We understand that with so many trends influencing the market and so little time to grasp them all, it can be difficult to digest.
And there is a bipartisan bill that passed the house that we're supported of would love to see the Senate vote on it.So uh President Biden has also proposed a tax rebate for first time home buyers. So interesting in agriculture, I want to ask you about your overall outlook for inflation looked like it was stalling in the first quarter.
But um there's month to month variation and um one of the pieces that has been keeping inflation above the Fed's target is housing costs. They set interest rates in order to make sure inflation comes down, but also to um keep the economy uh operating near full employment and their projections suggest that most members of the committee um envision that there will be some interest rate cuts later this year or next year.
And his 2025 budget um proposes an additional $3 trillion of deficit reduction um over the next 10 years. And we have to make sure that we address that exploration in a fiscally sustainable and responsible way. And I think it's responsible um for many of the problems that we face now with the um our fiscal trajectory.The administration levied new tariffs on $18 billion of Chinese imports back in May.
So um China for example, has enough capacity to produce solar panels that it will exceeds entire global demand. I don't know if you saw it was in Barons just talking about this very topic and talk about how shipping rates have soared. Yeah, that, that takes capacity o off the market because if you think about it, the capacity constraint is how long it takes to ship from point A to point B.But also I think the shipping container lines, I mean, they have a massive amount of market share.And his historically have been bad at managing price and, and passing those uh some of their costs on to consumers and managing uh their ability to manage price.
So uh a lot of what you see in terms of the transportation cost and those retail goods, transportation is a relatively small piece of the actual cost of goods sold.
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