The last time today’s expert was on the program back in July, she was concerned about rising unemployment. Is she still as worried about it as we prepare to enter a new year with a new Administration taking over? To find out, we have the good fortune to talk today with Dr Anna Wong, Chief U.S. Economist for Bloomberg Economics. Prior to her current role, Anna also worked at the Federal Reserve Board, the White House Council of Economics Advisers, and the U.S. Treasury. Here is a direct video link.
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2024 was about election promises. 2025 will be about the math of delivering. This segment looks at tariffs, taxes and spending cuts.
With hedge fund manager Scott Bessent poised to be the next U.S. Treasury Secretary under the incoming Trump administration, ambitious plans are emerging to slash the national deficit-to-GDP ratio. But can they succeed? In this clip from The Call @ Hedgeye, Financials analyst Josh Steiner breaks down the daunting challenge of hitting a 3% deficit target. “In order to get to that 3% target, you can’t go after Social Security because of the Byrd rule,” Steiner explains. “So, you’re going to have go after Medicare and Medicaid and some of these other big pieces to, frankly, get anywhere close to numbers anywhere close to or toward 3%.” “There’s going to have to be massive spending cuts just to get anywhere close to keeping things as they already are,” Steiner continues. “We’re already at 6% deficit-to-GDP. What I’m saying is, it’s a very tall order.” Here is a direct video link.
Where to cut 2 $trillion (courtesy of ISABELNET).
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The Canadian dollar is now at its lowest point since the peak of the COVID-19 pandemic, and analysts predict it could fall below 70 cents US in the coming months. Andrew Chang explains why the dollar’s value has fallen so much and the impact it could have on everything from travel plans to interest rates to everyday purchases. Here is a direct video link.
USDCAD technical update from my partner Cory Venable: a pullback would not be surprising, but after 2.5 years in a box, USDCAD (below since 2015) breaks out toward our $1.44 target area (green band).
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Money Sense
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