Bloomberg Surveillance Bloomberg Surveillance TV: August 21st, 2025
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Aug 21, 2025 John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., shares a bullish outlook on the S&P for 2025, arguing for the potential of equities. Meanwhile, Jeffrey Schmid, President of the Federal Reserve Bank of Kansas City, discusses the importance of Fed independence and the current labor market challenges. Their conversation touches on inflation dynamics and the delicate balance needed in monetary policy amid external pressures, emphasizing how economic indicators shape the Fed's strategies.
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Fed Sees Inflation As Larger Near-Term Risk
- Jeffrey Schmid sees inflation risk as the larger danger and believes inflation is trending closer to 3% than 2%.
- He notes budding business optimism but remains cautious about cutting rates prematurely.
Don't Precommit To Rate Cuts
- Schmid advises caution about assuming imminent rate cuts and warns against pre-committing to cuts publicly.
- He recommends waiting for incoming data before changing the policy stance.
Clarity Over Silence In Fed Communication
- Schmid emphasizes clearer public communication about what the Fed does and why, not less communication.
- He argues the dual mandate helps explain policy choices to the American public.