Bloomberg Surveillance Powell Vows to Stand Firm as Fed Served With DOJ Subpoenas
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Jan 12, 2026 Thierry Wizman, a seasoned FX and rates strategist at Macquarie Group, brings his expertise to discuss the recent DOJ subpoenas directed at the Federal Reserve. He emphasizes the potential impacts on market reactions and Powell's future on the Fed board. Alicia Levine, the Head of Investment Strategy at BNY Wealth, offers insights into the resilience of equities, highlighting sector leadership beyond the major tech players. They dive into labor dynamics, economic snapshots, and navigate the complexities of tariffs and inflation, painting a comprehensive market outlook.
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Growth With Weak Job Formation
- The economy shows mixed signals: strong productivity and growth despite weaker job creation.
- Wizman highlights a K-shaped dynamic where high-income households drive consumption while low-income weakness poses a downside risk.
Why Nurse Strikes Matter Economically
- Localized labor strikes, like nurses in NYC, have outsized economic effects because sick workers reduce labor supply and productivity.
- Weisman's point: critical services strikes can ripple into broader economic activity and attendance at work.
Legal Moves Carry Political Risk
- The administration's track record suggests high-profile legal actions often fail to secure convictions, limiting political gains.
- Michael McKee notes prior attempts to indict public figures didn't succeed, implying legal moves may backfire politically.
