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cover of episode Reaction to Jobs Report and the Trump-Musk Feud

Reaction to Jobs Report and the Trump-Musk Feud

2025/6/6
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Bloomberg Surveillance
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Claudia Sahm: 我认为美国消费者仍然表现良好，他们有能力消费。虽然今年晚些时候可能会面临收入下降和就业机会减少的限制，导致消费意愿下降，但目前消费者状况相对稳固。劳动力市场方面，虽然数据显示劳动力市场正在软化，但需要记住的是，劳动力市场通常不是经济冲击最先显现的地方。我们应该关注小时工减少和兼职工作增加等软化迹象，这些可能预示着未来更大的经济疲软。此外，移民问题也使得就业报告的数据变得更加嘈杂，因为人们参与调查的意愿下降。美联储在制定政策时，需要确认关税引发的通货膨胀是暂时的，才能放松政策，因为我们才刚刚开始看到价格上涨的影响。

Deep Dive

Chapters
This chapter examines the state of the American consumer and the U.S. labor market. Experts discuss the resilience of the American consumer despite potential economic constraints and analyze subtle signs of softening in the labor market, emphasizing the delayed impact of economic shocks.
  • American consumer is still relatively solid but could pull back if income slows or jobs become scarcer.
  • Labor market softening is showing subtle signs, such as reduced hours and part-time work.
  • Immigration is impacting the accuracy of labor market data, making it noisier.
  • The Federal Reserve has some breathing space due to the current state of the labor market and inflation.
  • The effects of tariffs on inflation are still in early stages.

Shownotes Transcript

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF).Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJune 6th, 2025Featuring:1) Claudia Sahm, Chief Economist at New Century Advisors, Amy Wu Silverman, Head of Derivatives Strategy for RBC Capital Markets, and Kristina Campmany, Senior Portfolio Manager with Invesco, react to the May nonfarm payrolls report. Data released earlier this week signaled a softening labor market, which reinforced expectations that the Federal Reserve will cut interest rates at least twice this year.2) Dan Ives, Global Head of Technology at Wedbush Securities, discusses the feud between Elon Musk and President Trump and how it's affecting Tesla stock, Musk's other companies, and his personal wealth. After Tesla shares tanked 14% and Musk's personal wealth dropped by $34 billion, Musk signaled a willingness to cool tensions with Trump, responding to a user's advice to "cool off and take a step back for a couple days" with "Good advice."3) Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, brings us into the market open and discusses how the jobs report is affecting markets. US yields Thursday rebounded from session lows after an unexpected increase in new jobless claims, with traders pricing in an earlier start to Federal Reserve interest-rate cuts.4) Jennifer Harris, former Special Assistant to the President and Senior Director for International Economics on the National Security Council and the National Economic Council, on her Foreign Affairs article "The Post-Neoliberal Imperative" and the realignment of a "new centrism" in American politics.

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