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Well, this morning's inflation report showing prices are moderating near their lowest level in three years, but core inflation coming in slightly hotter than expected and that's tempering Fed rate cut expectations. Joining us now, we want to bring in Daniel Hornung. He is the deputy director of the national economic council. It's great to talk to you here. So let's just get your reaction to this latest inflation print. Yes, it is an improvement. We talked about the fact that the headline number down to lowest level in three years. Yet Wall Street's taking a bit of an issue with that hotter than expected core component, Daniel.

Well, it's great to be with you. You know, we think this is a good report, as you mentioned, inflation down to its lowest levels since February 2021. Under the hood, if you do things like taking out housing, you actually see that core CPI without housing is below 2%. So we really are at a point in this inflation cycle and this business cycle where the focus now is on sustaining the critical progress that we've made over the last years for American workers. The President, the Vice President have spoken to their plans to do just that, to do things like try to cut taxes for working families, for middle class families to reduce the deficit by making sure that the wealthy and large corporations are paying their fair share. So this is an encouraging report. We think the focus is on sustaining this progress, creating jobs, growing the economy, and the work ahead from there.

So let's talk a little bit more about that in the upcoming election. And you were starting to get into it and what they were discussing in last night's debate. You heard former President Donald Trump and Vice President Kamala Harris both touting their economic plans. I want to play for you a clip of what they had to say and then get your reaction on the other side.

The best economists in our country, if not the world, have reviewed our relative plans for the future of America. What Goldman Sachs has said is that Donald Trump's plan would make the economy worse. Mine would strengthen the economy. What the Wharton School has said is Donald Trump's plan would actually explode the deficit.

I went to the Wharton School of Finance, and many of those professors, the top professors think my plan is a brilliant plan. It's a great plan. It's a plan that's going to bring up our worth, our value as a country.

Daniel, as a White House advisor, how do you view both candidates' economic policies here? You know, entirely understanding that you've also had to study through both administrations' outcomes over the past eight years in essence, as well.

Well, you know, I need to be careful and not comment on the campaign from here. What I can say is that the President, the Vice President now have put forward a series of plans that would really address the key needs facing this economy right now, would do things like as I mentioned, cutting taxes for working families, but reducing the deficit by asking the wealthiest Americans and the largest corporations to pay their fair share. Really investing in building more housing in this country to help bring down housing costs, a key pain point facing families across the country. And when you look at the contrast here and comparing that against the alternative that's being offered by congressional Republicans, for example, you see plans that would do the opposite, would cut taxes for billionaires and large corporations, would impose a national sales tax that would drive up costs for middle class families. So there's a very clear contrast on the economy, and we think that the plans that the President, that the Vice President have put forward would really help grow the economy, strengthen the middle class.