

US Services Expand, ADP Data, Trump Speech
29 snips Mar 5, 2025
Joining the discussion are Chris Hyzy, Chief Investment Officer at Bank of America Private Bank, who explores how high-net-worth investors are adapting their portfolios amidst current market volatility. Yup Kim, CIO at Texas Municipal Retirement System, shares strategies for managing pension funds during economic challenges, placing emphasis on long-term investment. Purnima Puri, a partner at HPS Investment Partners, dives into the evolving landscape of private credit and alternative assets, revealing opportunities presented by market dislocations and regulatory changes.
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Divergent Economic Data
- Economic data show diverging trends.
- ADP private sector job growth is slow, but ISM services PMI is better than expected.
Persistent Inflation
- ISM services prices paid index has risen for four months.
- This suggests inflation persists, requiring Fed action.
Tariffs and Inflation
- Tariffs have an inflationary impact, according to John Williams.
- The Fed needs more information on tariff policy for decision-making.