Bloomberg Surveillance Bloomberg Surveillance TV: February 10, 2025
Feb 10, 2025
Nela Richardson, Chief Economist at ADP, shares insights on the labor market's strengths and weaknesses, emphasizing how recent inflation data could shape Fed policies. Francisco Blanch, Head of Global Commodities at Bank of America, discusses the implications of tariffs on commodity markets, particularly in light of President Trump's proposals. The conversation explores consumer inflation expectations, economic complexities, and the potential impacts on both equity and bond markets amid ongoing geopolitical tensions.
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Episode notes
Lopsided Hiring Market
- Headline job numbers look strong, masking sector-level weakness.
- Consumer-facing industries are strong, but manufacturing and goods sectors are weak.
Wage Stickiness and Inflation
- Sticky wages are good for consumers if inflation falls.
- High labor costs combined with tariffs challenge small businesses.
Advice for Policymakers
- Policymakers should ask about sector-specific labor market conditions.
- Focus on how different parts of the economy are performing, not just overall hiring.