Bloomberg Surveillance Bloomberg Surveillance TV: September 25th, 2025
14 snips
Sep 25, 2025 
Stephen Miran, a member of the Federal Reserve Board of Governors, shares insights on the Fed's outlook for rate cuts and the implications for the U.S. economy. Chris Hyzy, Chief Investment Officer at Bank of America, discusses market reactions to economic and labor data, urging caution with investment portfolios. Ozan Tarman from Deutsche Bank provides a global markets outlook, touching on the interplay between AI, gold, and current risk dynamics. Together, they dissect the risks and opportunities shaping the financial landscape.
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Neutral Rate Has Fallen Rapidly
- Stephen Miran argues neutral rates have fallen recently due to fiscal and immigration shifts, making current policy tighter than perceived.
- He warns that staying excessively restrictive raises downside risks to employment and growth.
Markets Misread Asset Strength As Easy Money
- Miran cautions markets conflate financial asset strength with overall monetary looseness; other policies also shape asset prices.
- He highlights tax and regulatory changes as supply-side forces that can be disinflationary while lifting asset values.
Move Rates Toward Neutral Quickly
- Miran recommends a series of 50bp rate cuts to move policy back toward neutral quickly to avoid undue downside risk.
- He prefers acting proactively rather than waiting for a clear employment catastrophe to emerge.