Bloomberg Surveillance Bloomberg Surveillance TV: October 16th, 2025
17 snips
Oct 16, 2025 
Join Christopher Waller from the Federal Reserve as he discusses cautious rate cuts and the complexities of AI's impact on inflation and hiring. Michael Roberts, CEO of HSBC, dives into corporate dealmaking amidst trade tensions and the evolving landscape of supply chains and tariffs. Scott Kirby, CEO of United Airlines, shares a positive outlook on travel demand and pricing strategies. U.S. Secretary of Energy Christopher Wright outlines the administration's energy initiatives and the critical minerals strategy, emphasizing the need for reliable energy and the implications of government shutdowns.
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Data Is Old; Policy Must Look Forward
- Federal Reserve Governor Christopher Waller emphasizes forward-looking policy over backward-looking data when setting rates.
- He argues meeting-by-meeting 25bps cuts let the Fed avoid mistakes amid conflicting growth and labor signals.
Small Sequential Cuts As Risk Management
- Waller advocates cautious 25bp moves meeting-by-meeting to let incoming data resolve ambiguity between GDP and labor trends.
- He says small, sequential cuts provide initial labor market support while avoiding big policy mistakes.
Bifurcated Economy: AI Wins, Main Street Tighter
- Waller highlights a puzzling divergence: weak payrolls versus reasonably strong GDP and booming AI-driven financial markets.
- He stresses Main Street faces tight credit conditions despite Wall Street exuberance tied to AI concentration.