Squawk on the Street Inflation Pain for Stocks, Musk Defends DOGE, Exclusive With BofA CEO Moynihan 2/12/25
Feb 12, 2025
Brian Moynihan, Chairman and CEO of Bank of America, shares insights on interest rates, Trump's impact on the economy, and the outlook for stocks amidst rising inflation. Meanwhile, Elon Musk passionately defends Dogecoin's role in promoting government efficiency, highlighting its push to cut federal spending. The discussion delves into Tesla's stock challenges amid inflationary pressures, the effects of tariffs on tech companies, and the broader implications for consumers navigating economic uncertainties.
AI Snips
Chapters
Transcript
Episode notes
Hot Inflation
- January CPI increased by 0.5, the biggest monthly jump since 2022.
- The 10-year yield reached a one-month high of 4.62.
Fed's Inflation Challenge
- The hotter-than-expected CPI print suggests the Fed's progress on inflation is slower than anticipated.
- Markets now anticipate the first rate cut in December 2025 instead of September.
Musk Defends DOGE
- Elon Musk defended DOGE's efforts, highlighting identified inefficiencies.
- He cited examples like the Treasury's software lacking payment descriptions and the federal retirement system being paper-based.