Bloomberg Daybreak: Asia Edition US Labor Market Data to Come Thursday, Japan GDP, Outlook for EM
Nov 17, 2025
Chris Maxey, Managing Director at Wealthspire Advisors, shares insights on how US labor market data could sway the Fed's decisions, emphasizing the delicate balance between inflation and job growth. Meanwhile, Trinh Nguyen, an Emerging Markets economist at Natixis, outlines a cautious outlook for EM Asia, highlighting fiscal challenges and concerns over export slowdowns. Their discussion touches on how Nvidia's earnings might impact global markets and potential ramifications for emerging economies in 2026.
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Inflation Focus May Outpace Labor Weakness
- The Fed is prioritizing inflation, but labor may weaken before inflation meaningfully falls toward 2%.
- Maxey highlights political pressure and policy moves aimed at lowering cost of living ahead of elections.
Sentiment Reflects Wage-Price Disconnect
- Consumer sentiment reflects persistent price increases and widening gap between top and bottom income households.
- Maxey notes asset gains have benefited upper-income groups while most households feel strained.
Immigration Alters Labor-And-Policy Dynamics
- Structural factors like immigration shift labor supply and wage dynamics, complicating the effects of rate cuts.
- Maxey warns that labor-market composition changes could pressure growth even as AI-driven CapEx supports activity.