Goldman Sachs Exchanges

What Trump’s policies could mean for the Fed

6 snips
Nov 12, 2024
Rob Kaplan, former Dallas Fed President and current vice chairman at Goldman Sachs, shares insights on the Federal Reserve's rate-cutting cycle and its relationship with fiscal policy. He discusses the impact of the Trump administration on Fed strategies and how political events can sway economic decisions. Kaplan highlights the challenges of managing inflation while supporting growth, as well as the potential market implications of new economic policies post-election. The conversation also touches on the complexities of recent disparities among income groups.
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ANECDOTE

Supervision under different administrations

  • Rob Kaplan experienced different levels of supervisory scrutiny during Obama, Trump, and Biden administrations.
  • While rate-setting remained consistent, supervisory approaches varied.
INSIGHT

Structural Economic Shifts

  • Post-election, structural economic shifts are anticipated, impacting Fed policy.
  • These changes include regulatory reviews, labor force shifts, and government program adjustments.
ADVICE

Caution against predictions

  • Be cautious about predicting policy impacts, advises Rob Kaplan.
  • The Fed should act as risk managers, not prognosticators, and adapt to unfolding changes.
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