The Real Eisman Playbook Inside America’s Economic Divide: AI, Tariffs, & The Fed | The Real Eisman Playbook Episode 29
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Oct 13, 2025 Steve Liesman, a Senior economics reporter at CNBC, shares his insights on the current economic landscape. He discusses how AI spending may be masking weak overall growth and the challenges of youth unemployment in a tech-driven job market. Liesman also delves into the complexities of tariffs, detailing their initial shock and gradual effects on small businesses. Additionally, he reflects on the political pressure facing the Federal Reserve and shares stories from his time reporting in post-Soviet Russia.
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How April Tariffs Nearly Froze Markets
- Steve Liesman recounts the April tariffs scare nearly seizing up markets before the president backed off.
- Inner market sources warned a real market seizure was close during that week.
Tariff Impact Depends On Corporate Workarounds
- Effective tariff rates and intercompany pricing can mute the full hit of announced tariffs, so observed impact may be smaller.
- Companies will adapt sourcing and pricing, meaning the worst-case tariff math may not materialize.
Politics Shapes Fed Policy Marginally
- The Fed never operates in a political vacuum; public and political sentiment shape what policy is feasible.
- The recent willingness to cut rates reflects a broader milieu that made easing politically acceptable.