Squawk on the Street SOTS 2nd Hour: Google’s Big Win, Jefferies’ David Zervos, & LIVE: Counselor To The Treasury Sec. Talks Data 9/3/25
Sep 3, 2025
Joe Lavorgna, Counselor to the Treasury Secretary, discusses the resilience of the economy amidst new JOLTS data and yields shifting. He emphasizes the admin's focus on strong economic indicators. David Zervos, Chief Market Strategist at Jefferies, shares insights on monetary policy and the Fed's strategies. They dive into Google's major antitrust win, which analysts see as a potential turning point for the stock. The conversation also touches on Pfizer's transparency around vaccine data and the current state of automotive sales, particularly with electric vehicles.
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Global Yields Driven By Country Risks
- Global bond yield moves are being driven by disparate country-specific fiscal and political issues, not just U.S. Fed concerns.
- Japan and France political problems are materially pushing global yields higher and raising growth risks.
AI Echoes The 1990s Tech Surge
- Dan Greenhaus compared the current AI-driven market to the 1990s internet run, likening it to the Netscape era.
- He noted AI's pervasiveness across industries can sustain a prolonged bull market similar to the 1990s.
Watch Capex As Lead For Hiring
- Treasury argues capital spending is already rising and will spur hiring as tax incentives flow through.
- Watch capital expenditure and ISM new orders as leading indicators of future employment gains.