Bloomberg Surveillance Single Best Idea with Tom Keene: Steven Englander
Sep 8, 2025
Dive into the intriguing world of futures trading as experts dissect the liquidity advantages of CME Group's S&P 500 and NASDAQ 100 over ETFs. Discover how AI is reshaping business management and enhancing productivity. The conversation also highlights the current labor market and economic indicators, drawing parallels with past financial crises like 2008. Mixed opinions on job statistics fuel debates about the Federal Reserve's strategies for employment and interest rates.
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Episode notes
Half-Point Cut Then Pause
- Stephen Englander argues the Fed will likely cut rates by 50 basis points in September and then pause to assess data.
- He sees the labor market as mediocre, not collapsing, so policy will move cautiously.
Veteran Perspective On Labor Markets
- Englander draws on his long FX and economics career to judge current labor market strength.
- He contrasts today's market with 2008 and April 2020 to stress this is only a mediocre slowdown.
AI Will Shape Economic Trajectory
- Englander views AI as the decisive factor shaping the economy's path and productivity gains.
- He expects policymakers to move stepwise: act, observe outcomes, then adjust directionally.