Squawk on the Street SOTS 2nd Hour: RFK Jr. & Miran Hearings, Jobs Data Takeaways, & Best Buy + Baker Hughes CEOs 9/4/25
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Sep 4, 2025 In this discussion, Stephen Myron, Chair of the Council of Economic Advisors and nominee for Federal Reserve Governor, delves into economic indicators and the political dynamics affecting the Fed's role. Lorenzo Simonelli, CEO of Baker Hughes, shares insights on the evolving energy sector and strategies for stability amid market shifts. Key topics include the latest job market trends, debates around health policies, and Best Buy's strategies for adapting to consumer spending changes. Tune in for a blend of economics, politics, and industry insights!
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Fed Independence As Core Mandate
- Stephen Myron emphasizes Fed independence as central to preventing depressions and hyperinflation.
- He frames independence as critical even while defending his prior tweets critical of the Fed.
Jobs Market Cooling, Not Collapsing
- Multiple data points show the jobs market is cooling but not collapsing ahead of the big jobs report.
- ADP, jobless claims, and other indicators strengthen the case the Fed is watching labor weakness closely.
Revisions Matter More Than The Print
- Market reaction will hinge more on revisions to prior payrolls than the raw print.
- Negative revisions could matter more than the headline number for rate expectations.