Bloomberg Surveillance Single Best Idea with Tom Keene: Jeffrey Cleveland & David Malpass
Nov 20, 2025
In an engaging discussion, experts tackle the pressing issue of income inequality and its impact on job growth. They emphasize the importance of median income in shaping effective policies. The conversation shifts to recent market dynamics, including the implications of NVIDIA's earnings and upcoming economic data. The experts also dissect the Federal Reserve's reactive stance on rate cuts, presenting varying market perspectives. This depth of analysis offers listeners valuable insights into current economic trends.
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Fed's Reactive Nature Reveals Policy Lag
- Jeffrey Cleveland notes the Fed tends to be reactive rather than proactive when responding to economic data.
- He suggests there's often a lag and inertia before policymakers act, as seen in 2021–22.
Wide Market Disagreement On Rate Cuts
- Tom Keene highlights diverging market views about imminent Fed cuts across incoming notes.
- He emphasizes the high uncertainty and range of opinions on whether the Fed will cut rates soon.
Median Income As The True Policy Barometer
- David Malpass stresses measuring policy success by median income growth after inflation, not averages.
- He argues job growth at the bottom and rising median incomes should guide economic policy to address inequality.