Bloomberg Surveillance Bloomberg Surveillance TV: November 21st, 2025
Nov 21, 2025
Stephen Miran, Federal Reserve Governor, dives into why recent economic data suggests a dovish Fed stance, highlighting nuances in inflation measurement. Gil Luria, Head of Technology Research at DA Davidson, provides insights on NVIDIA's strong demand amid startup risks. Claudia Sahm, Chief Economist at New Century Advisors, cautions against delaying Fed cuts, fearing job losses. Ulrike Hoffman-Burchardi, CIO at UBS Global Wealth Management, forecasts a 2026 market bounce driven by AI and sector rotation, emphasizing the need for strategic investment in healthcare and AI adopters.
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Episode notes
Favor A Pragmatic 25bp Cut To Prevent Harm
- Vote pragmatically for a 25 basis point cut when it prevents larger economic harm.
- Avoid holding out for a larger cut for reasons of vanity that would risk jobs.
Shutdown Caused A Data Bullwhip Effect
- The government shutdown created delays and 'bullwhips' in data collection and processing.
- Miran warns missing CPI and payroll dates reduce clarity around December policy choices.
Market Moves Aren't One-To-One With Fed Policy
- Financial market moves reflect many factors beyond monetary policy, including tax and regulation.
- Miran says housing financial conditions remain tight, so markets aren't uniformly easy.