WSJ's Take On the Week

Joining the discussion is Kris Kraus, a seasoned managing director and portfolio manager at Pimco, specializing in consumer debt investments. He provides insight into how tariffs are affecting consumer spending and debt, from mortgages to auto loans. Kraus highlights the resilience of consumers amidst inflation and the potential warning signs in upcoming earnings from credit card companies. The conversation also delves into the disconnect between stock market performance and real economic conditions, providing a nuanced look at consumer financial health in turbulent times.

Recent shifts in tariff policy have caused a stir in the markets, impacting sectors like auto repair and consumer goods. Experts analyze how these changes affect the dollar's status as the global reserve currency. Political decisions are scrutinized for their influence on economic stability, creating uncertainty for investors and consumers alike. The discussion reveals how rising loan costs and variable market signals complicate the financial landscape, leaving individuals and businesses navigating a precarious path.

Christine Short, Head of Research at Wall Street Horizon, shares valuable insights on corporate earnings and market trends. She reveals the impact of President Trump's new tariffs on automotive giants like General Motors and Ford. The discussion dives into how companies like Delta Air Lines and CarMax may reflect changing consumer sentiments and market conditions. Short provides forecasts for major retailers, highlighting adaptation strategies amidst rising costs and growing uncertainties as the earnings season approaches.

In this engaging discussion, Aditya Bhave, Senior U.S. economist at BofA Securities, shares insights on the looming jobs report and its implications for the economy. He examines why fears of stagflation might be exaggerated and stresses the Fed's crucial inflation targets. The conversation also touches on the upcoming tariffs on auto imports and the recent buzz in the IPO market, revealing how these factors intertwine with employment trends and consumer behavior in today's economic landscape.

Michael Smith, co-head of credit at Ares Management, discusses the economic landscape for midsize businesses that collectively represent a significant portion of the American workforce. He highlights the essential role of private credit in supporting these companies and the challenges posed by tariffs and interest rates. The conversation also explores how midsize firms are adapting to economic uncertainty and the signals of resilience they’re showing despite looming recession fears. A fascinating mix of finance and sports adds a lighthearted touch!

The Federal Reserve is often a key player in the markets. Now with investors uncertain about the economic outlook and the general policy volatility of the Trump administration, people are closely watching whether the Fed and Chair Jerome Powell might ride to the economic rescue in the near future. In a special interview-only episode, WSJ’s Take On the Week co-host Telis Demos talks with Ed Al-Hussainy, global interest rate strategist at asset manager Columbia Threadneedle Investments, about what we can expect from the upcoming Federal Reserve meeting, how policies in Washington are intersecting with the central bank’s mission, and what investors should do in midst of uncertainty. This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.  To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com. Further Reading To read more from co-host Telis Demos, catch up on Consumers Keep Bailing Out the Economy. Now They Might Be Maxed Out.  Wall Street Fears Trump Will Wreck the Soft Landing  For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.  Sign up for the WSJ's free Markets A.M. newsletter.  

Seth Carpenter, Morgan Stanley's chief global economist and former Federal Reserve staffer, shares his insights on the current economic landscape. He dives into the recent plummet of the Consumer Confidence Index and discusses the impact of rising inflation, particularly driven by soaring egg prices. Carpenter elaborates on the disconnect between consumer sentiment and spending, while addressing how immigration policies affect labor supply and inflation rates. He cautions about the future of inflation and the critical economic conversations ahead.

Dive into the surprising drop in 10-year Treasury yields and the complexities of Trump's tariff policies. Explore how upcoming job reports could reflect changes in unemployment rates and the potential market impacts. The discussion also reveals uncertainties surrounding new tariffs on Canada, Mexico, and China, focusing on their effects on consumer prices. Consider the broader economic implications for businesses, agriculture, and technology, as experts assess the long-term effectiveness of tariffs in reshoring jobs and managing inflation.

Chris Hansen, founder and portfolio manager of Valiant Capital Management, shares his expertise on the intersection of AI and the power industry. He discusses how AI’s growth is driving demand for electricity, particularly from power companies supporting data centers. Hansen also highlights investment opportunities within the energy sector, specifically focusing on nuclear power and its role in meeting the energy needs of tech giants. The conversation reveals how hedge funds are navigating the energy landscape amid increasing technological and regulatory challenges.

Dana Telsey, CEO of Telsey Advisory Group, shares her insights on Walmart's impressive stock surge, drawing parallels to big tech trends. She discusses Walmart's successful strategies, including its appeal to higher-end customers and innovative products like the viral 'Wirkin' bag. The conversation also delves into the shifting landscape of luxury retail, exploring major players like LVMH and Chanel, and highlights differing approaches between Walmart and Target as they navigate evolving consumer preferences.