ukraine, and those of a russian spy base in cuba. mike gallagher of wisconsin joined me now, chairman of the house select committee on china. welcome, good to see you again. you wrote this week for my newspaper that the administration is pursuing zombie engagement. what do you mean? reporter: like a zombie in a horror movie, rising from the grave the biden administration is bringing back diplomatic and economic engagement from the dead. there are three risks to this approach, the first, even to get to the negotiating table the biden administration is slow rolling steps to defend ourselves from chinese coming is party aggression like ending expert licenses to while away, sanctioning officials engaged in genocide or transparency when it comes to the spy base in cuba. the second is because biden is afraid of provoking xi jinping and the relationship spiraling out of control, we incentivized the ccp to act, no matter what we do and the third and most basic concern is that it is
if you look at the core cpi consumer price index, 0. 4 or 0. 5 back to november and there s the tool that i recommend the cleveland fed that gives our cast for inflation, at the cleveland fed with the latest numbers, inflation is running at an annual rate of 2% so it doesn t look to me like they have made any progress. i m sure there s top line improvement because of energy prices but core inflation or future inflation hasn t budgeted since the fed is hiking last fall. paul: the fed made a mistake in pausing last week, you think they should have raised it again, and we will have two more increases after this pause this year? could that be an underestimate? absolutely they made a huge mistake. one of the things that s going
consecutive decline on record ever posted, 25 months in a row. biden s policies, if real wages are down, that means firms can make higher profits so it s not a surprise wall street would be celebrating because workers have to adjust for inflation. they are getting cheaper for 25 months. paul: thanks for joining us. still had, the san francisco exit is continues as a major mall operator, walking away from properties in the beleaguered city by the bay. with 30 grams of protein. scientifically designed with carbsteady to help you manage your blood sugar. and more protein to keep you moving with diabetes. glucerna live every moment i gave my dad the ancestrydna® kit. honestly, i saw it on sale and i was a- broke grad student so i like a sale. i think it was a good gift. it blew my mind. give ancestrydna®. now on sale for father s day.
feet, roll around on the floor and have a tantrum every time they don t get one hundred% victory for their agenda and instead vote with democrats to block gop priorities you are not going to see much get done in the house and this is a decision these rebels have to make. do they want to see some progress or none? they are more interested in headlines. paul: the debt ceiling bill, if they stick together you succeed and if you don t you fail. one of these critics, the bill passed in the house, that the starting point. what kind of negotiation is that, you name a price, you think the other guys going to name a better price for you. that s not how this works. paul: the fed pauses interest rate increases as inflation cools. could the us economy be poised for a soft landing after all? we will ask kevin hassett next. improvements in remi s health.
inflation moderated since last year but inflation pressures continue to run high, the process of getting inflation back to 2% has a long way to go. paul: the former chairman of the council of economic advisers at the white house and distinguished visiting fellow. inflation numbers are down, considerably, are they down enough to relax about? i disagree that they are down. one of the things that is happening is people look at the year-over-year change relative to last year and last year, if you go back 12 months, a month later, you are rolling out 1% so it makes the 12 month change go down a lot but i like to look at the most recent few months.