Video & Transcript : 'cash payment' :
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MN
Minnesota 2025-2026 Regular Session
House Energy Finance and Policy Committee 1/16/25
Energy Finance and Policy
Transcript Highlights:
- Revenue to the Renewable Development Fund comes from payments by utilities for the storage of dry casks
- Revenue to the Renewable Development Fund comes from payments by utilities for the storage of dry casks
- Revenue to the Renewable Development Fund comes from payments by utilities for the storage of dry casks
- Revenue to the Renewable Development Fund comes from payments by utilities for the storage of dry casks
- </c><00:38:29.920><c> that</c><00:38:30.079><c> kind</c> fair amount of uh Federal cash that kind fair
Committee:
House Energy Finance and Policy
OK
Oklahoma 2026 Regular Session
Energy and Natural Resources Oversight Mar 4th, 2026
Energy and Natural Resources Oversight
Transcript Highlights:
- Part one modernizes reporting of ag wages, changing reporting to federal standards from cash, which is
- Part one modernizes reporting of ag wages, changing reporting to federal standards from cash, which is
- With these agreements, there's going to be down payments, security deposits, those kinds of things, just
- And with these agreements, there's going to be down payment, security deposits, those kind of things,
Bills:
HB4246 , HB4230 , HB3617 , HB3657 , HB2976 , HB3391 , HB4459 , HB4128 , HB3989 , HB2989 , HB4060 , HB3145 , HB2992 , HB3464
Committee:
House Energy and Natural Resources Oversight
Summary:
The committee took up a long agenda of energy, agriculture, wildlife, water, and utility bills, adopting PCS drafts and amendments on several measures before voting them out. Early bills, including HB 4246 and HB 423, would let DEQ obtain technical assistance and instruction from outside suppliers, and both passed with 11-1 votes. HB 3617, the agricultural equipment right-to-repair bill, drew the most extended debate; supporters said it would help farmers and ranchers keep equipment operating and preserve access to parts, tools, and diagnostics, while opponents raised concerns about private contracts, intellectual property, and government mandates. The author agreed to continue working on the language and to strike the title later, and the bill passed 13-9-2. HB 3657, updating agricultural wage reporting and adding the Workforce Commission to employment-data recipients, passed 15-0. HB 2976, directing DEQ to set water-quality criteria for aluminum using EPA guidance as a tool, passed 14-1. HB 3391, requiring licensed commercial pet breeders to display their ODAF license number in advertisements, passed 15-0.
The committee also advanced several natural resources and land-use measures. HB 4459 created a voluntary five-year averaging option for permitted water users, with metering required only for participants; members emphasized that nonparticipants could continue current practices unchanged, and the bill passed 12-1-3. HB 4128, as amended, moved Oklahoma’s bear season earlier by two weeks; the author said it was intended to address nuisance bears in southeast Oklahoma and protect hunters and landowners, while members raised concerns about population impacts and whether the Wildlife Department could manage harvest levels. The bill passed 13-1-2. HB 3989, described as a cleanup bill from the earlier “one megawatt fight,” passed 15-1 after the author said a compromise had been reached. HB 2989, as amended, authorized electric utilities to prepare wildfire mitigation plans and created a revolving fund, with the amendment limiting recovery to reasonable and prudent mitigation costs; the author said it was not a liability shield, and the bill passed 14-1.
Later, the committee considered utility and renewable-energy regulation. HB 4060, the Plug-in Solar Act, addressed interconnection agreements and behind-the-meter solar for residents; it passed 14-1. HB 3145 cleaned up language affecting the commercial hunt industry and passed 14-1. HB 2992, the Data Center Customer Protection, Ratepayer Protection Act of 2026, would require new large-load customers such as data centers, crypto mining, and AI facilities above 75 MW to cover their own infrastructure and provide collateral so costs are not shifted to ratepayers; members discussed protections for existing contracts and utility oversight, and it passed 14-1. Finally, HB 3464 imposed common-sense regulations on wind, solar, and battery storage projects, including surety bonds for land restoration, permit fees to support local fire departments, and a 30-day Fire Marshal response timeline; the author said more amendments were likely, and the bill passed 14-0. The meeting then recessed and adjourned.
FL
Florida 2025 Regular Session
November 5, 2025 - 01:30 PM
Transcript Highlights:
- other court decision that could possibly intrude on the exclusivity of the compact, the revenue payments
- and they can't pay rent, or they can't make, or they've spent so much money they can't even make payment
- You know, when you've got a location that's a cash business and it's functioning outside of the bounds
- I had 191 slot machines in it, $650,000 in cash. We looked and a gold bar.
Summary:
The subcommittee first took up House Bill 197, which would require all private employers in Florida, regardless of size, to use E-Verify for new hires and eliminate the current exemption for businesses with fewer than 25 employees. The sponsor said the system is free, uses information already collected on I-9 forms, and helps employers confirm work authorization; supporters argued it simply enforces existing law and closes a gap in current requirements. Opponents, including labor and policy groups, said the bill would burden small businesses, could produce errors, and should be addressed through comprehensive federal immigration reform rather than state mandates. Members also raised concerns about implementation, enforcement, and potential impacts on workers and employers in industries such as agriculture, hospitality, and small business. The committee voted along party lines to report HB 197 favorably.
The committee then received an update from the Florida Gaming Control Commission, beginning with new Executive Director Alana Zimmer and then Director of Gaming Enforcement Carl Harold. Zimmer outlined the commission’s structure, staffing, legal slot and card room locations, and the Seminole gaming compact, noting that changes in state law or court rulings could affect compact revenue. Members asked for additional information on salaries, commission vacancies, and how veterans’ organizations can determine whether gaming machines are legal. Harold described the commission’s enforcement work against illegal casinos, saying they are widespread, often exploit vulnerable patrons, and can be tied to organized crime, weapons, drugs, and other offenses.
Harold reported thousands of complaints, more than 4,000 illegal slot machines seized, over 100 illegal casinos raided, millions in proceeds recovered, and numerous arrests and joint operations with other agencies. He said the main barriers are weak misdemeanor penalties and limited staffing, and requested two additional enforcement squads, one in southwest Florida and one in Jacksonville. Members questioned the cost of the request, storage of seized machines, coordination with local law enforcement, and how the public can report illegal gambling. The commission said it works with local agencies, has many MOUs, and directs the public to its website and law enforcement hotline for reporting.
OK
Oklahoma 2026 Regular Session
Appr/Sub-Health and Human Services Jan 29th, 2026 at 09:30 am
Transcript Highlights:
- Allisa has been a cash burn.
- the $4 million dollars of appropriations from the state to We have been operating the home using our cash
- We've stopped maintaining and sustaining that because it was becoming quite the cash exercise.
- which we have to go over every Couple weeks and justify our budget before we get to our allotment of cash
- And so we're just sort of the pass-through for those payments.
CA
Transcript Highlights:
- middle column, you’ll see 2025, a couple of bills passed: SB 525, mobile homes, and the recurring payments
- So what that means is if we don't have $1.25 billion in cash, we have to assess to even pay the deductible
- So if we do run into cash flow issues, we can access that first before we have to turn to the industry
- Right now, we're still running at a member's deficit, so we don't even have enough cash on hand to cover
- We're still running at a member's deficit, so we don't even have enough cash on hand to cover our liability
Committee:
House Insurance
ID
Transcript Highlights:
- streams include the rent revenue from the building we purchased in 2020 and the interest earned on our cash
- streams include the rent revenue from the building we purchased in 2020 and the interest earned on our cash
- Your Health Idaho carries no debt and maintains cash reserves equivalent to six to nine months of operating
- In business, cash is king, followed quickly by key performance metrics, efficiency gains, and results
- As Idahoans find they are unable to afford their premiums and carriers terminate coverage for non-payment
Committee:
House Health and Welfare
MN
Transcript Highlights:
- And then the other bill, I can't remember which one, will be a cash bill.
- Glad to report that the staff had me take a guess and I put that the bill we just passed was the cash
- Uh that also will have cash bill.
- bill and the next passed was the cash bill and the next one's<00:09:04.680><c> the</c><00:09:04.760>
- And would be paid under the general education aid payment schedule.
Committee:
Senate Finance
NM
New Mexico 2026 Regular Session
House - Appropriations and Finance Jan 16th, 2026 at 09:09 am
House Appropriations & Finance
Transcript Highlights:
- Chair, is if it's government payments It's not taxed as income, but it is truly, I believe, a form of
- Thank you And then the lead of cash balance in your department is 76 million as of I believe November
- Chair, Representative, I also just add, like Deputy Secretary said, that cash balance or that fund balance
- Nathan is managing mostly the budget and the rates within budget and finance, and then we have our cash
- years, Arsenio Garduño, and one who Dominic has been here for 16 is taking on two roles as the interim cash
Committee:
House House Appropriations & Finance
WY
Wyoming 2026 Regular Session
House Floor Session-Day 12, February 23, 2026-PM
Wyoming House Floor Meeting
Transcript Highlights:
- An act relating to debit card payments.
- </c> acceptance of debit card payments. acceptance of debit card payments.
- And they say, ‘Well, we can only do that with your cash.’
- Cuz I could do a semester and get some cash.
- I'm just I'm afraid when I look at cash.
FL
Florida 2026 4th Special Session
February 16, 2026 - 10:00 AM
Transcript Highlights:
- It provides that debit card transactions shall be treated the same as cash transactions and prohibits
- The bill revises the timeline for mailing of payments for salary and travel expenses of certain field
WA
Washington 2025-2026 Regular Session
Senate Transportation Jan 13th, 2026 at 04:00 pm
Transportation
Transcript Highlights:
- Debt payments make up, back in the pie chart here, 11.6% of the budget, so a pretty big chunk, a good
- And so we're using that to bond, and then we're taking cash, which we are using for preservation.
- We're taking cash, which we are using for preservation and maintenance, which are not bondable activities
- You all have to manage the cash flow of the system and make sure that we can meet all our obligations
Bills:
SB6005
Committee:
Senate Transportation
Keywords:
transportation budget, transportation appropriations, capital budget, supplemental budget, Washington State Department of Transportation, WSDOT, Washington State Patrol, Department of Licensing, ferries, Puget Sound ferries, tolling, express toll lanes, highway safety, traffic safety, impaired driving, ignition interlock, speed cameras, transit funding, public transit, multimodal transportation
WA
Washington 2025-2026 Regular Session
Senate Transportation Jan 13th, 2026
Transcript Highlights:
- Debt payments make up, back in the pie chart here, 11.6% of the budget, so a pretty big chunk, a good
- So we’re using that to bond, and then we’re taking cash, which we are using for preservation.
- That to bond, and then we’re taking cash, which we are using for preservation and maintenance, which
- You all have to manage the cash flow of the system and make sure that we can meet all our obligations
Summary:
The Senate Transportation Committee met on January 13, 2026, for a work session on Governor Ferguson’s proposed 2026 supplemental transportation budget and a public hearing on Senate Bill 6005, which makes supplemental transportation appropriations for the 2025–27 biennium. Committee staff reviewed the transportation budget outlook, noting that the 2025 session had balanced the transportation budget over four years with significant new revenues, but that recent fuel-tax and Climate Commitment Act forecasts had softened the long-term outlook. Staff and the governor’s budget team said the proposal still leaves the budget in positive shape while addressing major needs such as preservation, ferry replacement, maintenance, and the state self-insurance account.
The governor’s office described a $16.8 billion transportation budget proposal centered on preservation and maintenance, including $3.1 billion in bonding for eligible preservation projects, $1.1 billion for three new ferries, additional ferry preservation funding, pavement and bridge work, maintenance funding, County Road Administration Board startup money, State Patrol communications upgrades, DOL service access improvements, dredging for the Lower Columbia River, and restored regional mobility grant funding. Committee members asked about ferry capacity, DOL mobile offices, self-insurance costs, and whether additional preservation money could be used in 2026. Testifiers from cities, counties, labor, ports, construction, business, and environmental groups generally supported the emphasis on preservation, ferry reliability, local road funding, and freight projects, while some urged broader transit and rail investment and one witness criticized the budget’s spending approach.
During public testimony on SB 6005, speakers from Bainbridge Island and ferry communities supported ferry investments and reliability improvements; local government and labor representatives backed preservation funding and better working conditions for transportation workers; business and construction groups endorsed maintenance, paving, bridge repair, and the Lower Columbia dredging item; and port and environmental advocates supported freight, port electrification, and rail funding. One witness raised concerns about the cost and long-term implications of hybrid-electric ferry maintenance, and another urged restraint in spending. The hearing ended after testimony, with the chair noting the sign-in tally and adjourning the committee without a vote on the bill.
WA
Washington 2025-2026 Regular Session
State Rep. Shaun Scott Press Conference Dec 2nd, 2025
Transcript Highlights:
- The Washington State Office of Financial Management has identified cash assistance programs, higher education
- the lights on in the hospitals, the changes to Medicaid and to the disproportionate share hospital payments
- districts—Franklin County, Benton County, and others—you see very, very high rates of reliance on food stamps and cash
- people across Washington State, understanding that we see actually higher density rates of support for cash
Summary:
The meeting was a press conference and Q&A led by Rep. Shaun Scott to promote the proposed Well Washington Fund, a new dedicated account intended to raise about $3 billion annually through a corporate payroll tax on wages above $125,000. Scott said the bill would help offset expected federal cuts under Trump-era policies and support programs most at risk, including cash assistance, higher education, health care, housing, and wildfire mitigation. He also referenced two related proposals: restoring wildfire mitigation funding by ending a tax break for large banks, and allowing counties to raise corporate taxes.
Several advocates and affected residents testified in support of progressive revenue. Michelle Thomas of the Washington Low Income Housing Alliance warned that federal homelessness policy changes and state underinvestment could worsen homelessness and evictions. Christina Savitsky, a disabled veteran, described how Medicaid, food assistance, and work requirements would affect her family. Representatives from the University of Washington AAUP said federal cuts and Medicaid changes threaten teaching, research, workforce training, and hospital finances. Fatima Boxwala of Tech for Taxes and Mikey Stramskis of the Washington Federation of State Employees argued that large corporations and the wealthy should pay more to sustain public services and address understaffing, burnout, and service backlogs.
In the Q&A, Scott said the bill may need an emergency clause to make it referendum-proof and argued that the legislature has a mandate to act, citing the 2024 capital gains tax referendum and the state’s regressive tax system. He acknowledged concerns about businesses leaving but said he was more concerned about working people being displaced by unaffordable housing, child care, and health care. No vote or formal committee action occurred; the event was a call for a hearing in the House Finance Committee in 2026 and for legislative passage in both chambers.
AZ
Transcript Highlights:
- And then provision number seven: limitations on state-directed payments.
- You heard if the payment error rate is above 6%. You're at 9.
- It's also that it's the duplicate payments. It's the lack of verification.
- Improper Medicaid payments cost states millions annually.
- Improper Medicaid payments cost states millions annually.
Committees:
House Health & Human Services , House House Health & Human Services Committee of Reference
Keywords:
physician assistants, licensure compact, medical services, multistate practice, patient care access, healthcare workforce, military families, adverse actions, dementia care, telementoring, healthcare education, rural communities, grant funding, HB 2233, rural health transformation, rural health transformation program, AHCCCS, Arizona Health Care Cost Containment System, Joint Legislative Budget Committee, JLBC
CA
California 2025-2026 Regular Session
Assembly Privacy and Consumer Protection Committee Mar 3rd, 2026
Privacy and Consumer Protection
Transcript Highlights:
- So, and then for the young ladies sitting next to you: You mentioned cash and cards.
- Like, all of a sudden, we did run into companies that say we don't take cash.
- And certainly, cash is fungible. It does not tie you to a location.
- And Professor Mulligan did talk about cash. You can pass legislation.
- And the Professor Mulligan did talk about cash.
Committee:
House Privacy and Consumer Protection
TX
Transcript Highlights:
- It'll be a little bit less for obvious reasons on the second payment.
- In addition to the $23.8 billion in cash carryover, the 2026-27 biennium includes tax revenues of $155.4
- an enormous infusion of federal dollars into the economy, contributed to last session's historical cash
- way that maintains its purchasing power and liquidity while keeping only 10% of the fund balance in cash
- Yes, the cash carryover balance. Yes, ma'am. Any ARPA funding in that?
Committee:
Senate Finance
Summary:
The Senate Finance Committee convened for its first hearing of the 89th regular session, confirmed a quorum, adopted committee rules by a 15-0 vote, and began review of Senate Bill 1, the state budget for fiscal years 2026-27. Chair Huffman outlined the committee’s organization, introduced staff, and described the budget as conservative and focused on one-time investments. She highlighted major SB 1 priorities including property tax relief, full funding for public education formulas, teacher pay, school safety, border security, Medicaid growth, dementia research, energy and water infrastructure, transportation, wildfire suppression, and other capital and public safety needs.
Comptroller Glenn Hager presented the biennial revenue estimate, saying the state has $194.6 billion available for general-purpose spending in 2026-27, with a projected $23.8 billion ending balance from the current biennium. He cautioned that revenue growth is returning to more normal levels and that lawmakers should avoid committing short-term surpluses to ongoing expenses. He also explained that the Economic Stabilization Fund is projected to hit its constitutional cap, meaning an estimated $5.6 billion in severance tax and related revenue would remain in general revenue in the upcoming biennium rather than flow into the fund. Senators discussed whether to raise or rename the fund and the implications of keeping more severance-tax revenue in general revenue.
The Legislative Budget Board then gave an overview of SB 1 and the budget’s major funding changes. LBB staff explained that the bill is essentially flat at $332.9 billion in all funds, but includes large method-of-finance shifts and major property tax relief. They detailed how prior property tax relief enacted in the 88th Legislature grew from an estimated $18 billion to $22.7 billion because of higher property values and hold-harmless provisions, and said SB 1 continues that relief with a total of $51 billion in ongoing and new property tax support. Members asked extensive questions about the automatic growth in school tax compression, the constitutional homestead exemption, COVID-era federal funding, Medicaid assumptions, and the sunset of the non-homestead circuit breaker. No additional votes or final budget actions were taken beyond adoption of the committee rules.
MA
Massachusetts 2025-2026 Regular Session
Joint Committee on the Judiciary Jun 21st, 2026 at 01:00 pm
Joint Committee on the Judiciary
Transcript Highlights:
- We respectfully, it aims to create stronger enforcement and penalties for wage non-payment and enhance
- We have H. 1863, an Act relative to structured settlement payment protections.
- When I didn't have cash that he could demand from me, he would steal my credit cards.
- When I didn't have cash that he could demand from me, he would steal my credit cards.
- To make these payments, I had to cut down on my expenses, including food.
Committee:
Joint Joint Committee on the Judiciary
Summary:
The Joint Committee on the Judiciary held a lengthy public hearing on a wide range of civil actions, labor, consumer protection, and animal welfare bills. Chair Lydia Edwards and Representative Michael Day opened with strict testimony rules and time limits, then heard from legislators and advocates on measures including animal-abuser pet ownership bans (S. 1207/H. 1914), a name-change privacy bill (S. 1045/H. 1973), tort claims reform (H. 1724), law enforcement council coverage under the Tort Claims Act (S. 1199), civil rights and qualified immunity-related proposals (H. 1641), employee free speech/captive audience restrictions (S. 1078/H. 1653), consumer protection and civil rights jurisdiction expansion (S. 1041), private right of action for wage theft (H. 1916), gun-owner liability insurance (H. 1836), pseudoephedrine sales tracking (S. 1243/H. 1581), prepaid legal services plans (H. 1612), structured settlement protections (H. 1863), third-party litigation financing disclosure (H. 1861), antitrust reform for small businesses and workers (S. 1038/H. 1982), legal notices in online-only newspapers (S. 1279/H. 1632), and several animal cruelty and protection bills including H. 1938, H. 1949, S. 1277/H. 1934, and H. 1764.
Testimony was largely supportive from bill sponsors and advocacy groups, with repeated themes of protecting vulnerable people and animals, improving access to justice, and updating outdated laws. Supporters of the animal bills argued for stronger possession bans, broader cruelty citations, and civil removal tools to prevent repeat abuse; opponents or conditional supporters raised due process and enforcement concerns, especially around warrantless seizures and requiring retail or shelter staff to check registries. On the labor and consumer side, supporters said the antitrust bill would curb monopoly power and help small businesses and workers, while opponents warned it could destabilize competition and burden successful firms. The employee free speech bill was backed as a response to captive audience meetings, and the wage-theft bill was presented as a way to let workers or organizations pursue claims when individual employees are afraid to come forward.
Several public officials and association representatives testified on the law enforcement and civil rights bills. Chiefs of police supported adding law enforcement councils to the Tort Claims Act, saying it would close a liability gap for regional mutual-aid collaborations. But police representatives opposed changes to the Massachusetts Civil Rights Act and qualified immunity-related provisions, arguing the federal system already provides a workable forum and that expanding liability could increase costs, reduce morale, and worsen recruitment and retention. On the consumer/civil rights bill, Senator Collins and a veteran described an out-of-state assault case that they said showed the need for Massachusetts to let residents seek redress at home when rights are violated elsewhere.
No votes or formal committee actions were taken during the hearing itself; the committee mainly received testimony and questions. Several witnesses indicated they had submitted written testimony or proposed amendments, and some bills drew requests for favorable reports while others were explicitly opposed unless amended.
NM
New Mexico 2025 Regular Session
House - Chamber Meeting Nov 10th, 2025
Transcript Highlights:
- individuals and families normally receive, whereas there continues to be uncertainty about the timeline for payment
- Silva, and Little, an act relating to general appropriations, making appropriations from legislative cash
HI
Hawaii 2025 Regular Session
EEP Public Hearing - Tue Mar 11, 2025 @ 9:00 AM HST
Energy & Environmental Protection
Transcript Highlights:
- </c><00:11:47.040><c> methods</c><00:11:47.560><c> outlined</c> combination of payment methods outlined
- combination of payment methods outlined in<00:11:48.120><c> my</c><00:11:48.720><c> testimony</c><00
- All of this is designed to give us either the financial flexibility or actually raise the cash to get
- equity raise five about one payment of equity raise five about one payment of the<00:29:14.159><c> four
- to get the actually raise the cash to get the remaining<00:29:21.360><c> 1.5</c><00:29:22.080><c> to
Committee:
House Energy & Environmental Protection
Summary:
The committee on Energy and Environmental Protection heard testimony on Senate Bill 897, which would create a Wildlife Liability Trust Fund within DCCA for administrative purposes. The chair opened by noting the hearing had to end by noon because of floor session, and that written testimony would be considered if not all witnesses could speak. Testimony included support from DCCA, the Attorney General’s office, the Public Utilities Commission, Charter Communications, Ulupono Initiative, AES Hawaii, Hawaiian Electric, Clearway Energy Group, Kauai Island Utility Cooperative, Hawaiian Telcom, and IBW Local 1260, with opposition or concerns from the Hawaii Association for Justice and some others. Hawaiian Electric strongly supported the bill and asked for amendments, saying the fund would help address wildfire liability, protect customers and the economy, and support restoration of investment-grade credit; it also proposed a larger shareholder contribution and said the bill was part of a broader effort to raise settlement funds and improve grid safety and resiliency.
Committee members focused heavily on whether the bill would actually lower costs for ratepayers and improve credit ratings. DCCA said there was a nexus between limiting liability, creating a sufficiently large wildfire fund, and transparent mitigation requirements, but acknowledged there was no guarantee of a credit-rating improvement or precise estimate of rate impacts. Members questioned Hawaiian Electric about the assumptions in its cost comparisons, the 30-year securitization structure, and whether funding could be shifted later to shareholders after credit was restored. Hawaiian Electric responded that the bill assumes the fund is paid through securitization, that removing that presumption could undermine the credit-rating benefit, and that its models suggest credit-spread savings could offset the customer charge over time; it also said it would follow up with additional analysis. The company and Ulupono both described the measure as a difficult but potentially necessary way to socialize wildfire risk and avoid a larger crisis later.
The Hawaii Association for Justice opposed the bill’s liability caps and raised concerns about consumer rights, oversight discretion, statute-of-limitations changes, and evidence rules. Hawaiian Telcom suggested amendments to clarify compliance with FCC pole-attachment agreements. No vote or final action was taken during the portion of the hearing provided, and members indicated they wanted more analysis before being comfortable with the bill’s long-term ratepayer impacts.
NH
New Hampshire 2025 Regular Session
House Ways and Means (01/14/2025)
Transcript Highlights:
- </c> rent um they may have mortgage payments rent um they may have mortgage payments so<00:30:34.039>
- payment, which is the most common down payment size.
- </c><01:39:05.520><c> on</c> important uh monthly home payments on important uh monthly home payments
- The monthly payment difference.
- on the state holding cash, and some of that cash is one-time federal funds.
Summary:
The meeting was a Ways and Means briefing opened by the vice chair, who introduced Jason Wong of the Federal Home Loan Bank of Boston to discuss the national and regional economy. Wong focused on inflation, asking why it had fallen from about 9% in 2022 to the 2%–3% range, and what that meant for monetary policy and the risk of an economic downturn. He said the Fed’s target is 2%, noted that recent PCE inflation was about 2.4% and core PCE about 2.7%, and described the ongoing debate over whether interest rates should stay tight or be lowered further to protect the labor market.
Wong explained that the improvement in inflation has been driven largely by goods prices, especially durable goods such as cars, appliances, and furniture, as well as non-durable goods like food. He said supply-chain disruptions during the pandemic caused major price spikes in 2022, but those pressures have eased and many goods prices are now at or below the Fed’s target. He also referenced the New York Fed’s Global Supply Chain Pressure Index, saying it showed extreme pandemic-era disruptions that have since receded.
The main remaining inflation problem, he said, is in services, especially housing. Wong broke services into rent of shelter and all other services, explaining that shelter is a large share of household budgets and that housing inflation has a lag because rent measures often reflect older lease terms rather than current market rents. He said monthly Zillow data suggest market rents have cooled and may eventually feed through to official inflation measures. Members asked several questions about the chart’s time scale, the treatment of real estate, property taxes, and utilities, and Wong clarified that housing costs are counted in services and that the slides would be shared digitally. No votes or formal actions were taken.