Bloomberg Surveillance Single Best Idea with Tom Keene: Frances Donald & Robert Fishman
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Dec 10, 2025 Frances Donald questions the likelihood of the Fed cutting rates amid ongoing inflation and a tight labor market. The Employment Cost Index reveals cooling wages but highlights that they haven't fully normalized post-COVID. Robert Fishman discusses the potential for major streaming consolidations, focusing on Comcast's strategic partnerships with Paramount and Warner Discovery. The conversation also touches on how platforms like Odoo are transforming business operations by consolidating multiple tools into one effective solution.
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Fed Cuts Seem Premature
- Frances Donald argues the Fed should not be cutting given persistent inflation and tight labor markets.
- She challenges the rationale for rate cuts when unemployment is historically low and inflation has been above target for 55 months.
Wage Pressures Haven't Fully Normalized
- The Employment Cost Index shows wage and benefit gains have cooled from COVID-era highs but remain above normal.
- Tom Keene emphasizes that wages aren't fully back to normal, which complicates arguments for rate cuts.
Streaming Scale Demands Consolidation
- Robert Fishman identifies consolidation among media companies as the natural path to streaming scale.
- He says Comcast, Paramount (with Skydance), and Warner Bros. Discovery are the logical partners to solve global streaming scale issues.