Bloomberg Surveillance Bloomberg Surveillance TV: November 10th, 2025
7 snips
Nov 10, 2025 
Mary Daly, President of the Federal Reserve Bank of San Francisco, dives into the complexities of Fed policy amid a government shutdown. She assesses how productivity and inflation trends shape future decisions, reaffirms the Fed's focus on inflation, and examines market impacts from ongoing economic fluctuations. Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods, shares insights on investor preferences for financially resilient companies amidst AI excitement, market pullbacks, and the implications of tech spending dynamics. A lively discussion on whether current trends are cyclical or secular ensues.
AI Snips
Chapters
Transcript
Episode notes
Early AI Productivity Signals
- Mary Daly sees early productivity gains from AI across firm sizes and sectors, but calls them "very early signs."
- She warns inflation must stay the Fed's focus while watching whether productivity gains become durable.
Policy Hinges On Inflation Vs. Productivity
- Daly frames the policy tradeoff: hit inflation if it reaccelerates or allow growth to run if productivity sustainably rises.
- The Fed must combine headline data with ground-level business and consumer contacts to choose policy.
Use Ground Checks Alongside Data
- Daly advises using multiple inputs: government data, private surveys, and direct conversations with businesses and workers.
- She recommends on-the-ground checks like retail parking lots and event attendance to gauge consumer activity.