Maggie Lake Talking Markets Episode 42: Will Trump Force Powell's Hand? With Ben Miller.
Apr 21, 2025
Ben Miller, CEO and co-founder of Fundrise, shares his insights on the turbulent state of U.S. real estate and the pressures mounting on the Federal Reserve. He discusses how President Trump's demands for rate cuts could influence economic stability and the Fed's future decisions. The conversation dives into the resilience of rental housing during downturns and the complexities of U.S.-China relations affecting the market. Miller also highlights the dynamics of Miami's luxury real estate and the potential long-term impacts of AI investments amid economic uncertainty.
AI Snips
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Transcript
Episode notes
Market Adjusting to Trade Changes
- The market is processing a dramatic shift in U.S. trade policy and economic structure.
- This uncertainty causes short-term volatility but will settle as the market adjusts.
Trade War Morphs into Capital War
- The current crisis is evolving from a trade war into a broader capital war.
- This shift destabilizes multiple markets simultaneously, unlike typical trade wars.
Biden Stimulus Raised Rates, Hurting Real Estate
- Biden's stimulus drove wage growth and consumer spending but kept interest rates high.
- This environment was tough for real estate due to elevated borrowing costs.