Molly Smith, Bloomberg News Economics editor, discusses the economic landscape and the potential effects of upcoming data releases on tariffs and inflation. Ed Price, Senior Fellow at NYU, shares insights on the strategic implications of the Trump-Putin meeting amidst global tensions. Jordan Klein from Mizuho Securities explains the landmark deal between Nvidia and AMD, revealing how chip sales to China will affect U.S. revenues. Finally, Lauren Sanfilippo offers a cautious market outlook, addressing key challenges facing traders today.
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insights INSIGHT
CPI Is The Big Report On Tariffs
Molly Smith says CPI is the key report and will reveal tariff pass-through in key goods.
She warns any pickup in services costs would signal broader inflation pressure for the Fed.
insights INSIGHT
Fed Chair Contenders Surface
Molly Smith notes Jay Powell's term doesn't end until next May as contenders emerge.
She says multiple Fed officials and advisers are under consideration to shape future policy.
question_answer ANECDOTE
BLS Data Comes From Staff And Systems
Molly Smith recounts the firing and says BLS uses thousands of staff and automated systems to assemble reports.
She cautions that unfounded political claims risk undermining trust in those impartial processes.
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The Federal Reserve’s two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to serve as chair of the central bank when the position opens next year, according to two administration officials.
Treasury Secretary Scott Bessent, who is running the search, will interview additional candidates in the coming weeks, said the officials, who were granted anonymity to speak candidly about the process. The president is expected to make his final announcement this fall, they said. Others who remain under consideration include Kevin Hassett, a close economic adviser to Trump, Fed Governor Christopher Waller, economist Marc Sumerlin and former Fed officials Kevin Warsh and James Bullard, the people said.
Last week, Trump nominated Stephen Miran, chair of the White House’s Council of Economic Advisers, to fill a seat on the Fed’s Board of Governors that expires at the end of January. The post opened when Adriana Kugler announced her early departure.
With Miran’s nomination headed to the Senate for confirmation, the Trump team doesn’t feel the need to rush the search for a chair, the officials said. Bessent will interview all the candidates for chair, and then make a recommendation to the president on a short-list to meet with, the officials said.
Today's show features:
Bloomberg Economics Editor Molly Smith on the week ahead in economic data
Ed Price, Senior Non-Resident Fellow at New York University and Former British Trade Official on the upcoming meeting between President Donald Trump and Russia’s Valdimir Putin in Alaska
Jordan Klein, Managing Director at Mizuho Securities USA, on the news that Nvidia and Advanced Micro Devices will pay 15% of their revenues from Chinese AI chip sales to the US government in order to secure export licenses.
Drive to the Close with Lauren Sanfilippo, Director, Senior Investment Strategist at Merrill and Bank of America Private Bank on the market and economic outlook
Bloomberg Businessweek