Squawk on the Street SOTS 2nd Hour: CPI Breakdown, LIVE: Stephen Miran, & AMC Entertainment CEO Talks Box Office 8/12/25
Aug 12, 2025
Stephen Miran, Chairman of the Council of Economic Advisers and a key figure in economic policy under President Trump, discusses the implications of a recent inflation report and its positive reception in the market. He explores how higher inflation may benefit equity investors. Meanwhile, Eli Gross, Global Co-Head of Investment Banking at Morgan Stanley, shares insights into the resurgence of M&A activity and IPOs, examining corporate confidence and the evolving economic landscape. They also touch on AMC Entertainment's recovery and the changes in consumer trends within the entertainment industry.
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Tariffs Haven't Shown Up In CPI
- CPI has run at a roughly 1.9% annualized rate since February under the current administration, showing broadly tame inflation.
- Stephen Miran argues there's no evidence tariffs have produced meaningful aggregate inflation so far.
Services, Not Goods, Lifted Core CPI
- Service categories like rents and airfares drove the uptick in core this month rather than goods tied to imports.
- Miran links expected future service disinflation to tightened immigration and other administration policies reducing housing pressures.
Improve Survey Design And Response Rates
- Economic statistics rely on surveys and have grown noisier since COVID, so improve collection methods and incentives to raise response rates.
- Miran urges fixing data quality to make statistics more credible and trustworthy.