Bloomberg Talks US Council of Economic Advisors Chairman Stephan Miran Talks Jobs Data
May 2, 2025
Stephan Miran, Chairman of the Council of Economic Advisers, shares insights on the latest jobs report and the economic implications following recent policies. He discusses the complexities of U.S.-China trade negotiations and the market's desire for substantial progress. Miran also explains the significance of Japan's treasury holdings and the administration's strategies for growth, including tax relief and deregulation. The conversation wraps with a lighthearted jab at tax breaks, adding a touch of humor to the serious topics.
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Disconnect Between Hard and Soft Data
- There is an ongoing disconnect between hard economic data and soft data like sentiment indices. - Hard data like job creation continues to perform strongly despite negative soft data and market volatility.
Trade Volumes Fluctuate Temporarily
- Volatility in trade volumes is due to firms waiting on outcomes from trade and tax negotiations. - These shifts in activity timing are temporary and average out over time, so no permanent economic cancellation.
Trump's Optimism on China Deal
- President Trump has a strong track record of making difficult trade deals. - A deal with China is expected soon, with tariff rates likely to come down to lower trade tensions.