Squawk on the Street SOTS 2nd Hour: SCOTUS Tariffs Hearing, Lemonade CEO Talks AI Insurance, & LIVE: Bank of America CEO 11/5/25
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Nov 5, 2025 
Brian Moynihan, CEO of Bank of America, shares insights from the bank's first investor day in 15 years, discussing strategies for growth and risk management. He highlights how the bank plans to leverage held assets and boost returns while addressing consumer trends. Meanwhile, Lemonade's CEO Daniel Schreiber explains how AI is revolutionizing the insurance sector, improving efficiency and driving growth. The podcast also covers the Supreme Court’s tariffs hearing and the competitive bidding war between Novo Nordisk and Pfizer in the weight loss market.
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Services Strength Raises Inflation Signals
- October ISM services surprised to the upside at 52.4 with prices paid at a three-year high of 70.0.
- Strong services and rising prices are pushing yields higher and complicating the Fed's rate-cut calculus.
High Stakes Supreme Court Tariff Ruling
- The Supreme Court is weighing whether President Trump lawfully used the International Emergency Economic Powers Act to impose ~$90B in tariffs.
- A ruling against the administration could force tariff refunds and reshape presidential tariff authority.
Alternatives If IEPA Fails
- If IEPA authority is struck down, the administration could still use Section 301 or 232 but those routes are slower and more cumbersome.
- Losing IEPA would limit immediate presidential tariff power and raise near-term market policy uncertainty.