Bloomberg Surveillance August Jobs Report and Rate Cuts
8 snips
Sep 5, 2025 
Ken Rogoff, a Harvard professor and former IMF Chief Economist, shares insights on the current U.S. economy and job market. He discusses implications of the latest jobs report and the potential for rate cuts, shedding light on concerns surrounding fiscal policy amid rising interest rates. Rogoff also delves into his book about the dollar, highlighting its global impact. The conversation touches on the political dynamics influencing monetary policy and the uncertainties facing labor markets, offering a thought-provoking look into economic challenges ahead.
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Payrolls Bolster Case For Gradual Cuts
- The August payrolls slowdown strengthens the case for a near-term Fed rate cut while keeping the path data-dependent.
- Claudia Sahm warns cuts will be gradual because inflation remains elevated and CPI prints may firm up.
Let Data Dictate Cut Cadence
- Let incoming data drive policy decisions rather than preset cycles.
- Monitor both employment and inflation prints closely before assuming a full cutting cycle.
Reading The Fed's History
- Tom and Claudia joke about her reading Alan Meltzer's Fed history cover to cover.
- Claudia confirms she read the book and Tom teases about it being 810 pages.
