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Bloomberg Intelligence
US Inflation Stays Firm, Trump Cabinet
Nov 13, 2024
Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners, offers insights on how Donald Trump's presidency could reshape U.S. policies. Max Chafkin, Bloomberg Businessweek Senior Reporter, delves into Elon Musk's potential influence within Trump's administration, raising ethical questions about blending business and government. Together, they discuss the complexities of inflation, retail sales forecasts, and the implications of Trump's cabinet choices as the political landscape rapidly evolves.
36:23
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Quick takeaways
- US inflation shows signs of moderation, potentially influencing the Federal Reserve's plans for interest rate cuts by December.
- President-elect Trump's cabinet appointments may significantly reshape economic policy and market sentiments, particularly related to immigration and fiscal strategies.
Deep dives
Inflation and Economic Indicators
Current economic trends indicate that inflation is showing signs of moderation, with the core CPI changing by 0.3%, suggesting a potential 0.2% reading for the Fed's preferred PCE gauge. This data supports the Federal Reserve's current trajectory towards interest rate cuts, with expectations for a reduction in December. Discussions around future cuts suggest a possible slowdown in pace beginning in 2025, moving to perhaps a quarterly schedule as the economy approaches a neutral rate that may be higher than pre-COVID estimates. The resilience of the consumer, highlighted by a 5% year-over-year growth in aggregate consumer income, bodes well for retail sales and GDP growth.
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