Behind the Markets Podcast Disruption by Design: GPT-5, Tariffs, and the Shape of Things to Come
Aug 8, 2025
Jeff Wenninger, a macro expert at WisdomTree, dives into the current economic landscape, discussing the impact of Trump’s Fed nominations and labor market challenges. The duo explores the dynamics of India’s oil trade with Russia and how tariffs shape global markets. They also delve into the Fed's influence on monetary policies and the potential competition from stablecoins. Wrapping up, they share insights on the energy demands of AI technologies, particularly with the use of GPT-5, and how big tech is navigating these innovations.
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New Fed Picks Signal Easier Policy
- Jeremy Siegel sees Trump's nominee as a voice for easing monetary policy.
- He says this plus labor weakness raises odds of a September rate cut.
Labor Market: No Firing, No Hiring
- Jeremy Siegel notes firms aren't firing but also aren't hiring.
- He flags rising continuing claims as a sign of labor-market softness.
Late-August Seasonality Plus Tariff Drag
- Siegel warns tariffs and higher prices may curb consumer spending.
- He highlights late August as a seasonally vulnerable period for markets.