Robert Kaplan, Vice Chairman at Goldman Sachs and former Dallas Fed president, offers insights into the structural changes in the U.S. economy. He discusses the implications of the upcoming Federal Reserve decision on interest rates and the job market, highlighting concerns over Fed independence. Kaplan sheds light on the volatility of trade policies and their influence on corporate earnings. His perspective is a mix of economic analysis and strategic foresight during these uncertain times, painting a vivid picture of the financial landscape ahead.
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insights INSIGHT
Uncertainty Hampers Business Planning
Uncertainty in tariffs and immigration policies heavily impact businesses, especially small ones.
Companies struggle to plan as tariff outcomes vary widely, causing economic fog.
insights INSIGHT
Early Signs of Economic Slowing
Certain sectors like travel and leisure show early signs of economic slowing.
Many expect further slowing, but a severe decline is not yet certain.
volunteer_activism ADVICE
Fed Should Be Risk Managers
The Federal Reserve should focus on fighting inflation without giving specific timing guidance.
They should manage risks and keep options open amid policy uncertainty.
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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 28th, 2025 Featuring: 1) Robert Kaplan, Vice Chairman at Goldman Sachs and former Dallas Fed president, joins for a discussion about structural changes in the US economy, the incoming Fed decision and jobs day, and Fed independence. Sources say Federal Reserve Chair Jay Powell recently delivered an impassioned defense of central bank independence when he addressed policymakers and finance ministers during a meeting at the International Monetary Fund, which reportedly drew applause. 2) Stephanie Roth, Chief Economist at Wolfe Research, talks about Wolfe's lower-than-consensus NFP call for this week and her expectations for China tariffs. In addition to eco data and trade deals, key company reports this week will be scrutinized for the earnings impact of US trade policies, and fresh readings on the American economy may support hopes of earlier-than-expected Federal Reserve interest-rate cuts. 3) Henrietta Treyz, co-founder at Veda Partners, joins for a discussion on how Trump's recent poor polling could make his priorities harder to implement, and why Republicans passing their signature tax bill isn't a given. Voter discontent with President Trump's economic stewardship is sinking his popularity as he approaches the 100-day mark of his second term. Republicans aim to pass Trump's tax plan through a process that wouldn't require Democratic votes, but voter angst and the threat of a recession in the next year could make it challenging for Trump to get everything he wants. 4) Joe Lavorgna, Chief Economist at SMBC Nikko Securities, brings us into the market open and talks about President Trump's tariff policy and whether he believes trade negotiations are on the right track. Investors are watching for signs of progress in US trade negotiations, with the Trump administration working on bilateral trade deals with 17 key partners and drafting a framework to handle negotiations with about 18 countries. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a story from the Wall Street Journal on athletes using Ozempic and Business Insider reporting on chick sales amid rising egg prices.
Bloomberg Surveillance 