
 The Real Eisman Playbook
 The Real Eisman Playbook Trump’s Battle with the Fed Explained | The Real Eisman Playbook Episode 25
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 Sep 15, 2025  Rob Kaplan, Vice Chairman of Goldman Sachs and former president of the Dallas Fed, dives into the tensions between President Trump and the Fed, shedding light on monetary policy challenges. He discusses the impact of tariffs on industries and the significance of adapting investment banking strategies. Kaplan shares his experiences leading the Dallas Fed and presents the contrasting leadership styles of former Fed chairs Yellen and Powell. Plus, insights on navigating mergers and acquisitions, along with Goldman Sachs' cultural renaissance, make for a captivating listen. 
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Fed Balances Growth And Inflation
- Rob Kaplan argues the Fed must balance weak labor markets with sticky inflation and cannot cut rates aggressively despite political pressure.
- He expects a modest 25bp cut in September and warns getting to neutral risks reigniting inflation.
Where Neutral Rates Likely Sit
- Kaplan estimates neutral fed funds near 3.5% given a real neutral rate around 0.75% and current inflation near 2.75%-3%.
- He says the Fed has limited room to cut and may only cut 75–100bp total to reach neutral.
Ignore Political Noise At The Fed
- Kaplan says Fed staff should ignore political pressure and focus on data, supervision, and structural drivers of the economy.
- He believes Chair Powell is urging his team to make the best decisions and let the criticism follow.





