Bloomberg Surveillance Bloomberg Surveillance TV: October 24th, 2025
Oct 24, 2025
David Kelly, Chief Global Strategist at JPMorgan Asset Management, discusses the latest CPI report and its implications for Fed rate cuts while cautioning against potential asset bubbles. Tiffany Wilding, Economist at PIMCO, warns of labor market risks and the impact of housing disinflation on inflation dynamics. John Stoltzfus, Chief Investment Strategist at Oppenheimer, presents a bullish outlook on the U.S. economy and markets while advising on portfolio strategies amid high valuations and rising political tensions.
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Tariffs Haven't Unleashed Broad Inflation
- Rental inflation and used-car price declines are materially easing core CPI pressures today.
- Tariff pass-through has been muted so far, keeping core goods inflation surprisingly tame.
Market Froth Outweighs Consumer Price Worries
- Financial markets show froth with market cap many times GDP and high profit share.
- Additional Fed liquidity risks inflating asset bubbles more than raising CPI risks.
Expand Fed Focus To Include Financial Stability
- Extend the Fed's mandate to include financial stability to reduce bubble risks.
- Avoid cutting rates below neutral unless recession risks appear, to prevent asset overheating.