Transcript Highlights:

• shall include accommodation of fully funded arrangements as well as varying degrees of self-funded pool
• The problem of mixing self-funded and fully funded is that it's the size of the pool.
• If you split the pools and they're different sizes, then your costs are going to go up.

Keywords: 996, all

Transcript Highlights:

• August of last year, Dustin Kohaa was found unresponsive at the Kamehameha Schools' Kapalama swimming pool
• Today, Dustin is a college student at Dartmouth. swimming pool.
• Lifeguards immediately swimming pool.

Keywords: 912, senate, all

Transcript Highlights:

• assistance award is granted, there remains a significant balance still owed to the landlord, which leaves
• assistance award is granted, there remains a significant balance still owed to the landlord, which leaves
• that there isn't enough park space for the youth soccer and baseball leagues, there isn't a swimming pool
• At least a quarter of renters pay more than half of their income in rent and utilities, leaving little
• So I'll leave it to you three to divvy up the 10 minutes. Great, thank you.

Keywords: 995, all

Summary: The Joint Committee on Housing held its second introductory hearing to frame the session’s housing agenda. Chairs Cyr and Haggerty described the hearing as a chance to hear a wide range of perspectives on Massachusetts’ housing crisis, including underbuilding, zoning and permitting barriers, rising costs, and the need for both state and local action. The committee heard from court, municipal, advocacy, and regional housing leaders, with recurring themes of increasing supply, preserving existing housing, preventing displacement, and expanding resources for renters and homeowners. Chief Justice Diana Horan of the Housing Court said the court is handling more than 40,000 new filings annually with only 15 judges, and estimated the court would need about 21 judges to meet demand. She described complications from RAFT-related stays, mental health and guardianship issues, aging housing stock, and the new eviction sealing law, which she said was being implemented smoothly but may require additional resources if filings continue to rise. The Massachusetts Municipal Association and MAPC emphasized that municipalities need flexibility, funding, and better tools such as MassWorks, Housing Works, H-DIP, 40R reforms, inclusionary zoning changes, and a local option transfer fee; they also said local control concerns and long permitting timelines remain major barriers. MAPC and others stressed that supply growth alone will not solve the crisis and urged continued support for subsidized housing, access to counsel, and modular/off-site construction. Advocates and housing providers focused on displacement, preservation, and tenant protections. Homes for All Massachusetts and Mass Law Reform Institute called for rent stabilization, stronger tenant protections, foreclosure prevention, elimination of junk fees, continued funding for RAFT and HomeBASE, and expanded access to counsel. Mass Union of Public Housing Tenants said the state needs far more extremely low-income housing, more operating subsidy, and major investment to repair public housing, while also supporting tenant technical assistance during redevelopment. Franklin County’s housing authority warned that rural communities are being left out of many state programs and asked for a rural LIHTC set-aside, a permanent rural credit boost, and a review of housing choice programs. A Massachusetts Taxpayers Foundation researcher presented findings that communities that add housing generally see stronger municipal finances, and that housing growth can improve property tax and state aid outcomes. Seasonal community representatives from Cape Cod, Martha’s Vineyard, and Nantucket described extreme affordability pressures and the need for tailored tools. Nantucket’s housing trust chair said the island has made progress through local funding, inclusionary zoning, and deed-restricted units, but still needs a real estate transfer fee and faster ways to preserve year-round housing. Across the hearing, members and witnesses repeatedly returned to the need for a mix of production, preservation, tenant protections, and local flexibility, rather than relying on any single policy solution.

Transcript Highlights:

• Some of the items are consistent for all of them, where we talk about like the new and vacant FTE pool
• funding amounts or any new FTE positions. about like the new and vacant FTE pool funding amounts or
• So if you want to leave it on the books, you can.
• So we did everything we could to leave that intact. Okay, continue. All right. Let's see.
• We're going to leave a minute early, or is it 31 minutes early?

Summary: The committee first received a general fund and revenue update from the Office of Management and Budget. Staff reported that the state started the biennium about $176 million above prior estimates, but year-to-date revenues were now running below legislative forecast, mainly due to lower individual income tax and sales tax collections. The budget stabilization fund was above its cap, the legacy fund continued to grow, and oil revenues were slightly above forecast overall. Members also asked about federal funding uncertainty and mineral leasing variability, and OMB said agencies would be asked to address potential federal reductions case by case during budget preparation. The committee then reviewed compliance reports and trust fund analysis materials, followed by a bill draft for a fixed-route city transportation grant program. Testimony from transit officials in Fargo and Minot supported the proposal, saying state aid would help match federal transit funds and support operations, but members raised questions about the funding source, fare structures, and whether the program should be limited to the current four fixed-route cities or allow future eligible cities. Several members asked for more time to study the formula and possible funding options before moving the bill forward. Next, the committee approved a bill draft repealing obsolete language related to a proposed North Dakota-South Dakota bi-state authority. Staff explained the provision had been unused for about 30 years and that existing law likely already allowed joint powers agreements without the specific language. The committee voted to adopt the repeal bill draft. The Department of Commerce and the Northern Plains UAS Test Site then provided an update on uncrewed aircraft system initiatives, including the Vantis radar data enclave, the drone replacement program, and future revenue models. Officials said North Dakota had received FAA approval to operate the radar data pathfinder, had begun replacing non-compliant drones from restricted foreign sources, and was working on phased procurement and cost-recovery plans. Members asked about deadlines, funding, supply-chain issues, and how the system would be used; staff said the federal restrictions were already in effect and that Vantis was being positioned as infrastructure for future beyond-visual-line-of-sight operations. Finally, the Department of Corrections and Rehabilitation presented on the design of a new minimum-security prison and on a reentry housing task force. The new facility is planned for the penitentiary grounds, with a reduced estimated cost of about $263 million, 600 beds initially, possible expansion to 732 beds, and completion projected around 2031 if funded in 2027. The reentry housing task force described a data-driven effort to identify housing needs for people leaving incarceration, with the goal of reducing homelessness and recidivism through targeted housing support and possible subsidies. Members asked about staffing, site selection, housing duration, and whether employment and transportation needs would be included in the assessment.

Transcript Highlights:

• <02:05:18.960> it don't include that and you leave it don't include that and you leave it
• ,<04:03:31.040> I'll Representative Walsh at a pool, I'll Representative Walsh at a pool,
• Why are people leaving?
• So, if people leave the small effects.
• costs<04:59:32.798> keep of people leaving because the costs keep of people leaving because

Keywords: 1189, house, all

Transcript Highlights:

• veterans definition for purposes in Massachusetts shall be the same as the federal definition and leave
• With each baby, I used all of my sick days during maternity leave and then went into unpaid time to be
• after we speak and leave you with these wonderful, wonderful people here.
• During my first 10 years as a trooper, we had never heard of anyone leaving the State Police other than
• Their reasons for leaving were largely due to the better wages, better incentives, and better pension

Keywords: 995, all

Summary: The committee heard testimony on a range of public retirement and municipal health insurance bills. Mass Retirees and the American Federation of Teachers supported House 2890/Senate 1848 on transparency in municipal health insurance, arguing that broker and consultant roles should be clearly defined, commissions disclosed, and dual roles prohibited to reduce conflicts of interest and costs. They also supported House 2799/Senate 1848 on protecting municipal retirees from future premium contribution increases, House 2854 on voting rights for surviving spouses in retirement board elections, and Senate 1917 on updating the definition of veteran for retirement purposes. Committee members discussed whether the veteran definition should simply conform to the federal definition going forward. Educators testified in support of House 2769/Senate 1921, which would allow teachers with at least 20 years of service to buy back creditable service for periods when they worked part-time while raising children. Multiple teachers described the financial and retirement penalties they experienced after stepping down to part-time work for child care, calling the current system inequitable and a “mom tax.” Sponsors and supporters said the bill is intended to correct that disparity and help retain teachers, while one committee member noted it appeared neutral on an actuarial basis. The committee also heard strong support for Senate 1908, which would raise the cap on outside income for public pension recipients, from retired State Police troopers who said the current limit is outdated and unfair to those forced into disability retirement after line-of-duty injuries. Another State Police representative supported House 2910 on state police pensions, citing recruitment and retention problems under current pension rules. In contrast, Hampden County Regional Retirement System officials and the Massachusetts Association of Contributory Retirement Systems opposed House 2745, a bill to restructure the Hampden County system’s governance, arguing it would weaken PERAC oversight and create an unworkable local system. They instead supported House 2813, which would extend the time to fill a vacant fifth member seat on retirement boards. At the end of the hearing, the committee voted to adjourn the hearing.

Transcript Highlights:

• I believe you had to leave. Okay, I had to leave.
• She had to leave, okay.
• She had to leave, okay.
• He had to leave. All right. Is Daniel Pew? He had to leave.
• Jason Warren had to leave, sir. Had to leave?

Summary: The committee heard testimony on several public safety, criminal justice, and regulatory bills. HB 4995 would create a training and certification program allowing licensed physicians and certain EMS personnel assigned to tactical units to carry firearms during high-risk deployments, with supporters saying it would let tactical medical staff protect themselves while providing immediate care; the bill was left pending. HB 2609 would repeal the failure-to-appear-or-pay/OmniBase license-hold program, with the author and advocates arguing it creates compounding debt and unnecessary barriers to driving, while judges and municipal court representatives said the program is a voluntary, cost-effective tool that improves court appearances and reduces warrants; the bill was also left pending. HB 4879 would create a grant program to help local law enforcement pay for lab testing of suspected hemp/Delta-9 THC substances, and HB 5436 would let licensed auto recyclers buy certain untitled vehicles for scrap or parts to curb illegal sales, VIN cloning, and chop shops; both measures were left pending after brief testimony in support. The committee also heard HB 1777, which would require a discrete designation on driver’s licenses and state IDs for people required to register as sex offenders. The author and supporters argued the marker would help law enforcement and businesses quickly identify potentially dangerous offenders and prevent harm, while opponents called it a stigmatizing “scarlet letter” that would increase harassment, family harm, and reintegration barriers. The bill was left pending. HB 4155 would create a two-year Family Violence Criminal Homicide Prevention Task Force in the Governor’s Office to study family violence homicides, gather stakeholders, and recommend policy changes; the author, HHSC, the Texas Council on Family Violence, and a survivor testified in support, and the bill was left pending. The committee also heard HB 4514, which would authorize DPS to use facial image verification, with consent and privacy safeguards, to help businesses confirm identities and combat fraud; supporters from the lumber and identity-verification industries said it would reduce theft and fraud, and the bill was left pending. Finally, HB 5139 would clarify that peace officers and jailers are justified in using less lethal force weapons when acting within training and official duties; law enforcement groups supported the measure as a way to encourage use of less lethal tools without fear of prosecution, and testimony was underway when the transcript ended.

Transcript Highlights:

• goals of the paid Fe medical leave goals of the paid Fe medical leave legislation<00:11:04.079><
• of leave.
• So the first concern that I have is the impact on accumulated leave and our sick leave banks.
• additional paid leave.
• They have a bigger pool.

Keywords: 1183, house

Transcript Highlights:

• And so this opportunity to open up housing for a broader pool of local households would be significant
• for<00:07:11.360> a<00:07:11.680> broader<00:07:12.400> um<00:07:12.880> pool
• <00:07:13.199> of open up housing for a broader um pool of open up housing for a broader um
• pool of local<00:07:14.240> households<00:07:14.880> would<00:07:15.120> be<00:

Keywords: 912, senate, all

Summary: The Senate Committee on Housing heard and then took action on a series of housing-related bills concerning HHFDC, HPHA, inclusionary zoning, nonprofit housing trusts, housing project exemptions, the rental housing revolving fund, and a new for-sale housing program. Testimony was generally supportive from HHFDC and HPHA, with additional support from groups such as Hawaii YIMBY, Grassroot Institute of Hawaii, Hawaii Appleseed, Housing Hawaii’s Future, Holo Collaborative, the Kobayashi Group, and others. On SB 2424, the Kobayashi Group argued the bill would help open housing to a broader pool of local households, including buyers slightly above income limits who still cannot afford market-rate housing. On SB 2342, the chair asked HHFDC for final figures on rental housing revolving fund appropriations since 2016 and was told the amount was about $1.1 billion, including conveyance tax revenue. In decision-making, the committee recommended passage of SB 2189 with amendments, noting concerns about transparency and accountability in HHFDC’s loan-award process; SB 2190 with amendments; SB 2234 with amendments; SB 2177 with amendments; SB 2194 unamended; SB 2342 with amendments; SB 2060 with amendments; and SB 2070 with amendments. The committee deferred SB 2195 and SB 2196 after testimony comments, and deferred SB 2063 because the chair said SB 2060 would be used instead as the vehicle for mixed-income subaccount changes. SB 2424 was discussed in hearing but then deferred in decision-making pending legal advice on issues including owner-occupancy, county income restrictions, buyback rules, and county council approval. The committee also heard testimony on SB 2062 and its proposed SD1, but deferred that measure because the relevant changes had already been incorporated into SB 2060 SD1.

Transcript Highlights:

• EVIDENCE OF THIS COMMITMENT CAN BE SEEN THROUGHOUT THE FLORIDA STATUTES AND STATE BOARD OF EDUCATION POOL
• >> JUST THAT WE TALK ABOUT CHILDCARE WE COULD HAVE A POOL OF FUNDING THAT COULD ASSIST IN MEETING >>
• >> JUST THAT WE TALK ABOUT CHILDCARE WE COULD HAVE A POOL OF FUNDING THAT COULD ASSIST IN MEETING THOSE
• NEEDS WHATEVER THE STATE IS NOT PROVIDING YOU COULD HAVE AN ADDITIONAL POOL OF MONEY THAT YOU COULD

Transcript Highlights:

• and Wildlife, to prioritize the restoration and protection of additional wetlands and an Ankuline pools
• wetlands<00:18:22.320> and<00:18:23.120> an<00:18:23.679> Ankuline<00:18:24.919> pools
• <00:18:25.919> Um, wetlands and an Ankuline pools. Um, wetlands and an Ankuline pools.

Keywords: 910, house, all

Summary: The Committee on Energy and Environmental Protection met on April 1, 2025, to hear three resolutions. The first, HR 27/HCR 28, sought to reconvene a working group on contamination remediation tied to the Pu‘uloa/Puoa Ranch Range training facility. Testimony was strongly supportive, with speakers from the Sierra Club of Hawai‘i and the community describing concerns about lead contamination, health risks to children and pregnant women, and the need for continued testing and coordination. The committee later recommended and adopted the resolution unamended by vote, with Rep. Quinnland excused. The second measure, HR 143/HCR 149, asked the Department of Land and Natural Resources to convene a working group to assess steps toward transitioning Volcano, Hawai‘i, into a biosphere area aligned with the Hawaiian Islands Biosphere Reserve. Support came from community and environmental interests, including testimony from the Sierra Club and others, and DLNR offered comments. The committee recommended passage with amendments limiting the working group participants to the district representative and the Volcano Community Association, and that recommendation was adopted. The final measure, HR 191/HCR 199, urged DLNR’s Division of Forestry and Wildlife to prioritize restoration and protection of additional wetlands and an Ankuline pools. DLNR supported the intent but suggested technical clarifications, while community testimony emphasized wetlands’ role in flood control, sediment capture, and long-term environmental protection in South Maui. The committee recommended several amendments, including removing reference to the Division of Forestry and Wildlife, revising agency references, changing “state waters” to “waters of the state,” and assigning the County of Maui as the responsible party for certain wetland protections. The amended resolution was then adopted, and the hearing adjourned.

Transcript Highlights:

• . >> I will leave my cards here by email.
• >> I<01:03:59.520> will<01:03:59.680> leave<01:04:00.079> my<01:04:00.400>
• you with the the fee >> And I I I'd leave you with the the fee structure<01:35:29.520> um
• This is an enormous source of money leaving the United States on a daily basis and going into foreign
• nature that then at some point can leave nature that then at some point can leave that<02:06:33.360

Keywords: 1189, house, all

Summary: The commission met with a quorum, approved the agenda, and approved the November 12 minutes after a motion, second, and unanimous voice/online consent. The chair said the meeting would include two presentations—one from Noah Herman of Fortress Global and one from John Kicko and team from Hedera—followed by discussion of the commission’s next steps and public comment. The chair also noted he was still seeking a clerk for note-taking. Herman’s presentation focused on stablecoins, blockchain use cases, and operational considerations for states and other institutions. He described Fortress as an enterprise crypto-wallet and treasury platform serving corporates, governments, and nonprofits, and used examples such as Save the Children and a large global commodities firm to illustrate custody and treasury management on blockchain rails. He said stablecoins are designed to maintain a U.S. dollar peg, are increasingly backed by treasuries and subject to greater transparency, and are being adopted by major firms and payment companies because they can improve speed, reduce cost, and simplify payments. He also highlighted market growth, including claims that stablecoins now represent a significant share of on-chain activity and are a major holder of U.S. Treasuries. He identified custody as a key issue for state and institutional use, outlining qualified custody, managed custody, and self-custody models. He said the main practical challenge for the commodities client was moving funds safely and quickly across global time zones and that blockchain rails could solve problems that traditional banking rails could not. He framed the broader trend as one of accelerating institutional adoption, citing recent acquisitions and product launches by Visa, Stripe, Citi, and PayPal as evidence that stablecoin infrastructure is becoming mainstream.

Transcript Highlights:

• then from that particular funding, we created the Capital Access Program, which is a federally funded pool
• Let's say this is more of a guaranteed pool program.
• thinking about this particular slide helped out, but as you can see, as the bank enrolls the loan, the pool
• So it's just like an insurance pool.
• The more loans that participate, the bigger the bank will get out of this particular pool.

Transcript Highlights:

• And we have hired this talent pool purposefully to do the job they do and to bring that value to the
• And so that’s why our biggest pool is salaries and benefits.
• one of the reasons that we requested a Tampa facility, is to be able to recruit from a larger talent pool
• the reasons that we are we requested a Tampa facility is to be able to recruit from a larger talent pool
• One of them being to expand the talent pool, you know, outside, make it more broader.

Summary: The subcommittee met to review agency travel, budget reduction exercises, and member reports from agency meetings. Early discussion focused on the Department of Management Services (DMS), where members questioned the cost of travel for four out-of-state data/cyber staff and the secretary’s absence. DMS defended the hires as highly specialized enterprise cybersecurity and data personnel, said the positions were lawfully paid and posted, and explained that the staff work on statewide data cataloging and cyber risk reduction rather than agency-by-agency systems. Members also raised concerns about fleet inventory discrepancies and requested follow-up information on hiring, travel, and data inventory timelines. The chair said she would consider travel guardrails and possible reductions, and noted that DMS, the Lottery, and the Florida Commission on Human Relations did not meet the requested reduction target, while the Public Employee Relations Commission did not submit reductions. The committee then heard from the Florida Lottery about the secretary’s trip to Paris for the World Lottery Convention. Lottery staff said the trip was reimbursed through the multi-state lottery organization and was intended to share best practices and improve operations, though members questioned the value of the travel and requested reimbursement records and the trip agenda. The subcommittee also reviewed agency reduction exercises from several agencies. The Department of Revenue exceeded its target and was praised for frugality; DFS, the Florida Gaming Control Commission, the Office of Financial Regulation, the Office of Insurance Regulation, the Public Service Commission, the Division of Administrative Hearings, and the Department of Business and Professional Regulation each described how they met or approached their reduction goals, often through vacancies, reversions, or expense cuts. OIR warned that further reductions could hurt insurance regulation capacity, while OFR and PSC said their reductions were based on historical reversions and lower post-COVID travel or vacancy levels. Members then reported back on agency meetings. DMS members raised fleet tracking, real property audits, salary studies, and health plan savings ideas, and asked for follow-up on the Florida PALM project, cybersecurity grants, and state IT modernization. DFS members said the agency was efficient and that its Palm-related work and insurance consumer programs were important. Lottery members emphasized the agency’s revenue generation for education and its low administrative overhead. Gaming Control members highlighted storage costs for seized gaming equipment and suggested technology-based alternatives. PERC members said a union-related law had doubled their workload and asked for more staffing and possible AI assistance. OIR members stressed the need for a Tampa satellite office and more resources to recruit and retain specialized staff. The chair closed by saying the committee would continue reviewing travel, staffing, and reductions with an eye toward taxpayer value and transparency.

Transcript Highlights:

• It gives counties the ability to collaborate and pool funds for comprehensive approaches and to invest
• It gives counties the ability to collaborate and pool funds for comprehensive approaches and to invest
• It gives counties the ability to collaborate and pool funds for comprehensive approaches and to invest
• And I'll leave those questions with you because the chair wants to keep moving, I'm sure.
• And I'll leave those questions with now?

Keywords: 1187, senate, all

Transcript Highlights:

• It is basically a competitive grants pool.
• innovation fund the PCF it's the PCS itself will create the fund it is basically a competitive grants pool

Bills: SB1432, SB1338, SB1437, SB1812

Keywords: teacher certification, pilot program, education, state board, alternative pathways, education grants, competitive grants, revolving fund, State Department of Education, State Board of Education, Strong Readers Act, literacy instruction, reading intervention, dyslexia, science of reading, structured literacy, multisensory instruction, school districts, public education funding, education innovation

Transcript Highlights:

• It is basically a competitive grants pool.
• It is basically a competitive grants pool.

Summary: The committee considered several education-related Senate bills. SB 1437 would direct the State Department of Education to establish physical fitness guidelines, administer fitness tests, and use student performance data to improve student health outcomes. Supporters argued early fitness and health habits are important to address childhood obesity and long-term health, and the bill was advanced on a due-pass recommendation after discussion and a vote. SB 1432 would remove sunset and pilot-program references from an alternative teacher certification program that has become a permanent pathway for qualified nontraditional candidates. Testimony emphasized the program’s intensive training, mentoring, and role in helping address teacher shortages. The committee voted to send the bill out with a due-pass recommendation. SB 1812 would require school districts to make benchmark assessment results for grades K-3 through 8 available to parents and guardians; it drew no questions and was also advanced due pass. The committee also took up SB 1338, with a PCS and amendment accepted without objection. The bill creates the Education Impact and Innovation Fund, a competitive grants pool intended to replace the practice of naming specific vendors in legislation and instead let the State Department of Education and State Board of Education select programs and vendors. Members referenced a recent State Auditor report as part of the rationale. The committee voted to advance the bill due pass and then concluded its meeting.

Transcript Highlights:

• And Suhana, if you want to state your last name, I'll leave that up to you.
• And Suhana, if you want to state your last name, I'll leave that up to you. Thank you, Mr. Chair.
• Without this funding, schools may be forced to cut these positions, leaving students without access to
• Without this funding, schools may be forced to cut these positions, leaving students without access to
• But when we leave this up to the schools, it ensures that schools that have less access to resources

Bills: HF56, HF780

Keywords: HF56, Minnesota bonding bill, capital investment, state bonds, bond proceeds fund, Hutchinson Area Transportation Services, Hutchinson, McLeod County, transportation facility, vehicle storage, equipment storage, fueling facility, temperate storage, local infrastructure, public works, general obligation bonds, education finance, school funding, state aid, appropriations

Transcript Highlights:

• But the Bible says that a wise man leaves an inheritance for his children and his children's children
• Anyone else on the COGs before we leave? All right.
• the pool of funding for capital projects back home.
• The gentlelady from Bernalillo and Torrance, don't leave the room unless you don't. You're done?
• The gentlelady from Bernalio and Torrance, don't leave the room unless you don't. You're done?

Bills: HB111, HB61, HB43, HB156, HB70, SB3, HB103, HB109, HB128, HB247, HJM2, HJM3, HM7, HM17, HM4, HM22, HM23, HM24, HM26, HM2, HM16, HM32, HM11, HM14, HM21, HM34, HM50

Keywords: water law, state engineer, civil penalty, compliance order, water rights, overdiversion, illegal diversion, groundwater storage and recovery, well license, permit violation, water enforcement, New Mexico water code, irrigation district, conservancy district, water diversion, unauthorized water sales, measuring device, district court appeal, water resources, water compliance

Transcript Highlights:

• It's a source of concern that people are less willing to leave their jobs. Why?
• willing to switch I'm going to leave my willing to switch I'm going to leave my current<01:03:23.640>
• <01:03:42.000> their people are less willing to leave their people are less willing to leave
• they're at then they're going to leave they're at then they're going to leave so<02:33:07.319>
• They're often leaving very shortly thereafter.

Keywords: 928, house, all

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.