Prof G Markets Fed Cuts Rates For First Time This Year & Winners and Losers of a TikTok Deal
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Sep 18, 2025 
Robert Armstrong, a U.S. financial commentator for the Financial Times, joins the discussion about the recent Federal Reserve rate cut. They explore the rationale behind the 25 basis point decrease and its implications for economic growth and inflation. The conversation shifts to the TikTok deal, analyzing who benefits from the agreement, concerns about algorithm control, and the potential for cronyism. As they unravel these complex topics, listeners gain insights into the intersection of finance and technology.
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Fed Leaning Toward Jobs Over Inflation
- The Fed is torn between rising inflation and slowing job gains, and is leaning toward supporting employment.
- Robert Armstrong notes this tilts policy toward growth even as inflation remains a concern.
Dot Plot Shows Deep Fed Divisions
- The Fed's dot plot revealed clear disagreement and a solitary low-rate dissent likely from new member Mehran.
- Armstrong flags the independence question when a White House representative appears as a dissenting outlier.
Swing Votes Signal Institutional Independence
- Bowman and Waller joined the committee's 25bp cut, undermining the idea of a coordinated Trump-aligned block.
- Armstrong suggests their votes may signal institutional independence from political influence.