Wet weather dampens UK retail sales in February – CBI Distributive Trades Survey

First, it’s great to be back at the NABE meetings and it’s great to see you all again. Thanks to Ellen Zentner for moderating. With the storms and the travel problems, Ellen never wants to get involved with me. The last time Ellen moderated a NABE event where I was involved was on Zoom in 2020 during Covid, before I was ever at the Fed. Our panel was at lunch time. My driver’s license was expiring so I had to go to the DMV, and I got there the minute it opened. But I ended up stuck in a Covid-procedures line for three and a half hours where you weren’t allowed to use a phone or leave the line. I missed the first half of the panel and ended up having to do my presentation from my car in the DMV parking lot. Sorry, Ellen. This time it wasn’t my fault. CHICAGO FED'S GOOLSBEE: 'NOT OBVIOUS' FED'S RATE STANCE IS STILL RESTRICTIVE FED'S GOOLSBEE: 3% INFLATION 'NOT GOOD ENOUGH' FED'S GOOLSBEE: OPTIMISTIC THERE CAN BE MORE RATE CUTS THIS YEAR, BUT NOT UNTIL INFLATION IS HEADING BACK TO TARGET GOOLSBEE: CAN'T BANK ON COMING PRODUCTIVITY TO LOWER INFLATION OR USE THAT AS A RATIONALE FOR RATE CUTS GOOLSBEE: INFLATION PROGRESS HAS STOPPED, NOT OBVIOUS THAT… GOOLSBEE: CORE SERVICES INFLATION EX HOUSING IS STUBBORNLY HIGH, NEED TO BE VIGILANT GOOLSBEE: LOWERING RATES IN ANTICIPATION OF PRODUCTIVITY GAINS COULD LEAD TO OVERHEATING GOOLSBEE: CONSUMER SPENDING, NOT AI INVESTMENT, HAS BEEN MAIN DRIVER OF ECONOMIC GROWTH GOOLSBEE: LOW…