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stabilizing but with continued low mortgage rates housing activity is expected to remain strong Inflation Remains Benign Deflation Concerns Recede The year began with some concerns by the Federal Reserve...sustained strong economic growth More recently there have been upward movements in measures of inflation expectations so deflation concerns have almost entirely disappeared The consumer price index CPI...about 3 4 However most of these increases were due to volatile energy prices The core rates of inflation which exclude food and energy prices have shown little inflationary pressure the core CPI has increased...

nominally by 3 percent as compared to a year ago in the final quarter of 2019 Even adjusting for inflation wage growth compared to a year ago remained relatively steady near 1 percent over all four quarters...hold Real median hourly wages between 1973 and 2019 have grown by 13 percent after adjusting for inflation using the personal consumption expenditure PCE index Within that timeframe it is noteworthy that...equivalized personal income over the 2007 2016 period which is adjusted for household size and inflation and this average annual growth is slightly above the 0 6 percent annual average change in real GDP...

problem from a macroeconomic perspective is slow economic growth and a growing Federal debt burden The solution to slow growth is lifting the artificial constraints and disincentives imposed by government on...on the private market economy this can be done through tax and regulatory reform The solution to the Federal debt problem is faster economic growth and holding Federal spending to a lower relatively stable...peak in 1999 6 A 2016 study from Pew Charitable Trusts found that the overall U S growth rate in inflation adjusted personal income from the final quarter of 2007 through the final quarter of 2015 is 1 6...

2021 Total Monthly Inflation Costs Since January 2021 Food Monthly Inflation Costs Since January 2021 Shelter Monthly Inflation Costs Since January 2021 Transportation Monthly Inflation Costs Since January...January 2021 Energy Monthly Inflation Costs Since January 2021 Annualized Total Inflation Costs Since January 2021 Rank Alabama AL December 2024 22 1011 150 193 225 79 12133 36 Alaska AK December 2024 20 1273...Cumulative Total Inflation Costs since January 2021 Cumulative Food Inflation Costs since January 2021 Cumulative Shelter Inflation Costs since January 2021 Cumulative Transportation Inflation Costs since January...

Crisis GFC as well as partisan spending packages such as the American Rescue Plan Act ARPA and the Inflation Reduction Act IRA have significantly impacted recent debt growth Since 2007 debt held by the public...marketable debt and bills and bonds comprise around 20 percent each Other securities such as Treasury Inflation Protected Securities TIPS and Floating Rate Notes FRNs make up the remaining share 20 Proposed securities...maturity This reflects the increased risks of locking in capital for a longer term These risks include inflation running higher than expected which affects the real value of the security and interest rates rising...

Pakistan 616 26M 11 59 Macao 10 37M 10 18 Belize 6 75M 9 94 July 2025 Trade Update 13 Prices and inflation Exchange rates Terms of trade ToT is the ratio of a country s export prices to its import prices...July 2025 Trade Update 14 Exports Inflation of all exports was 2 21 percent year over year Inflation of agricultural exports was 3 43 percent year over year Inflation of nonagricultural exports was 2 02...02 percent year over year Table 15 Exported goods inflation Jul 2025 Jun 2025 M M difference Jul 2024 Y Y difference Month over month inflation All exports 0 13 0 53 0 40pp 0 54 0 41pp Agricultural exports...

The Biden administration is revitalizing U S construction and manufacturing jobs 10 Progress on inflation continued throughout 2023 though it still presents challenges for the Federal Reserve 12 Wage growth...directly led to record levels of manufacturing investment even after adjusting for inflation 29 The CHIPS Act and the Inflation Reduction Act s targeted investments in science and technology continue to drive...Act targets underserved communities for new manufacturing hubs and investment incentives 78 The Inflation Reduction Act s renewable energy tax credits provide incentives to invest in rural and underserved...

strength 5 GDP growth has remained positive throughout the Biden administration 6 Multiple measures of inflation continue to trend downward 7 Bipartisan infrastructure and CHIPS deals as well as IRA are dramatically...Recognition of interest rate risk is key to ensuring banking sector stability in a time of high inflation 57 Previous rollbacks of financial regulations left significant regulatory gaps and insufficient...investments in local economic development in the CHIPS Act Infrastructure Investment and Jobs Act and Inflation Reduction Act can leverage these effects to foster equitable economic growth 99 Guaranteeing housing...

without overheating the economy Expansionary policies would be less likely to lead to unwanted inflation and the size of the deficit would be of less immediate concern if economic growth accelerates toward...to working age people moving to where employment opportunities exist are important parts of the solution The JEC Majority is convinced that the U S economy has room to grow faster and belatedly experience...testified in 2015 that tuition prices have increased by 225 percent over the past 30 years after inflation 63 The 2017 Response explains that easy access of subsidized credit to nearly all college students...

productivity accelerating wage growth spurring innovation promoting capital 3 investment and containing inflation all of these are important policy goals But fewer than half of children today will make it to adulthood...recession Calendar year real inflation adjusted GDP grew 3 0 percent the highest growth rate during a recovery that began in 2009 and the highest growth rate since 2005 Inflation remained at or below the Federal...Federal Reserve s 2 percent inflation target Wage and salary indicators show that worker pay is growing at the fastest rate in a decade At 82 6 percent workforce participation rates among the prime working...