm or a hurricane have
Speaker 2: a direct hit on the United States they had predicted.
Speaker 2: And of course, all these people talking about climate change
Speaker 2: and the world's going to hell in a handbasket because
Speaker 2: you know, the Earth is heating up and all this
Speaker 2: sort of stuff, which is a load of crap. We've
Speaker 2: talked about that on this program, but they were predicting
Speaker 2: three or four or five storms that possibly hit the
Speaker 2: United States, and so far none have hit.
Speaker 3: And knock on wood, if I.
Speaker 2: Can do that loud enough or enough to get that
Speaker 2: out there to make sure that I don't jinx this,
Speaker 2: but just keep an eye on this, Melissa. So anyway,
Speaker 2: if that's what's going on there, and hopefully that will
Speaker 2: take the tack of what these other storms have done.
Speaker 2: As they start approaching the United States, they veer off
Speaker 2: and go back to the East, which is where they
Speaker 2: originate from in the first place. I want to talk
Speaker 2: about economic news a little bit, but I also want
Speaker 2: to get into some of the stuff going on in
Speaker 2: the trucking industry.
Speaker 3: Tomorrow.
Speaker 2: I think I'm going to have to. I've been putting
Speaker 2: together a bunch of information on all this ELP, the
Speaker 2: English language preference, the crackdown by the Trump administration on
Speaker 2: these various states, the state's reactions to that, and the
Speaker 2: nut jobs out in California that act as though that
Speaker 2: there's no problem that you can just release people on
Speaker 2: the road that can't read signs, they can't speak English,
Speaker 2: but they can drive eighty thousand pound vehicle down the highway.
Speaker 2: But we'll talk about that tomorrow because there's a lot
Speaker 2: of stuff going on and what I'm seeing, I'm going
Speaker 2: to just say overall, it seems what is coming into
Speaker 2: focus now is that with the tariffs that have been
Speaker 2: issued and then pulled back, and of course if you
Speaker 2: listen to the spoon federc urgitators in the mainstream media,
Speaker 2: it's that what was it the was it taco? At
Speaker 2: the beginning of the year, Trump always chickens out, which
Speaker 2: was a bunch of crap because basically in a negotiating
Speaker 2: situation and with the way Donald Trump reacts and all
Speaker 2: the people around him talk about how he absorbs everything, even.
Speaker 3: The Prime minister.
Speaker 2: There these people that he has bumped heads with. You know,
Speaker 2: remember when the Canadian Prime minister first came down here
Speaker 2: the first time back in April after he was elected.
Speaker 2: Trump was joking around with him about being the fifty
Speaker 2: first state and the guy was a bit insulted by that.
Speaker 2: Of course, the people in Canada aren't happy with that,
Speaker 2: but kind of tongue in cheek on that. Because we've
Speaker 2: got trade negotiations between the two countries.
Speaker 3: We are very close allies.
Speaker 2: The border is you know, a long border, and the
Speaker 2: similar type of people are on both sides of the border,
Speaker 2: and we have certain you know, they want the car
Speaker 2: industry to flourish there, We want the car industry to
Speaker 2: flourish here. They want manufacturing over there, We want our
Speaker 2: manufacturing over here. So it's kind of like competing. I
Speaker 2: made the discussion, or I made the point about here
Speaker 2: in the Greater Cincinnai Northern Kentucky area, there's this constant
Speaker 2: battle with Cincinnati on one side of the river and
Speaker 2: Kentucky on the other side of the river, always trying
Speaker 2: to poach different businesses from each.
Speaker 3: Side of the river over to the other.
Speaker 2: And although it's good for the individual states or individual cities,
Speaker 2: it's not doing the region any good because basically, what
Speaker 2: we're doing is cannibalizing our own businesses to the detriment
Speaker 2: of one side versus the other, rather than encouraging other
Speaker 2: businesses from outside the area to come into this area.
Speaker 2: So there's that, and then it's kind of what we've
Speaker 2: got going on between Canada. But it was a contentious
Speaker 2: meeting that they had in April, and then later on
Speaker 2: what was a week or so ago, came back to
Speaker 2: the White House and they were like the best of friends.
Speaker 2: They were joking about, they were having a great time.
Speaker 2: There was a little chungu in cheek something, you know,
Speaker 2: said they were talking about the trade negotiations. He goes, well,
Speaker 2: you know there's Trump says, you know, there is one
Speaker 2: way that we can solve that real easy, and that
Speaker 2: Prime minister kind of like put.
Speaker 3: Up his head like don't go there type of thing.
Speaker 2: It was cool to see the two of them together
Speaker 2: and the way they were acting, and the fact that
Speaker 2: it was like they have a respect for each other.
Speaker 2: And the Prime minister, Now if Canada kind of understands
Speaker 2: where Trump's coming from and he understands them, and they
Speaker 2: talked about this and so on. Again, we're starting to
Speaker 2: see clarifications as far as these terriffs you talk about
Speaker 2: on independence there or whatever they called it back on
Speaker 2: April the second, when the terraffs were put into place,
Speaker 2: that it was a negotiating tool. I mean, he had
Speaker 2: the different documents there and talked about how, okay, this
Speaker 2: particular country has these tariffs on our goods coming into
Speaker 2: their country versus the terraffs that we have, and what
Speaker 2: we're going to do is do reciprocal terraffts until they
Speaker 2: know we negotiate new terms and they bring their terrafts
Speaker 2: down and we get more on a fair playing field,
Speaker 2: on a fair trade field as opposed to a free
Speaker 2: trade situation. And most of these deals have been worked out,
Speaker 2: and it's starting to become clear as to where these
Speaker 2: tariffs are going to hit and where it's if it's
Speaker 2: going to hurt a particular business or a particular industry.
Speaker 2: Trump has been very good at looking at that and saying, well, okay,
Speaker 2: we'll do an exemption here, we'll do an exemption for this,
Speaker 2: and we'll do an exemption for that. We're seeing that
Speaker 2: in the car industry. We're seeing that some of the
Speaker 2: heavy trucks that we've been talking about the import of trucks,
Speaker 2: because we do have trucks manufactured in the United States,
Speaker 2: but we do import Volvo and Mercedes Benz type vehicles
Speaker 2: into the United States, and so there's this trade off
Speaker 2: between the domestic trucks and then the foreign trucks, and
Speaker 2: if there's tariffs on those trucks coming in, that might
Speaker 2: hurt the trucking industry itself. So he said, well, in
Speaker 2: certain instances, we can push that back to November first,
Speaker 2: so that we can get a better deal and maybe
Speaker 2: get more of a negotiation with those countries where those
Speaker 2: trucks are coming from. So again, it's been one of
Speaker 2: these flexible situations to get us to a fair trade
Speaker 2: situation as opposed to a free trade situation. Liberation Day
Speaker 2: was a word I'm looking for as far as April
Speaker 2: to second, not Freedom Day, Liberation Day. As far as
Speaker 2: our trading partners and as far as the terriffs are concerned,
Speaker 2: this is all starting to come in a place. Different
Speaker 2: companies out there, and we may not be able to
Speaker 2: get them all today, but we'll get to those over
Speaker 2: the next couple of days. Some of these companies that
Speaker 2: were kind of holding back on some of their predictions
Speaker 2: of where they were going to be by the end
Speaker 2: of the year, And of course the experts or the
Speaker 2: people writing the stories about it would say, well, you know,
Speaker 2: because the uncertainty of the American economy and the uncertainty
Speaker 2: of tariffs and the possibility of inflation and the possibility
Speaker 2: of recession and all this nonsense. Basically, and again, as
Speaker 2: I've said before, trying to talk down the economy, trying
Speaker 2: to manufacture a recession as opposed to encouraging people to
Speaker 2: stay the course. I mean, you remember back when Russia
Speaker 2: invaded Ukraine and all of a sudden, we've already had
Speaker 2: gas prices from the first year of the Biden administration,
Speaker 2: gas price has already gone up a full dollar. Then
Speaker 2: they went up another dollar right after the Russia invaded
Speaker 2: Ukraine and was approaching by the June of twenty twenty two.
Speaker 2: After the Russians had invaded. In February of twenty two,
Speaker 2: gas prices nationwide hit an average across the board of
Speaker 2: five dollars per gallon, and back then they were talking
Speaker 2: about still talking about transitory inflation. They interviewed one of
Speaker 2: the spokes spokespeople for the administration and said, you know,
Speaker 2: given the fact that gas prices are four dollars and
Speaker 2: fifty cents and five dollars a gallon in certain places,
Speaker 2: how long do you expect the American people to do
Speaker 2: this in order to support Ukraine? And their attack was
Speaker 2: as long as it takes. And the spoon fedric urgittators
Speaker 2: in the mainstream media at that point and said, well, okay.
Speaker 3: Well that was there.
Speaker 2: You know, we're not going to talk about that. They
Speaker 2: answered the question. We'll move on from there. I have
Speaker 2: never seen so much focus on inflation as I have
Speaker 2: in the last six months, eight months, nine months of
Speaker 2: the Trump administration, Whereas our inflation rate is lower than
Speaker 2: what it was during the Biden administration, and we're right
Speaker 2: added point right now where some of the things are
Speaker 2: ticking up just slight bit, but other things are coming down.
Speaker 2: And yet you would think inflation is out of control.
Speaker 2: You'd almost think that inflation is nine point one percent
Speaker 2: like it was in twenty twenty two, when hardly anybody
Speaker 2: at that point in time talked about it. So we'll
Speaker 2: get into that some of the information, as far as
Speaker 2: some of the policy numbers, and as well as we're
Speaker 2: starting to see a focus on some of these companies
Speaker 2: actually upping their guidance in terms of we think we're
Speaker 2: going to have a pretty good year, where we were
Speaker 2: before saying not so good. We'll pick this up on
Speaker 2: the other side. I'm Kevin Gordon, America's Trucking Network seven
Speaker 2: hundred WLW DO.
Speaker 4: This is the.
Speaker 1: Briefing rewoard on America's Trucking Network on seven hundred WLW.
Speaker 5: The Indianapolis Voter Speedway, held Day one of a two
Speaker 5: day test a two and a half mile oval to
Speaker 5: evaluate super speedway tire compounds and give the track feedback
Speaker 5: on its recent repaving on Turn two. Pado Award, alex Poalow,
Speaker 5: Alexander Rossi and Takuma Sato are taking part in the
Speaker 5: IndyCar test. Cadillac confirms that F one test driver Colton
Speaker 5: Hurda will make his Formula two debut next season with
Speaker 5: High Tech following his switch from IndyCar. Holden can only
Speaker 5: hold a test role on this stage due to his
Speaker 5: lack of an FIA super license. NHR news Elite Motorsports
Speaker 5: announced that RNL Carriers, based in Wilmington, Ohio, a global
Speaker 5: transportation provider, has signed a multi year deal to become
Speaker 5: the primary sponsor of the Elite Motorsports Top Fuel dragster
Speaker 5: that will be driven by Motorsports legend Tony Stewart beginning
Speaker 5: in the twenty twenty six Mission Foods NHR Drag Racing season.
Speaker 1: This is the racing report on America's drugging network on
Speaker 1: seven hundred WLW Say Dennison.
Speaker 4: A t N Finally, Brandon, the Tri State Aqua proof
Speaker 4: is here for all of your basement waterproofing, the yard drainage.
Speaker 3: Listen, I talked.
Speaker 2: About economic news, and it's important because out there, as
Speaker 2: you're driving around out there, as you're seeing things develop,
Speaker 2: you are hearing things and seeing things. As a matter
Speaker 2: of fact, I'm hearing news reports where I'm thinking, where
Speaker 2: in the hell are they picking up that news bit
Speaker 2: and what are they focusing on there?
Speaker 3: As opposed to this.
Speaker 2: You know, you take a set of of stories and
Speaker 2: you've got ab cd ef that is positive stuff, and
Speaker 2: then somewhere along the line, they'll pull an I out,
Speaker 2: you know, in HI, and then pull that in there
Speaker 2: to make things not seem as good as they actually are.
Speaker 2: And it seems that those are the kinds of things
Speaker 2: that they tend to focus on. What I try to
Speaker 2: do here is cut through all that noise, cut through
Speaker 2: all that crap, and get right to the heart of
Speaker 2: the matter. And in fact, a lot of people have
Speaker 2: been talking about the Federal Reserve and what they're planning
Speaker 2: on doing on October the on their meeting in October
Speaker 2: the twenty eighth and twenty ninth of this month, as
Speaker 2: to whether or not they're going to lower interest rates
Speaker 2: or what they're going to do they're going to hold
Speaker 2: rate steady, just exactly what they're going to do. A
Speaker 2: lot of people are predicting that they're going to have
Speaker 2: two more rate cuts by the end of the year.
Speaker 2: If they're going to do that, they better get on
Speaker 2: it because we're running out of months. But again, people
Speaker 2: are focusing on, well, you know, if you look at
Speaker 2: what the Federal Reserve minutes said back then when they met,
Speaker 2: those were released the September meeting, were released the first
Speaker 2: part of October, and I was pulling out some of
Speaker 2: that stuff, and I'm seeing people referencing that, and I
Speaker 2: just want to address a couple of things in there.
Speaker 2: Despite what we're hearing. The Federal Reserve, the Federal Reserve,
Speaker 2: and this was the story back on October. The eighth
Speaker 2: Federal Reserve on Wednesday, and that was back then released
Speaker 2: the minutes from their central Bank's monetary policy meeting last week,
Speaker 2: which some showed that while policymakers anticipated for their interest
Speaker 2: rate cuts, they remained committed to bringing inflation back to
Speaker 2: its two percent target, which is exactly what they've been
Speaker 2: talking about all along, except in September of twenty twenty four,
Speaker 2: when they wanted Kamala Harris to become president. They lowered
Speaker 2: interest rates by half a percentage point to push her
Speaker 2: across the line, to try to make things seem as
Speaker 2: far as the Biden administration going on better, even though
Speaker 2: interest rates or I'm sorry, the inflation rate was still
Speaker 2: nowhere near two percent, and they blamed it and they said, well,
Speaker 2: we're concerned about the jobs market right now and we
Speaker 2: need to prop that up a little bit, even though
Speaker 2: there was no signs that the job market was softening.
Speaker 2: But again that's the excuse they used, Lion Jerry Powell
Speaker 2: and the boys. The most recent regarding the Crewman's consumer
Speaker 2: price index was two point nine percent a year over
Speaker 2: year for the month of August, all the feds preferred
Speaker 2: inflation gage. The personal consumption expenditure was up to two
Speaker 2: point seven percent year over year. Now, the personal consumption expenditures,
Speaker 2: you know, you have this consumer price indcks. Well, by
Speaker 2: the way, that was supposed to be released last week
Speaker 2: because of the government shut down to bringing the people
Speaker 2: back in on furloughing those people, and they're going to
Speaker 2: be releasing that data I think either Thursday or Friday
Speaker 2: of this week. But we're going to have those numbers then,
Speaker 2: But what we have the CPI, the consumer price index,
Speaker 2: which is the entire basket of items that are out there,
Speaker 2: all the way from avocados to zinc and everything in between,
Speaker 2: all the services, everything that has sold, everything that has purchased,
Speaker 2: everything that is available for sale, where those prices are
Speaker 2: even in the services business, where you know, the services
Speaker 2: prices are up here, service prices are down over here.
Speaker 2: So everything across the board, everything that goes into the
Speaker 2: economy is in that number. The personal consumption expenditures is
Speaker 2: more in line with what do people do on a
Speaker 2: daily basis, what are their normal purchases. Well, your normal
Speaker 2: purchases are you fill up your car gas, you have
Speaker 2: certain repairs done in your car, You buy a certain
Speaker 2: amount of clothes, you eat, you know, you buy groceries
Speaker 2: and those sorts of things. So it's the stuff that
Speaker 2: you do on almost a daily basis in terms of
Speaker 2: what you spend your money on. Now, the high ticket
Speaker 2: items like you know, buying furniture or refrigerators, washer and dryer,
Speaker 2: or a new car or something like that, those are
Speaker 2: some of the things that you do periodic. I mean
Speaker 2: you do that like once every three years, four years
Speaker 2: or thereabouts. It might well, we won't get into me,
Speaker 2: because I don't buy I've had the same car for
Speaker 2: twenty some years now. It's still running and it's still
Speaker 2: doing the job. But anyway, it's a story for another day.
Speaker 2: But the consumer or the producer or the personal consumption
Speaker 2: expenditures is more in line with what we do on
Speaker 2: a daily basis and at a better gauge as far
Speaker 2: as what inflation is doing and how it's affecting the
Speaker 2: actual individuals as opposed to the entire economy itself. So
Speaker 2: when they talk about the personal consumption expenditure at two
Speaker 2: point seven percent versus the overall consumer price index at
Speaker 2: two point nine, we're a little bit closer to that
Speaker 2: two percentage point range. Metrics have been noticeably lower earlier
Speaker 2: in the year when the consumer Price Index was a
Speaker 2: two point three and PCE is with point two point
Speaker 2: two in April. But again that's when things started kicking in.
Speaker 2: And I keep talking about the fact that some of
Speaker 2: these contracts that we saw as far as UAW, the
Speaker 2: railroad workers, ups, dock workers and so on, all of
Speaker 2: those have kicked in. And if you go back and
Speaker 2: we've talked about that on this program that a lot
Speaker 2: of those contracts were like a fifty to sixty percent
Speaker 2: increase from their previous contract over the next six years,
Speaker 2: which means that all of their wages, plus the fact
Speaker 2: that they've got kind of a kick in like retroactively
Speaker 2: and a lump sum payment just to sign the contract
Speaker 2: that was done in that particular month, and then a
Speaker 2: ten percent increase in their wages every year for the
Speaker 2: next six years. So when you've got a ten percent
Speaker 2: increase in wages with dock workers, auto workers, ups drivers,
Speaker 2: railroad workers and stuff, that's going to have an effect
Speaker 2: on the economy. And eventually that's going to increase prices.
Speaker 2: And it's not because of tariffs, it's not because of
Speaker 2: some of the other factors they're talking about. It's the
Speaker 2: actual wages themselves going up. And again i'm not criticizing
Speaker 2: the fact that some people that had their contracts expire
Speaker 2: the month of the year during the period of time
Speaker 2: when we were involved with the plandemic, and they had
Speaker 2: to postpone those negotiations until twenty twenty two to twenty
Speaker 2: twenty three when things got back away from the supply
Speaker 2: chain issues and that, and they actually got to the
Speaker 2: negotiating table, and you figure out a period of time
Speaker 2: between twenty nineteen roughly and maybe twenty twenty two to
Speaker 2: twenty twenty three where they had been going under the
Speaker 2: old contract that had not been renewed. I can see
Speaker 2: people saying, well, far wages haven't gone up in four
Speaker 2: or five years, were behind because of the inflation caused
Speaker 2: by the pandemic and thereafter and then getting into the
Speaker 2: Biden administration, went in twenty twenty two, you had inflation
Speaker 2: in the month of June go up nine percent. If
Speaker 2: you're still doing the same wages that you were doing
Speaker 2: prior to the pandemic, you're really hurting. So again, people
Speaker 2: keeping up with inflation, keeping up as far as wages
Speaker 2: are concerned. I don't have a problem with that, But
Speaker 2: don't sugarcoat it and say, well, you know, our prices
Speaker 2: are going up, but it's other factors other than salaries
Speaker 2: and wages. Be honest about it and say this is
Speaker 2: what's causing the inflation to a certain extent. But again
Speaker 2: they talk about in here that they wanted to be
Speaker 2: concerned about was inflation. FOMC, the Federal Reserve Open Market
Speaker 2: Committee noted that participants generally thought that this year's tariff
Speaker 2: increase had put upward pressure on inflation. Some remarked that
Speaker 2: these effects appeared to have been somewhat muted to date
Speaker 2: relative to expectations from earlier in the year. So again,
Speaker 2: here it is a situation where they were expecting inflation
Speaker 2: to go up tremendously as a result of the tariffs,
Speaker 2: and it's almost like these so called experts, which are
Speaker 2: supposed to have their finger on the pulse of the
Speaker 2: economy are shot when it didn't happen, and they're like
Speaker 2: scratching their heads. Well, we said this was going to happen,
Speaker 2: and it hasn't happened yet. We'll talk about this coming up.
Speaker 2: I'm Kevin Gordon, America's truck a Network seven hundred WLW.
Speaker 4: News Traffic and Weather. News Radio seven hundred WLW, Cincinnati.
Speaker 6: A man pardon for his role in the January sixth
Speaker 6: attack on the Capitol. He's under arrest again, accused of
Speaker 6: threatening to kill House Minority leader Hakeem Jeffries. With your
Speaker 6: twelve thirty report, I'm Travis Laird breaking now. Federal agents
Speaker 6: say Christopher moynihan sent text messages promising to eliminate Jeffries
Speaker 6: during an upcoming speech in New York. He was arrested
Speaker 6: Monday night on terroristic threat charges, and he's being held
Speaker 6: without bail. House Speaker Mike Johnson called the threat shameful
Speaker 6: and said anyone who targets elected officials should face the
Speaker 6: full weight of the Justice Department. Jeffries, for his part,
Speaker 6: thanked police and said pardoning rioters has put communities at risk.
Speaker 4: Now the latest forecast from the Train Heating and Cooling
Speaker 4: Weather Center on News Radio seven hundred WLW.
Speaker 7: As we head to Wednesday morning, We've got clear skies
Speaker 7: morning low forty four. Now, our Wednesday is going to
Speaker 7: be mostly sunny, chilli but windy. We'll see a high
Speaker 7: of fifty six at night, gets colder, but it stays clear,
Speaker 7: low thirty nine. That's the forecast. I'm nine first Warning,
Speaker 7: Chief Meteorologist Steve Rawley.
Speaker 6: Right now, fifty two degrees in Cincinnati, Ohio. Republicans still
Speaker 6: haven't released a new congressional app and the deadline is just.
Speaker 3: A week away.
Speaker 6: The state Redistricting Commission met in Columbus on Monday, but
Speaker 6: adjourned without presenting a plan, prompting jeers from citizens asking where.
Speaker 3: Is the map.
Speaker 6: Democrats say their proposal would create eight Republican leaning and
Speaker 6: seven Democratic districts, reflecting Ohio's vote split. Republicans currently ConTroll
Speaker 6: ten of fifteen seats now and want to keep at
Speaker 6: least twelve. State Senate Minority leader Nicky Antonio says the
Speaker 6: GOP is stalling until November, when they can pass a
Speaker 6: map without Democratic support, and she's already talking about a
Speaker 6: referendum if that happens. Covington City leaders are considering a
Speaker 6: plan to let people carry open alcohol containers in parts
Speaker 6: of downtown. The proposal would create a common consumption area
Speaker 6: from Eighth Street to River Center along Madison Avenue, allowing
Speaker 6: drinks in marked cups while shopping or walking. Mayor Ron
Speaker 6: Washington says other communities have done this without problems. The
Speaker 6: hours under review would be five to ten pm on
Speaker 6: Thursdays and five to five to midnight on Friday and Saturday.
Speaker 6: Your next update is with Lee Mawin at one o'clock
Speaker 6: breaking news anytime. I'm Travis Laird News Radio seven hundred
Speaker 6: l w you ever wonder how far.
Speaker 3: An EV can take you on one shard.
Speaker 8: Here's your trucking forecast for the tri State and the
Speaker 8: rest of the country and the Try State. Over Night,
Speaker 8: partly cloudy, the low down to forty three, partly sunny. Wednesday,
Speaker 8: temperatures in the upper fifties. Both Thursday and Friday sunny,
Speaker 8: with highs around sixty Nationally. Continuing into Wednesday, chiley conditions
Speaker 8: and showers will be seen across the Great Lakes region,
Speaker 8: with lake effects storm bands possible near Lake Erie. Meanwhile,
Speaker 8: near record warmth this time of year seen across southern Texas. Tuesday,
Speaker 8: seven hundred w l W. I'm Kevin Gordon is America's
Speaker 8: Trucking Network.
Speaker 2: Miss any of our segments earning of our other shows,
Speaker 2: hit up that iHeartRadio app of course, brought to you
Speaker 2: by our friends at Rush Truck Centers talking about the
Speaker 2: FED minutes again. And the more and more I dig
Speaker 2: into this, and the more I read into this, it
Speaker 2: was like, do these people even have a clue? What
Speaker 2: was the I can't I can never remember. I wish,
Speaker 2: I wish I had the paper with me. But what
Speaker 2: they talk about as far as economists, the definition of
Speaker 2: an economist is somebody that will tell you why something
Speaker 2: they predicted yesterday didn't happen today.
Speaker 3: They'll be able to explain that to you tomorrow.
Speaker 2: So they predict something, then it doesn't happen, and then
Speaker 2: they explain why it didn't happen. And one person said, well,
Speaker 2: the only reason they invented economists that made weather forecasters
Speaker 2: look better. And it's true. I mean, when you look
Speaker 2: at the way these economists look at certain things and
Speaker 2: the predictions that they make, and reading these FED minutes
Speaker 2: they talk about in there during their discussions. The minutes
Speaker 2: added that the policymakers generally thought inflation would be closer
Speaker 2: to target, but the higher terriffs, with some observing that
Speaker 2: the business contacts they had indicated that they were going
Speaker 2: to be raising prices and they were surprised that it
Speaker 2: hasn't raise prices, and that they were surprised that terifts
Speaker 2: haven't raised prices, even though this is the thing that's
Speaker 2: been holding them back, saying that, well, we expect teriffs
Speaker 2: to increase prices, so we're worried about inflation in the future,
Speaker 2: so we're going to hold back on interest rate cuts.
Speaker 2: Now we're nine months into this and they're still saying that, well,
Speaker 2: we're not seeing it yet, but we may see it
Speaker 2: by the end of the year or early next year,
Speaker 2: so they keep pushing off when they expect to see
Speaker 2: this budge in inflation. And then even lion Jerry Powell
Speaker 2: has come out and said that the tariffs, the way
Speaker 2: it would work, would be it would be a one
Speaker 2: time of raise in inflation that particular period, but it
Speaker 2: would not be long term. And so with that in mind,
Speaker 2: why are you so worried about inflation over the next
Speaker 2: six months when it's going to be a one time increase.
Speaker 2: I just you know, the clarification of what they actually
Speaker 2: say and what the numbers actually are, the fact that
Speaker 2: their predictions are not happening, and yet they're still holding
Speaker 2: to it and saying, well, it's gonna come. You know,
Speaker 2: it reminds me, and I've said this before, reminds me
Speaker 2: of remember when they used to have what it was,
Speaker 2: the Globe and the other rag and you know.
Speaker 9: The.
Speaker 2: Gossip papers at the checkout counter. You'd be standing there
Speaker 2: on line and you pick the thing up and the
Speaker 2: headline would say, oh, the world's coming to an end.
Speaker 2: Or at the end of the year they say, oh,
Speaker 2: these are the predictions for next year, and it was
Speaker 2: going to be you know, there's going to be a
Speaker 2: depression that this particular world event was going to happen
Speaker 2: and so on, and that the predictions never came true,
Speaker 2: and so it would be like, well, somebody would make.
Speaker 3: This prediction every year for like a five year period of.
Speaker 2: Time or something, and then when it eventually happened, it
Speaker 2: was like, see, I told you so. Well, you know,
Speaker 2: if you're so good at predicting, maybe you could have
Speaker 2: that prediction a little closer to the event as opposed
Speaker 2: to just making that prediction year after year a year
Speaker 2: and then when it actually happens, take credit for it.
Speaker 2: So that's what I see as far as these economists,
Speaker 2: as far as these people on the on the Federal
Speaker 2: Reserve is concern. Now, there was one person that's been
Speaker 2: added to the Federal Reserve Board as Stephen Maren. He
Speaker 2: is a person that is in the in the Trump administration,
Speaker 2: and he has been very adamant he wanted to see
Speaker 2: the interest rate coming down at full half a percentage point,
Speaker 2: whereas everybody else settled on that quarter percent interest rate decrease.
Speaker 2: And again they're talking in here, and it blows me
Speaker 2: away that they it's like they're just looking at this
Speaker 2: one month in time as opposed to folks, we've been
Speaker 2: making this prediction for the last nine months and it
Speaker 2: hasn't happened. It ought to be indication that ain't gonna happen.
Speaker 2: So maybe we can start focusing on something else. But again,
Speaker 2: that's the Federal Reserve. Then we have. And this is
Speaker 2: the guy that really boggles my mind. He is the
Speaker 2: the president of the Chicago FED. He's a guy by
Speaker 2: the name of Austin Goldsby. Now, if you're not familiar
Speaker 2: with him, he was the chairman of the Council of
Speaker 2: Economic Advisors to Obama during the Obama administration and after that,
Speaker 2: he was one of these guys that when they needed
Speaker 2: a liberal economist on one of these shows to talk
Speaker 2: about or downgrade the first Trump administration, he'd be out
Speaker 2: there talking about it, how you know, all things were
Speaker 2: so much better during the Obama years and we did
Speaker 2: this and we did that, when in fact it was
Speaker 2: a lie. And he's you know, all this sort of stuff.
Speaker 2: I mean, I remember seeing some of the stuff that
Speaker 2: he would predict and some of the stuff that he
Speaker 2: had talk about. But he's now on the Federal Reserve board,
Speaker 2: and so he is now being interviewed by all these
Speaker 2: different people. Federal Reserve Bank President Austin Goldsby discussed the
Speaker 2: impact of government shutdown would have on the agency, inflation
Speaker 2: and more on the claimant countdown. This was on Fox Business,
Speaker 2: this claim and Holds this show, and he was on there.
Speaker 2: Now I've talked about this. They talk about how the
Speaker 2: government reports that the Federal Reserve relies on that that's
Speaker 2: going to call into question the accuracy of those numbers. Again,
Speaker 2: I point to the fact that as we have learned,
Speaker 2: and like I said, we have had in the last year,
Speaker 2: or with Trump involved with anything, we have stuff that
Speaker 2: goes on year after year after year after year, and
Speaker 2: people with common sense will say, why is that happening? Oh,
Speaker 2: that's just the way it is. Well with the Trump
Speaker 2: administration and what he does is it winds up being
Speaker 2: like the Wizard of Oz that pull back the curtain
Speaker 2: and see the guy back there just manipulating the buttons
Speaker 2: to make it seem like this grand wizard up there
Speaker 2: is some sort of all seeing, all knowing individual and
Speaker 2: they pull the curtain back and realize it's just a
Speaker 2: human being of faking it. And with so many things
Speaker 2: that the Trump administration has pulled the curtain back on,
Speaker 2: and people have said, well, yeah, okay, well why is
Speaker 2: this being done?
Speaker 3: The whole deal of.
Speaker 2: Foreign aids, where that money is going, some of the waste,
Speaker 2: fraud and abuse that's come about, some of the stuff
Speaker 2: going on as far as immigration reform, why is this
Speaker 2: being done? And this is one of those areas that
Speaker 2: I've been talking about here we've got the Federal Reserve
Speaker 2: worried about where these economic data is coming from. Well,
Speaker 2: because of the Trump criticizing the Federal Reserve and especially
Speaker 2: Jerome Powell and saying that, you know, he thinks that
Speaker 2: guy should be fired and replaced, and the fact that
Speaker 2: the Federal Reserve does certain things, people started taking a
Speaker 2: look at the individual members of the Federal Reserve. We
Speaker 2: have one person that resigned recently as a result of
Speaker 2: maybe some improprieties that they did as far as as
Speaker 2: far as her individual finances were concerned, possibly mortgage fraud.
Speaker 2: The one that the other one, Lisa Cook, that being
Speaker 2: talked about trying to force her to retire or resigned
Speaker 2: because she had done the same thing where she claimed
Speaker 2: that the house she lives in is her permanent resident,
Speaker 2: got the loan on that and then later on bought
Speaker 2: a vacation home base basically for rental property, and claimed
Speaker 2: that that was her permanent home and then you'd get
Speaker 2: a better interest rates on that. So that's mortgage fraud.
Speaker 2: And here is a member of the Federal Reserve. Here's
Speaker 2: somebody who's an economics professor up in University of Michigan
Speaker 2: doing stuff that you and I would go to jail for,
Speaker 2: and yet they think it's okay. Oh, it was just
Speaker 2: a mistake, you know, it was an oversight. She didn't
Speaker 2: know what was she talking about. This was the first
Speaker 2: time she bought this house. So, in other words, we've
Speaker 2: got somebody who's unqualified, somebody who doesn't know much about
Speaker 2: economics on the Federal Reserve. We have the fact that
Speaker 2: as I dug into and found out, the Federal Reserve
Speaker 2: employees twenty three thousand people. Twenty three thousand people. Now
Speaker 2: what do those people do? Are they doing economic work?
Speaker 2: Are they doing these studies? And as we've seen as
Speaker 2: a result of the shutdown, when they want unemployment numbers,
Speaker 2: when they want sales numbers, these different organizations like Goldman
Speaker 2: Sachs or JP Morgan, they take the data that's available
Speaker 2: from these states and individual organizations and they have put
Speaker 2: the numbers together and come up with these predictions. So
Speaker 2: makes me question, well, why isn't the Federal Reserve, Why
Speaker 2: is the Federal Reserve, who's supposed to be this independent organization.
Speaker 2: Why are they relying on this data from other places?
Speaker 2: Why aren't they producing this themselves? Because if they're independent,
Speaker 2: there would be no bias and they would come up
Speaker 2: with a clean decision. So this Austin Goldsby was on
Speaker 2: this interview and it was just absolute amazing, talking about
Speaker 2: all the stuff that he thought should be done and
Speaker 2: some of the stuff that needed to be done, talking
Speaker 2: about interest rate cuts and talking about the labor organs.
Speaker 2: In fact, in there he said that he was not
Speaker 2: sure why that interest rate cut was done back in
Speaker 2: September of twenty twenty four. He was dodging around that
Speaker 2: wasn't admitting the fact that it was political in nature.
Speaker 2: So it was interesting to see that. But again, anytime
Speaker 2: I see this guy on the news, I know that
Speaker 2: we're going to get a bias reporting from him in
Speaker 2: terms of what is going on, because he is a
Speaker 2: diehard liberal. I'm Kevin Gordon, America's Trucking Network seven hundred WLW.
Speaker 4: With Dve Lapham's enshrimement into the Bengals Ring of Honor,
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Speaker 4: Live from the seven hundred.
Speaker 2: This is America's struck a Network seven hundred wlw im
Speaker 2: Kevin Wood finishing up with this interview that Austin Goldsby
Speaker 2: gave on Fox Business News. It was interesting in there
Speaker 2: that he was talking about all this stuff, about all
Speaker 2: this hyperbole about well, we want to see interest, we
Speaker 2: want to see the inflation rate getting back down to
Speaker 2: a two percent range, we want to see this, we
Speaker 2: want to see that, and then he starts talking about
Speaker 2: how well you know, with the possibility of inflation coming
Speaker 2: from tariffs, which we haven't seen up to this point,
Speaker 2: but we don't want to get into a situation like
Speaker 2: we did back in the early days of the Biden
Speaker 2: administration where we were calling inflation transitory, when in fact
Speaker 2: it was ongoing for a year year and a half
Speaker 2: before they decided to do anything about it. And now
Speaker 2: they're using that as an excuse in terms of why
Speaker 2: they're not cutting interest rates because they're afraid of inflation
Speaker 2: increasing as a result of something that's been going on
Speaker 2: for nine months that hasn't caused inflation. It's just very
Speaker 2: interesting to see just wants to see that. You know,
Speaker 2: he keeps talking about that the tariffs have been in
Speaker 2: the past eleven percent of the economy, eleven percent of
Speaker 2: what we have taken in as far as revenue, as
Speaker 2: far as the government, and he is insisting or he
Speaker 2: was talking about he would like to see that be
Speaker 2: still in that eleven percent range, where that can't be
Speaker 2: if we're charging additional tariffs on other countries to balance
Speaker 2: that fair trade, to get it to more fair trade
Speaker 2: as opposed to free trade. So again, it was a
Speaker 2: lot of a lot of excuses for why they are
Speaker 2: not lowering interest rates, blaming this on past mistakes of
Speaker 2: the Fed, which is now being done where they're making
Speaker 2: mistakes now that they're going to be talking about a
Speaker 2: year from now, the mistakes that they made now by
Speaker 2: not lowering interest rates.
Speaker 3: I'm just throwing that out there.
Speaker 2: September Class eight truck sales fall for twenty five percent
Speaker 2: from a year ago. Now that headline is kind of
Speaker 2: shocking and kind of surprising. However, when you dig into it,
Speaker 2: US Class eight truck sales fell below the prior year
Speaker 2: for the third month in a row. In September, according
Speaker 2: Towards Intelligence Data, sales decreased twenty five point six percent
Speaker 2: from the number of units sold in the prior year.
Speaker 2: They also declined nine point two percent from the units
Speaker 2: reported in August. The only year over year increase in
Speaker 2: twenty twenty five occurred in June, so that was just
Speaker 2: a one month where the sales for that month was
Speaker 2: higher than the previous month. But year to date, sales
Speaker 2: are down nine point two percent overall. So you know,
Speaker 2: you see a headline where you know, this particular month
Speaker 2: sales are down twenty five percent. That means that sales
Speaker 2: were up pretty close to those numbers from the prior year.
Speaker 2: And so when you look at this on a yearly
Speaker 2: basis stretched out over the entire well up to this
Speaker 2: point nine months or the September report of nine months,
Speaker 2: sales were only down nine percent. Now ten percent cut
Speaker 2: or ten percent decrease is not the end of the world.
Speaker 2: It's not an increase, but it's not you know, twenty
Speaker 2: percent off for the entire year. It's it's still a
Speaker 2: significant decrease, but not like the sky is falling or
Speaker 2: anything along those lines. ACT Research Vice president Steve Tam said,
Speaker 2: this was a bigger drop than we expected. I think
Speaker 2: it's an ongoing reflection of just the angst in the industry.
Speaker 2: People are concerned that they don't know what to do,
Speaker 2: so they're not doing anything, and of course, in that
Speaker 2: vein falls the sales. The other interesting piece I think
Speaker 2: is the certainly not coincidence, but an impact on mentality.
Speaker 2: It's the twenty five percent tariff. Well, right after this
Speaker 2: story was written, it indicated that the tariffs on truck
Speaker 2: are going to be pushed back to November the first,
Speaker 2: in order to get more clarification or a better deal.
Speaker 2: So how this is going to stack up, how this
Speaker 2: is going to affect things is a little premature. It's
Speaker 2: got folks nervous just like everyone else, Tam said, And
Speaker 2: so the manufacturers in anticipation. I think that, but that
Speaker 2: also even ahead of that, and of course he's kind
Speaker 2: of stuttering there. We're already starting to cut production. And
Speaker 2: as you and I have talked about in the past,
Speaker 2: if you don't build it, you can't sell it. So
Speaker 2: I think they got something going on where they need
Speaker 2: to ramp up, They're just not going to have the
Speaker 2: units available they talked about. In terms of freightliner brand
Speaker 2: of Diamoner Truck, North America claimed the largest market share
Speaker 2: they sold thirty three percent of the trucks that were
Speaker 2: sold that month, represented a thirty three percent decrease from
Speaker 2: what we're sold the prior year. Western Stars saw sales
Speaker 2: declined five percent five point eight percent. Mac Trucks North
Speaker 2: America September retail sales continue to decline both month over
Speaker 2: month and year over year, consistent with our market expectation
Speaker 2: as in fleets navigate. As fleets navigate ongoing economic headwinds.
Speaker 2: The combination of persistent freight market weakness, declining construction spending,
Speaker 2: and uncertainly around tariff policy continue to drive fleet caution
Speaker 2: in what remains a softer economic move. MAC Trucks, the
Speaker 2: loan manufacturer to see a sales rise, reported sales increase
Speaker 2: of thirty two point nine percent from the prior year,
Speaker 2: So again, talking about the headwinds as they're seeing didn't
Speaker 2: affect them in that particular month. Volvo Trucks North America
Speaker 2: sales drop forty point five percent. MAC and VTNA are
Speaker 2: both groups of the Volvo Group. International sales drop thirty
Speaker 2: three point eight, Peterbilt Motor Company sales decrease nineteen point
Speaker 2: nine and Kenworth Truck Companies sales slid nineteen percent as well.
Speaker 2: Both Kenworth and Peterbilt are members of the pack are
Speaker 2: in brands, so again it's on a wait and see.
Speaker 2: But one of the things they're not talking about enough,
Speaker 2: in my opinion, is the fact that interest rates are
Speaker 2: too high. If you're talking about having to go out
Speaker 2: and spend seven percent eight percent on a truck loan
Speaker 2: as opposed to three percent what it was a few
Speaker 2: years ago, that's going to be a problem. When you
Speaker 2: look at some of the possible emissions, and we're still
Speaker 2: talking about whether these emissions are going to be pulled
Speaker 2: back and whether or not they're going to go forward
Speaker 2: as far as the EPA is concerned, which are adding
Speaker 2: thousands of dollars to the cost of these trucks, and
Speaker 2: when you look at how these trucks are done as
Speaker 2: far as the amount of pollution that they do compared
Speaker 2: to other means and other you know, when you got
Speaker 2: wildfire out in California that wipes out everything that they
Speaker 2: had done to clean up the air over the last
Speaker 2: twenty years. When one fire in twenty twenty eliminates every
Speaker 2: effort that they did in twenty years to clean up
Speaker 2: the air out there. Then four years later you follow
Speaker 2: that up with a wildfire there in January, and everything
Speaker 2: that they've done out there, everything that they've done in
Speaker 2: terms of the higher gas prices almost five four dollars
Speaker 2: and fifty cents a gallon out there, because of all
Speaker 2: the pollution controls, all the emissions controls that they have,
Speaker 2: all the businesses that they're trying to get their carbon
Speaker 2: emissions down to zero, all this push, as far as
Speaker 2: everything as far as the houses are concerned to be
Speaker 2: more energy efficient and all that, all that has been
Speaker 2: totally wasteful and done nothing to impact the climate because
Speaker 2: of they're ignoring the wildfires and keeping those from getting
Speaker 2: out of control, and everything that they've done over the
Speaker 2: last twenty years thirty years now has been completely wiped
Speaker 2: out by not controlling the fires out there. So if
Speaker 2: you're concerned about pollution, if you're concerned about polluting the air,
Speaker 2: do the things that are easy. Control fires. Don't let
Speaker 2: fires get out of control. And I keep making the
Speaker 2: point that if you look at a tractor trailer today,
Speaker 2: when you see those trucks going down the road, it
Speaker 2: takes sixty trucks today to equal the pollution from one
Speaker 2: truck back in nineteen eighty eight. That's how far these
Speaker 2: emissions have come. And to say that, oh, they're a
Speaker 2: big pollutant at this point compared to where they were
Speaker 2: back then, I think it's ridiculous. And these cars and
Speaker 2: these trucks are a lot more efficient than they were,
Speaker 2: and to add thousands and thousands of dollars onto something
Speaker 2: that is only going to have a minimal effect. And
Speaker 2: especially when you consider the fact that all of the
Speaker 2: carbon pollution and all the pollution in the world that's
Speaker 2: coming from Asia, Russia, China and their factories over there.
Speaker 3: I mean, when you.
Speaker 2: Got one side of the economy, when you got to
Speaker 2: one side of the world doing everything they can to
Speaker 2: clean up the air, and you got other people on
Speaker 2: the other side of the world doubling, tripling and quadrupling
Speaker 2: their pollution, what are you gaining. So anyway, this is
Speaker 2: where we are. Class eight truck sales are down. But again,
Speaker 2: when you talk to the individual companies. When they interview
Speaker 2: the individual companies, they are all saying that they can
Speaker 2: see the light at the end of the tunnel. They're
Speaker 2: optimistic at what is going to happen in the future.
Speaker 2: And so these are the things that a lot of
Speaker 2: people aren't talking about and the fact of stuff that
Speaker 2: we need to talk about here because when you keep
Speaker 2: hearing this drumbeat of bad estimates or bad predictions, when
Speaker 2: those predictions don't come true, and we talk about that
Speaker 2: they aren't going to come true, at least you know
Speaker 2: you'll be ahead of the curve.
Speaker 3: Well, folks, that does it for us. Stay tuned for
Speaker 3: ATI Radio Top of the Hour.
Speaker 2: I'm Kevin Gordon, America's Trucking Network seven hundred WLW.
Speaker 4: News, Traffic and Weather. News Radio seven hundred WLW Cincinnati.
Speaker 3: It's the twenty second day.