Bloomberg Surveillance Bloomberg Surveillance TV: November 21st, 2025
Nov 21, 2025
Stephen Miran, Federal Reserve Governor, dives into why recent economic data suggests a dovish Fed stance, highlighting nuances in inflation measurement. Gil Luria, Head of Technology Research at DA Davidson, provides insights on NVIDIA's strong demand amid startup risks. Claudia Sahm, Chief Economist at New Century Advisors, cautions against delaying Fed cuts, fearing job losses. Ulrike Hoffman-Burchardi, CIO at UBS Global Wealth Management, forecasts a 2026 market bounce driven by AI and sector rotation, emphasizing the need for strategic investment in healthcare and AI adopters.
AI Snips
Chapters
Transcript
Episode notes
Measured Inflation Is Partly A Mirage
- Stephen Miran argues measured inflation overstates true inflation due to statistical lags in housing rents.
- He says policy should be set for where the economy will be 12–18 months ahead, not past imbalances.
Set Policy On Forecasts, Not Just Recent Data
- Set monetary policy based on forecasted conditions, not solely on recent data.
- Be forecast-dependent rather than excessively backward-looking and data-dependent.
Favor A Pragmatic 25bp Cut To Prevent Harm
- Vote pragmatically for a 25 basis point cut when it prevents larger economic harm.
- Avoid holding out for a larger cut for reasons of vanity that would risk jobs.