Bloomberg Talks BMO's Jennifer Lee Talks Tariffs, Immigration
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Dec 27, 2024 Jennifer Lee, Senior Economist and Managing Director at BMO Capital Markets, talks tariffs and immigration's effects on the economy. She explores the potential inflationary impact of new policies, considering the uncertainty surrounding economic growth projections for 2025. The conversation highlights resilient consumer spending and the influence of a strong U.S. dollar. Lee also delves into the trade dynamics between the U.S. and Canada, emphasizing the importance of monitoring crucial economic indicators during these shifts.
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2025 Economic Uncertainty
- The 2025 US economic outlook is uncertain due to the incoming administration and Congress.
- Key policy changes like taxes, tariffs, and immigration will influence the economy.
Tariff Impact
- Tariffs are a major focus for the new Trump administration, potentially impacting inflation.
- A blanket tariff on all US imports is planned, significantly impacting trade.
Consumer Resilience
- Economic forecasts often underestimate US economic growth, particularly consumer spending.
- The US consumer continues to drive the economy, showing resilience despite inflation concerns.