Episode summary
Bloomberg Businessweek Daily: NFP Eases Fed Worries (Podcast)
Bloomberg Businessweek Daily
· · 44 min · Hosts: Carol Massar, Tim Stenovec · Guests: Mike McKee, Kathy Bostjancic, Nathan Dean, Michael Lohan, Yannick Benjamin
Summary
A soft September jobs report set the tone for the discussion, with the host and guests arguing that 29,000 payroll gains, slower wage growth, and a rise in unemployment to 4.2% reduce the urgency for the Federal Reserve to tighten again right away. The host and a Bloomberg economist said the report is weak enough to take labor-market worries off the Fed’s immediate list and shift attention back to inflation, even though another rate increase is still viewed as possible later in the year.
The conversation then widened to politics and markets ahead of the midterms. A Bloomberg Intelligence policy analyst said a Democratic gain in either chamber would push President Trump toward executive power, tariffs, and deregulation, with financial services, crypto, and artificial intelligence among the sectors most affected. He argued that gridlock is generally favorable for fixed income and that tariff pressure is more likely to rise in 2027, not immediately.
Later segments focused on Ireland’s role in global investment and on accessible hospitality. The CEO of IDA Ireland said the country is tying data-center growth to renewable-power commitments, especially offshore wind, while a wine industry advocate described Wine on Wheels, its disability-focused mission, and its October 18 fundraiser in New York.
Key takeaways
- The host and guests said the September jobs report was weak enough to lessen pressure on the Fed to hike again in October, though inflation data could still change that view.
- A Bloomberg economist argued that 29,000 payrolls is still enough to keep unemployment steady because labor-force growth has slowed.
- Nathan Dean said a Democratic midterm win would steer President Trump toward executive action, tariffs, and deregulation, especially in financial services and crypto.
- Dean said tariff pressure is likely to build later, with 2027 framed as the year tariffs matter more than 2025.
- Michael Lohan said Ireland is allowing new data centers only if operators meet decarbonization and renewable-energy commitments, including 70% to 80% renewable power.
- Yannick Benjamin said Wine on Wheels uses wine events to raise money and support people with disabilities, including an October 18 fundraiser at City Winery.
Notable quotes
“the job creation wasn't as strong as we thought”
“They can focus on the inflation numbers”
“expect a flurry of proposals between now and the first half of next year”
“we're trying to turn wine into hope”
How the episode opens
This is Bloomberg Businessweek daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance and tech news as it happens. The Bloomberg Businessweek daily podcast with Carol Massar and Tim Stanback. Hey folks.
Um, yeah, we got to talk about one of the key economic reports that we yes, it was inflation, but it was also the monthly jobs report. The data we had the US adding fewer jobs than expected. In September, we saw wage growth slowing, um, signaling some caution among employers amid rising costs.
Unemployment rate though rising to 4.2%, partly reflecting a growing workforce. And also the two previous months were revised downward. So is the job market as strong as we thought it was?
I think it's a good question. We're going to dig into that. We also, though, want to explain a little bit about what this means for maybe the U.S.
yield trajectory, um, that we did hear from Kevin Hassett, director of the white House National Economic Council president's chief economic adviser. Here's what he had to say to our Bloomberg team of Michael McKee and Dani Burger earlier today. Blogger rates perhaps have some upside because of real returns being so high.
But in the end, that's very, very good for the economy because you have to look at the whole thing. And so the only reason those log rates would go up, it's a general equilibrium thing, is that the economy is so strong. All right.
The economy so strong according to Kevin Hassett. Well, depending what he's talking about in terms of relations to where rates go, Kevin Hassett, of course, director of the white House National Economic Council talking with Dani Burger and Michael McKee.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nonfarm payrolls
- fed rate hike expectations
- unemployment rate
- employment revisions
- labor force growth
Companies and tickers mentioned
- Nationwide
- Wine on Wheels
Watch the episode
Watch “Bloomberg Businessweek Daily: NFP Eases Fed Worries (Podcast)” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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