What's guiding your assessment of where we are. So I'm looking at both inflation and productivity. And if you look at inflation, you're seeing that it's been pretty contained so far in the goods prices which have been directly tariff.And then you look at the other parts of inflation, you just don't see much of a run up. So that's good news. In inflation expectations, what people expect remain very well anchored.Look at productivity and you see that productivity is rising, GDP growth is rising while the labo ...

Inflation and Productivity - Inflation remains contained in goods prices, with inflation expectations well anchored [1][16] - Productivity is rising alongside GDP growth, while the labor market is slowing, indicating firms are trying to do more with less [2][10] - The adjustment of 50 basis points has supported the labor market while maintaining a restrictive policy to exert downward pressure on inflation [3][8] Labor Market Dynamics - There is a significant slowdown in payroll growth, with wage growth moderating, indicating a negative demand shock [18][21] - The labor market is characterized by low hiring and firing rates, necessitating close monitoring of firms' actions [22][34] - Employers are exploring AI to improve productivity, but it is still early to assess its full impact [4][13] Monetary Policy Considerations - The Federal Reserve is focused on balancing inflation control with productivity gains, aiming to restore price stability to around 2% [8][14] - Financial market conditions are one of many inputs into decision-making, with a focus on achieving price stability and full employment [24][25] - Monetary policy acts with a lag, and decisions are made with a long-term perspective [30][31] Economic Indicators and Consumer Behavior - Observations of consumer behavior, such as retail activity and attendance at events, indicate a slower economy but continued participation [35][36] - The Fed relies on both government data and private sector surveys to inform its decisions, emphasizing the importance of on-the-ground insights [32][34] Committee Dynamics - The Federal Open Market Committee (FOMC) exhibits healthy differences of opinion, which is seen as a strength in policy-making during uncertain times [38][39] - Historical comparisons to the 1970s and 1990s are used to inform current policy discussions and decisions [7][11]

Core Insights - New Holland's T4.120F Auto Command has won the 'Best Specialized' award at the 2026 Tractor of the Year awards, highlighting the brand's commitment to excellence in agricultural machinery [1][2] Company Overview - CNH Industrial is a leading global equipment, technology, and services company focused on innovation, sustainability, and productivity, with a diverse portfolio including brands like Case IH and New Holland [4][5] - The company employs over 35,000 individuals worldwide, emphasizing a diverse and inclusive workplace aimed at empowering customers [5] Product Highlights - The T4.120F model features Auto Command™ Continuously Variable Transmission (CVT) with a 50-kph ECO mode, marking a significant advancement in the specialty tractor segment [3] - This model is designed for narrow tractors used in vineyards and fruit farms, prioritizing operator comfort and ease of use [3] Event Details - The award ceremony took place at Agritechnica in Hanover, Germany, which is recognized as the world's leading agricultural trade fair [2] - CNH will showcase future innovations during its Tech Day event on November 11, 2025 [3][6]

Core Insights - CNH introduces the FLEETPRO aftermarket line-up at Agritechnica 2025, focusing on certified spare parts and consumables for agricultural equipment, particularly for post-warranty and legacy machinery [1][2] Group 1: FLEETPRO Line-up - The FLEETPRO line-up provides dependable performance and tailored dealer support at competitive prices, available across Europe, the Middle East, and Africa (EMEA) [2] - It includes Precision Farming kits in partnership with CHC Navigation, featuring guidance kits with 10-inch and 12-inch displays, compatible with all brands and models [3] Group 2: Advanced Technology and Integration - Customers can utilize CNH's Raven portfolio for advanced scalability, offering fully integrated guidance systems that connect to the FieldOps™ digital platform for optimized machine performance [4] - The FLEETPRO aftermarket parts will be accessible at all Case IH, New Holland, and STEYR authorized dealerships in the EMEA region [4] Group 3: Company Overview - CNH Industrial is a leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity across its global and regional brands [5] - The company has a history of over two centuries in pioneering its sectors, with a workforce of over 35,000 employees dedicated to empowering customers [6]

Core Insights - The discussion revolves around concerns of a potential bubble in the AI sector and the implications for investment strategies, particularly regarding diversification and risk management [3][4][12]. Investment Strategies - Investors are advised to diversify their portfolios beyond technology companies to mitigate risks associated with potential market bubbles [3][6][19]. - A contrarian approach is suggested, where bullish sentiment on AI should lead to underweighting technology in equity portfolios over the next five to seven years [19][22]. Market Dynamics - The AI sector is characterized by a circular funding model where various AI players fund each other, raising concerns about sustainability and potential overvaluation [2][9]. - Historical technology cycles indicate that while tech companies may initially outperform, non-tech companies could benefit more significantly as technology spreads and efficiency gains are realized [22][24]. Economic Implications - The potential for AI to enhance productivity could lead to improved operating margins and earnings per share for companies that effectively harness this technology [9][10]. - However, if AI does not significantly improve productivity, investments in tech-heavy indices like the S&P 500 may yield poor returns due to overvaluation concerns [17][22]. Global Perspective - There is a recognition that not all markets are correlated, and diversification into international markets may provide opportunities for better returns, especially when the US market underperforms [24][25]. - The analysis suggests that regions with less technological baggage, like certain areas in Europe and China, may experience different growth trajectories due to their unique circumstances [16][24]. Historical Context - The current sentiment mirrors the telecom boom and bust of the early 2000s, where significant capital expenditure did not guarantee immediate returns [15][26]. - The analysis of past market cycles emphasizes the importance of understanding the long-term implications of technology adoption on investment returns [18][22].

Productivity hack = Work harderFitness hack = Train harderConfidence hack = ExperienceDO more to BE more.There are no shortcuts. ...

Elanco Animal Health (NYSE:ELAN) Q3 2025 Earnings Call November 05, 2025 08:00 AM ET Company ParticipantsJeff Simmons - President and CEOBob VanHimbergen - CFOTiffany Kanaga - VP of Investor RelationsJon Block - Managing DirectorDaniel Clark - VP of Equity ResearchUmer Raffat - Senior Managing DirectorConference Call ParticipantsLinda Bolduc - AnalystNone - AnalystMichael Ryskin - Managing Director and Senior Equity Research AnalystAndrea Alfonso - Equity AnalystBrandon Vazquez - Research AnalystNavann Ty - ...

Elanco Animal Health (NYSE:ELAN) Q3 2025 Earnings Call November 05, 2025 08:00 AM ET Company ParticipantsJeff Simmons - President and CEOBob VanHimbergen - CFOTiffany Kanaga - VP of Investor RelationsJon Block - Managing DirectorDaniel Clark - VP of Equity ResearchUmer Raffat - Senior Managing DirectorConference Call ParticipantsLinda Bolduc - AnalystNone - AnalystMichael Ryskin - Managing Director and Senior Equity Research AnalystAndrea Alfonso - Equity AnalystBrandon Vazquez - Research AnalystNavann Ty - ...

Elanco Animal Health (NYSE:ELAN) Q3 2025 Earnings Call November 05, 2025 08:00 AM ET Speaker0Ladies and gentlemen, thank you for standing by. Welcome to Elanco Animal Health's third quarter 2025 earnings conference call. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your keypad. If you would like to ...

I prefer in terms of a barometer of productivity something a little bit different which is to say can most of your employees do 10x the amount of work with AI versus on their own. That to me is actually a better barometer. I think human AI have very complimentary abilities.So to just like flat out replace a portion of your workforce is actually pretty unrealistic. ...