Bloomberg Surveillance
Bloomberg Surveillance: Gary Cohn on Inflation, Tax Cuts
Jan 24, 2024
Former US National Economic Council Director Gary Cohn discusses the normalization of the Fed cycle and the impact of inflation on US consumers. The podcast also explores the shifting dynamics of financial markets, the challenges of working with economic data, and the potential of a tariff wall and tax plan.
13:44
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Quick takeaways
- The US economy is gradually heading towards normalcy, targeting a 3% GDP growth rate, 3% unemployment, and 3% wage growth.
- The 2017 tax cuts stimulated manufacturing growth, increased consumption, and disposable income, but potential discussions on tariffs as a means to finance future tax plans are still in the concept stage.
Deep dives
Returning to Normalcy
The podcast discusses the journey towards returning to normalcy in the US economy. The speaker reflects on the pre-2008 era and highlights the dominant role of the Fed since the financial crisis, with zero interest rates and quantitative easing. With the COVID pandemic and multiple stimulus packages, the US economy is experiencing high inflation and a surge in consumer spending. However, the speaker believes that the US economy is gradually heading towards normalcy, aiming for a 3% GDP growth rate, 3% unemployment, and 3% wage growth.
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