Bloomberg Surveillance Bloomberg Surveillance TV: June 6, 2025
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Jun 6, 2025 
Stephanie Roth, Chief Economist at Wolfe Research, shares her insights on the labor market and economic trends, analyzing May's nonfarm payroll data. She discusses the implications of tariffs and immigration policies on hiring. Dan Ives, Global Head of Technology at Wedbush Securities, dives into the dramatic feud between Elon Musk and Donald Trump, exploring its impact on Tesla's stock and Musk's wealth. The conversation also touches on how this political dynamic influences investor confidence and brand perception.
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Immigration's Impact on Payrolls
- Immigration visa terminations will significantly slow payroll growth below 100,000.
- Despite this, the economy remains largely stable with slight unemployment rate declines.
Tariffs, Inflation, and Fed Cuts
- Companies' ability to pass tariff costs to consumers reduces layoffs and inflation pressure.
- This dynamic influences the Fed's potential to cut rates despite a softening market.
Fed Cuts Outlook Adjusted
- Market pricing of two Fed rate cuts this year seems overly optimistic.
- The Fed may instead keep rates steady until mid-late 2026 due to economic uncertainty.