Now you a couple of months ago made some waves by suggesting that JPAL should step down already on your show as head of the central bank. Exactly. We talked about it. Um you faced a lot of skepticism uh on that um from various quarters and now you're saying even if he doesn't step down, there are certain changes he should be making now to put the Fed on better footing going into the leadership change. What what changes should he be making? So let's talk about discussion of July. At the time I was worried th ...

Group 1: U.S. University Research Funding - The Trump administration has halted significant funding for university research, impacting higher education and startup culture [24][25] - U.S. government funding for university research has grown from $253 million in 1953 to approximately $60 billion in 2023, highlighting its importance for innovation [29] - The partnership between the government and universities has been crucial for scientific advancements and economic growth over the past 80 years [28][30] Group 2: Economic Impact of Funding Cuts - Cuts to federal funding for scientific research could lead to a loss of innovation and competitiveness, particularly against countries like China [50][54] - The disruption in funding has already resulted in halted research activities and job losses in academic labs [39][42] - Alternative funding sources, such as venture capital and private sector investments, are emerging but may not fully replace the $60 billion previously provided by the government [47][48] Group 3: Argentina's Economic Reforms - President Javier Milei's austerity measures have reduced inflation from nearly 300% to just over 30%, but have also led to significant job losses and public discontent [61][62] - The Argentine economy has a long history of fiscal deficits, with government spending consistently exceeding tax revenues [66] - The success of Milei's reforms hinges on public support and the ability to maintain fiscal discipline across future administrations [67][72] Group 4: UK Economic Landscape - The UK economy is characterized by regional inequality, with London historically dominating economic activity [105][106] - Recent investments in cities like Birmingham indicate a shift towards diversifying economic growth beyond London [90][100] - The devolution of decision-making to local authorities is seen as a potential driver for improved economic performance in regions outside London [108][112]

分组1 - The Federal Open Market Committee (FOMC) announced a reduction in the Fed Funds Rate by 25 basis points, bringing it to a range of 4.00% - 4.25% [1] - Michael Gray, a seasoned professional in capital markets and fixed income asset management, founded Gray Capital Management LLC and previously served as Head of Taxable Fixed Income at Fidelity Investments [1] - Michael Gray holds an MBA in Finance from Wharton and a BA in Economics from Union College, indicating a strong educational background in finance and economics [1]

Group 1: Dollar Index and Federal Reserve - The dollar index rose by +0.31% supported by higher T-note yields and weakness in the British pound [1] - Minneapolis Fed President Neel Kashkari indicated support for two additional Fed rate cuts this year, influencing market expectations [3] Group 2: Eurozone Economic Indicators - The EUR/USD fell by -0.33% due to deflation concerns in the Eurozone and a stronger dollar [4] - German August PPI declined by -0.5% month-on-month and -2.2% year-on-year, marking the largest year-on-year decline in 15 months [5] Group 3: ECB Policy Outlook - ECB comments reflected mixed signals, with some members suggesting the need for further monetary easing due to below-potential growth and inflation concerns [6] - The divergence in central bank policies is limiting euro losses, as the ECB is perceived to be nearing the end of its rate-cut cycle while the Fed is expected to cut rates further [7]

Group 1 - The Director of the National Economic Council, Kevin Hasset, endorsed the Federal Reserve's decision to implement a 25 basis point cut, indicating a preference for a more conservative approach rather than additional cuts [1] - The discussion highlights the importance of independent analysis in monetary policy decisions, emphasizing that personal views from advisors should not dictate policy [1] - There is ongoing debate regarding the size of the Federal Reserve's balance sheet and its implications for mortgage rates and housing markets [1] Group 2 - The size of the Federal Reserve's balance sheet is viewed as a symptom of underlying regulatory frameworks rather than a target in itself, suggesting that regulatory considerations should guide balance sheet size [2] - The appropriate size of the balance sheet is linked to the need for sufficient reserves in the banking system to prevent liquidity issues and ensure bank capitalization [2] - The focus should shift upstream to the regulatory system to determine the right balance sheet size, rather than concentrating solely on the balance sheet itself [2]

Core Viewpoint - Federal Reserve Governor Stephen Miran does not expect President Trump's tariffs to have a significant inflationary effect on the U.S. economy, differing from the majority opinion among Federal Open Market Committee voters [1][2]. Summary by Sections Inflation and Tariffs - Miran believes there is no material inflation resulting from tariffs, citing a lack of evidence and no significant difference in inflation rates between import-intensive core goods and overall core goods [2]. - He noted that if tariffs were driving inflation, one would expect to see a higher inflation rate in imports, which has not been observed [2]. Economic Outlook - Despite current inflation running above the Fed's 2% target, Miran anticipates stronger economic growth in the second half of the year, attributing weaker growth in the first half to uncertainties surrounding Trump's trade and tax policies [3]. - He also predicts that Trump's immigration policies could lead to disinflation in the economy, suggesting that an influx of immigrants could initially drive up shelter prices, but closing borders could have a disinflationary effect [3][4]. Federal Reserve Board Appointment - Miran was confirmed to the Fed Board of Governors and will serve until January 31, 2026, while taking an unpaid leave from his position as chair of the White House Council of Economic Advisors [5].

And he joins us now first on CNBC, newly confirmed Fed Governor Steven Myron. Our Steve Leeman, of course, also with us. It's great to see you, Mr.. Governor. First of all, congratulations on the confirmation and getting inside the Fed. Thank you and thanks for having me back.It's great to see you. Well, I I'm glad that you're here because I think a lot of people want to know why you desented first of all for 50 basis point cut when the rest of the committee voted on quarter point. Yeah, of course.Look, you ...

Core Viewpoint - Gold prices are influenced by expectations regarding the Federal Reserve's interest rate cuts, with current trading levels reflecting a consolidation phase after a significant rally earlier this month [2][4][5]. Group 1: Market Dynamics - Gold is currently trading approximately $37 per ounce below its all-time high, which was reached following a 25 basis-point rate cut by the Federal Reserve [2]. - The market is experiencing a consolidation phase, indicating that it is finding a new footing after a recent price surge, with buying flows still present but with reduced urgency [4]. - Traders are anticipating nearly two additional rate cuts this year, which has been a major factor in gold's 39% price increase in 2023 [5]. Group 2: Influencing Factors - Lower interest rates typically benefit gold, as it does not yield interest, and the recent comments from Fed Chair Jerome Powell have strengthened the dollar, making gold more expensive in other currencies [3][5]. - Geopolitical tensions and the impact of tariffs imposed by the U.S. administration have increased haven demand for gold, alongside rising central bank purchases and holdings in exchange-traded funds [5]. - The ongoing legal issues surrounding Fed Governor Lisa Cook and the administration's influence on the Fed may further impact market sentiment and gold prices [6].

Market Overview - The U.S. stock market opened positively on September 19, 2025, extending gains from a record-setting Thursday, driven by strength in the technology sector and key corporate announcements [1][2] - The S&P 500 index rose to 6663 points, marking a 0.47% gain from the previous session, up 4.18% over the past month, and 16.84% higher compared to the same time last year [2] - All three major U.S. indexes reached new all-time closing highs on Thursday, indicating broad market strength beyond large-cap tech stocks [3] Corporate News and Stock Movements - Apple (AAPL) shares gained approximately 1% as the new iPhone 17 models went on sale globally, showing strong consumer demand for Pro models [7] - FedEx (FDX) initially jumped over 5% after reinstating its full-year outlook and reporting better-than-expected first-quarter profit and revenue, but later pared most gains [7] - Lennar (LEN) shares declined by 3% after quarterly revenue and profit fell short of analyst expectations, reflecting challenges in the housing sector [7] - Intel (INTC) shares surged nearly 23% on Thursday but were down 0.6% in premarket trading following Nvidia's $5 billion investment in Intel [11] - Tesla (TSLA) shares surged 22.6% over the past month, indicating strong performance [11] - Darden Restaurants (DRI) dropped 6% as earnings per share missed expectations, despite revenue meeting consensus [11] - Netskope saw its shares end 18% higher in its Nasdaq debut, while StubHub (STUB) stock fell 7% after a challenging debut [11] Economic Events and Indicators - A significant $5 trillion quarterly triple-witching options expiry is scheduled, with expectations of limited market impact [4] - Upcoming economic indicators include Global Purchasing Managers' Index (PMI) figures and the Federal Reserve's core Personal Consumption Expenditures (PCE) price index [6]

Core Viewpoint - Sweden's central bank is anticipated to maintain its policy rate, with analysts split on expectations for a potential cut [1] Summary by Relevant Categories - **Policy Rate Expectations** - Analysts are nearly evenly divided on whether the central bank will keep the rate at 2.00% or reduce it to 1.75% [1]