Bloomberg Surveillance The Latest on the Fed and Gold
7 snips
Oct 8, 2025 
Richard Clarida, former Vice Chair of the Federal Reserve and economic advisor at PIMCO, delves into the current U.S. economy, discussing the implications of recent gold surges and the Fed's challenges with labor market risks versus inflation. Meanwhile, Suzy Welch, NYU Stern professor and author, explores the generational values of Gen Z in the workforce, highlighting their focus on self-care and authenticity versus traditional employer priorities, and debating whether companies must adapt or if Gen Z should alter their expectations.
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Tariffs Are A Price-Level Adjustment
- Clarida says tariffs so far have been absorbed by corporate profits and exporters and haven't become a broad inflation story.
- He expects tariffs to show up in prices for a while but mainly as a price-level adjustment rather than sustained inflation.
Japan's Reflation Has Global Consequences
- Clarida stresses Japan's shift from deflation to inflation matters for global markets because of yen and JGBs.
- He warns reflation in Japan brings political tension since many savers preferred deflation's benefits.
Be Cautious With Yen Carry Trades
- Jane Foley warns the yen carry trade is risky because political leaders may oppose a weaker currency amid imported inflation.
- She suggests caution before assuming sustained yen weakness despite market positioning.
