Ken Griffin was mostly speaking about educational initiatives on CNBC but also touched on the economy.
- There has been some unexpected policy volatility that made this a rollercoaster
- AI investments are helping growth
- The US economy is doing pretty good
- Deficit spending is still high, which is a significant fiscal stimulus
- Hopefully we will run into labor market tightness again
- Any level of modest growth will quickly run into problems of finding labor
- It's hard to know where we are at this minute on the labor market
- We could be fine with 30-40k jobs per month, due to immigration changes
- The Fed is nervous about the labor market
- A 25 bps cut is a symbolic move, shows they are paying attention to labor market
- Predicts another 25 bps cut this year, maybe 2
- Sees inflation 2.5-3.0% next year, says that's ok, so long as it stays there
- I would not underestimate how grating a 3% inflation rate would be to millions of Americans
- I would let the Fed do their job and give them independence
- Inflation is still coming from tariffs
- Consumer is ultimately going to pay tariffs, exporters paying it "is not going to happen"
- Tariffs are paid disproportionally by lower and middle income consumers
- I've spoke before about crony capitalism around tariffs, no one should be exempt including Apple
- Are we going to favor the big and the connected?
- The state shouldn't be involved in picking winners and losers
- There are obviously echoes in the dot-com bubble in AI
- I don't think there has been many job losses due to AI so far
- I don't understand the wisdom of holding back quarter info, every business I know does monthly financials
He is certainly more concerned about inflation that most.
