GM87: Who Really Sets Policy Now? ft. Anna Wong

29 snips

Sep 10, 2025

Anna Wong, Chief U.S. Economist at Bloomberg and former economist at the Federal Reserve, shares vital insights into today’s economic landscape. She warns of a slow-burning inflation that markets might be underestimating. Anna tackles the unexpected effects of tariffs and discusses how AI is transforming the labor force, particularly impacting youth employment. The conversation also dives into the evolving culture at the Fed and the potential implications of a politically influenced central bank.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Powell's Speech Wasn't A Sure Dovish Pivot

Powell's Jackson Hole phrasing contained escape hatches that prevent reading it as a clear dovish pivot.
Markets pricing a September cut are vulnerable to upside surprises in jobs and CPI data.

INSIGHT

Why Tariffs Haven't Fueled Big Inflation Yet

Tariffs hit a small share of CPI and many tariffed goods are discretionary, muting near-term inflation impact.
Firmer stock markets, improved sentiment and resolved policy uncertainty can accelerate tariff pass-through later this year.

INSIGHT

Stocks Feed Directly Into Core Inflation

Stock market gains mechanically lift core PCE via higher portfolio management fees and wealth effects.
Bloomberg's estimate attributes about 0.3 percentage points of recent core PCE rise to equity gains.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Anna Wong, Chief U.S. Economist at Bloomberg, joins Alan Dunne with a clear-eyed assessment of where policy and politics are headed. As markets bet on cuts and the Fed talks balance, she sees a different risk: a slow-burning inflation that’s quietly taking hold. Anna breaks down why tariffs haven’t hit as expected, how AI is already reshaping the labor force, and what’s really driving service-sector price pressures. Beyond the data, the conversation turns to Fed culture, the limits of independence, and what a Trump-aligned central bank might mean in practice. Less about what’s forecast - more about what’s misunderstood.

-----

50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

-----

Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.

IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.

And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

Send your questions to info@toptradersunplugged.com

And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.

Follow Alan on Twitter.

Follow Anna on Twitter.

Episode TimeStamps:

02:18 - Introduction to Anna Wong

03:57 - The current state of Fed

06:35 - A potential flare up in inflation

16:19 - Wong's read on the labour market

22:50 - Fed's inflation argument makes no sense

28:59 - The outlook of the housing market

31:15 - Is AI destroying the labour market?

34:20 - The future direction of the Fed and the potential candidates

40:10 - The Fed is losing its balance

48:43 - How increasing Trump representatives could impact the Fed

51:58 - How monetary policy will unfold going forward

54:43 - How we achieve a healthy level of debt and growth

58:47 - Trump wants a weak dollar

01:00:59 - Why Wong is optimistic about AI's impact on GDP growth

----

PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

1. eBooks that cover key topics that you need to know about

In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

2. Daily Trend Barometer and Market Score

One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

3. Other Resources that can help you

And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

Disclaimer