Retail Sales Rise on Strength of the Rich & Senate Confirms Stephen Miran to the Fed

Ed Elson hosts Prof G Markets, a podcast delivering market insights and economic analysis. The episode begins with a review of the previous day's market performance, noting marginal declines in major indices as traders await the Fed's interest rate decision, alongside other financial updates including Oracle's involvement with TikTok. The core discussion revolves around recent retail sales data, which appears positive on the surface but is revealed to be driven primarily by the spending habits of the top 10% of American earners. Economist Mark Zandi joins the podcast to discuss this data, highlighting the increasing dependence of the U.S. economy on wealthy individuals and the potential risks associated with this skewed distribution of spending. The episode concludes with an analysis of Stephen Miran's appointment to the Federal Reserve, raising concerns about the Fed's independence due to Miran's ties to the White House and his advocacy for greater executive control over monetary policy.