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Your World With Neil Cavuto

because of social media, because of cable news, because of 24/7. winning in iowa used to be the be-all and end-all in politics because there would not be another report for 24 or 48 hours. now, with 24 hours news, that victory matters for the first 24 hours, but not after that. >> neil: you know, frank, years ago we always talk about the battle over expectations, and sometimes it can be just as damaging for the candidate who has the big lead than the one who is nowhere near the lead. i thought of what happened in my home state of new jersey, when governor murphy was running for reelection and everyone thought he was going to win by a country mile, i think he was up eight or ten points in the polls and fairly one at all. i expect a lot of his supporters thought he was in good shape, union supporters, don't have to work too hard and nearly lost it. the only reason i raise that now, i don't know if the same would apply to donald trump, but you are a great historian with the stuff, you remember tom dewey, harry truman, his

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Your World With Neil Cavuto

retail inflation yesterday, 3.4%, which is still a heck of a lot better than the 9.1% it was running at about 18 months ago but lo and behold, wholesale reflation report comes out, these are the prices before the prices they get to us, and that was showing virtually no growth at all, about a 1% pick up year-over-year, which would technically be below the fed's target. this is way over my comprehension and ability to understand, but fortunately i've austan goolsbee with us, chicago federal reserve bank president, kind enough to help us out with this. austan, good seeing you. >> thanks for having me back, neil. >> neil: no, thank you. today's wholesale report, which to a lot of people kind of evened out the retail report. >> well, its bad news and there's good news. this highlights there are a lot of good measures of inflation. the bad news is, the producer price index probably the most noisy, least predictive of the inflation measures, so i don't

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