Bloomberg Talks Piper Sandler's Nancy Lazar Talks US Eco Data, Inflation
Mar 30, 2026
Nancy Lazar, Chief Global Economist at Piper Sandler, offers a crisp macro view in this conversation. She questions the strength of private job formation and teases the role of government supports. Energy price jumps and their inflationary impact get unpacked. She highlights rising productivity, CapEx incentives, and AI’s potential to boost growth. Middle East risks and bond market discipline are flagged as key concerns.
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Private Labor Market Is Healing
- The private-sector labor market shows signs of healing despite war-driven shocks to confidence.
- Nancy Lazar cites rising manufacturing employment indices through March and easing bank lending standards as concrete signs of improvement.
Consumer Spending Remains Resilient
- Consumer resilience masks weaker sentiment because spending remains supported by jobs and tax-free funds.
- Lazar notes consumer confidence is down ~15 points but retail sales through mid-March and declining unemployment claims show spending holds up.
Energy Shock Feels Like A Tax On The Economy
- Energy price spikes act like a fiscal tax that quickly shows up in CPI but may fade as other prices adjust.
- Lazar expects a bad March CPI (0.6–0.7%) yet predicts other prices will decline later in the year as the energy shock diffuses.