Commonwealth Club of California Podcast The Economy 2025: The Impacts of Tariffs, Tax Cuts and Trump
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Feb 4, 2025 Join Mary Daly, President of the Federal Reserve Bank of San Francisco; John H. Cochrane, Senior Fellow at the Hoover Institution; Baie Netzer, Investment Strategist at Bank of America; and Susan Hyde, Political Science expert from UC Berkeley. They dive into the economic forecast for 2025, discussing the impacts of tariffs, tax cuts, and inflation. Insights on income inequality and its effects on democracy are also examined. The conversation highlights the resilience of the U.S. economy amid changing political landscapes and evolving policies.
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Current Economic Outlook
- The economy is in a good place with solid growth and a strong labor market.
- Inflation is gradually decreasing towards the 2% target.
Fed's Focus Shift
- The Fed's focus has shifted from mitigating pandemic impacts to controlling inflation.
- They aim to balance economic momentum with achieving the 2% inflation target.
Economic Growth Catalysts
- The US economy has strong potential for faster growth due to increased cash deposits, job growth, and higher wages.
- Elevated productivity from new business formation and capital expenditures further supports this growth.