Trumponomics Why Are Stocks Hitting Records Amid US Uncertainty?
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Sep 3, 2025 
Anna Wong, Chief US Economist for Bloomberg, and Ed Harrison, Senior Strategist and author of the Everything Risk newsletter, dive into the paradox of the stock market reaching record highs amid economic uncertainty. They discuss why investors are holding onto stocks despite concerns of overvaluation, explore the impact of tariffs on profitability, and analyze the relationship between interest rate expectations and market performance. The conversation also touches on the delicate balance of Federal Reserve policies and ongoing economic turbulence.
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Overvaluation Meets Reluctant Buyers
- Many investors acknowledge overvaluation yet keep buying because top stocks and recent earnings beat expectations.
- Ed Harrison says upside surprises and stellar results make it hard to sell into strength.
Fed Expectations Support Rally
- The market expects the Fed to enable the rally by cutting rates, which sustains risk appetite.
- Ed Harrison argues September's Fed decision is the critical test for momentum.
Monitor Jobs And CPI Before Acting
- Watch the upcoming jobs and CPI prints closely because they can flip September cut odds quickly.
- Anna Wong warns a surprisingly strong jobs print could reduce September cut probability and unsettle markets.
