A CNBC economics reporter found himself momentarily stunned during a live broadcast Thursday morning when inflation data came in significantly better than anticipated, contradicting his earlier predictions about President Donald Trump’s economic policies.
Steve Liesman was delivering the Consumer Price Index figures on CNBC’s morning program Squawk Box when the numbers appeared on his screen.
His visible reaction suggested the data did not align with his expectations.
“Now, the number of the morning… the CPI,” Liesman began, before pausing noticeably as he processed the information.
“Oh,” he said, his surprise evident to viewers.
After another brief silence, he continued: “Maybe coming in a little better than expected.”
The November Consumer Price Index showed a year-over-year increase of 2.7 percent, a decline from the 3 percent rise recorded in September.
The core CPI, which excludes food and energy prices, came in at 2.6 percent.
Liesman’s reaction stood in stark contrast to statements he made earlier in the year regarding Trump’s economic agenda.
In March, shortly after Trump’s return to office, the reporter issued a sharp warning about the administration’s tariff policies.
“I’m going to say this at risk of my job, but what President Trump is doing is insane. It is absolutely insane… There is just no other way of describing it,” Liesman stated at the time.
The following month, he drew another dramatic comparison, likening Trump’s policy approach to “steering the Titanic towards the iceberg.” However, during Thursday’s broadcast, Liesman acknowledged the positive nature of the data he was reporting.
“I’m not calling I’m just reading the headlines here. Year over year, 2.7, [excluding] food and energy core [2.6], so four-tenths off. That is a very good number here,” he said.
He continued his analysis, noting: “I have not looked at the internals, I’ll look at them now, but it suggests that the internals are good as well. Let’s see. That’s a very, very low monthly rate here.”
The encouraging inflation figures prompted a positive response in financial markets.
WATCH:
Wall Street’s main indexes posted gains Thursday as investors anticipated potential interest rate cuts from the Federal Reserve.
The Daily Mail reported that some economists offered context regarding the data, noting that a 43-day federal government shutdown may have affected the collection process.
The shutdown delayed data gathering until the latter part of November, coinciding with retailers’ holiday discount periods.
The Bureau of Labor Statistics typically collects CPI data throughout the entire month.
Due to the disrupted collection schedule, some analysts cautioned that the report might not provide a complete picture.
Despite these caveats, White House officials welcomed the report enthusiastically.
Trump’s top economic adviser described it as “an astonishingly good” report, following the president’s televised address to the nation on affordability issues.
The cost of living remains a significant political concern heading into 2026, as Trump and Republican lawmakers seek to maintain their congressional majority.
The government shutdown prevented the Bureau of Labor Statistics from publishing month-to-month comparisons for November’s CPI, as most October price data went uncollected.
This created gaps in the report that some economists said reduced its reliability.
Trump’s comprehensive import duties have affected prices across various goods categories, adding pressure to households already dealing with elevated living costs.
