The Fox News Rundown Business Rundown: The Shutdown Is Over, But Economic Uncertainty Remains
Nov 14, 2025
Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management, shares insights on the aftermath of the government shutdown and ongoing economic uncertainty. He explores market volatility and how data gaps influence Federal Reserve policies. Jacobsen discusses the implications of high AI valuations and financing risks, warning about potential profitability hurdles and obsolescence in technology investments. He also advises on whether investors should consider buying the dip amidst promising fundamentals outside major tech players.
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Market Jitters Reflect Vulnerability
- The recent market jitter reflects vulnerability after a long stretch of gains rather than a clear economic collapse.
- Brian Jacobsen says this turbulence was driven more by Fed remarks than the government reopening.
Fed Speak Drove Recent Moves
- Fed officials' public remarks created uncertainty about the timing of rate cuts and sparked market moves.
- Jacobsen expects upcoming labor data to show softening, which could shift narrative toward rate cuts.
Policy Framework Weakens Rate Transmission
- The Fed's ample-reserve framework has weakened the link between the policy short rate and long-term borrowing costs.
- Jacobsen argues this makes rate cuts less effective at lowering mortgage and long-term rates.