Wall Street Week Hubbard on Fed Cut Fallout, Open Source AI, Nuclear Bet, Department Store Revival
12 snips
Dec 12, 2025 
Glenn Hubbard, an economist and former chair of the Council of Economic Advisers, shares insights on the Fed's challenges, highlighting risks from tariffs and the credit cycle looming over 2026. Meanwhile, Lisa Su, CEO of AMD, champions the case for open-source AI ecosystems, discussing how they can boost innovation and market accessibility. They also explore the rising demand for electricity related to AI and manufacturing, the need for nuclear power, and Macy’s bold strategy to revive the department store experience.
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Avoid Broad Tariffs That Cripple Supply Chains
- Hubbard warns tariffs mainly harm long-run productivity and supply chains, not just transitory inflation.
- He urges caution about broad, across-the-board tariffs that hurt intermediate goods imports.
Fed Independence Is Essential
- Hubbard welcomes healthy dissent at the Fed but stresses the need for perceived independence from politics.
- He warns that politicized appointments or firings could undermine capital markets' trust.
Open Ecosystems Promote Faster Innovation
- Lisa Su says open ecosystems let many developers contribute and enable easier switching between chips and clouds.
- She argues open standards speed adoption and let customers choose best-of-breed components.