Breaking Down the Fed's Interest Rate Cut
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 18 September 2025
⏱️ 34 minutes
🧾️ Download transcript
Summary
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneySeptember 18th, 2025
Featuring:
1) Frances Donald, Chief Economist at RBC, joins for an extended discussion on the US labor market, inflation, and the Fed balancing its dual mandate. Fed Chair Jay Powell rallied a deeply divided committee of policymakers behind an interest rate-cut, the first cut of the year, after a significant slowdown in job growth.
2) Ian Lyngen, Head of US Rates Strategy at BMO Capital Markets, joins to talk about the 10-year yield's path below 4% and outlook for Treasury gains. Jay Powell conceded the Fed's job would get more difficult, as policymakers face difficult trade-offs in considering whether to keep cutting rates, with some officials concerned about inflation and others about the labor market.
3) Robert Kaplan, Vice Chairman at Goldman Sachs, talks about the Fed's decision to cut interest rates and whether the US economy is in, or could enter, a recession.
4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on AI agents and a Bloomberg report on Gen Z and FICO scores.
See omnystudio.com/listener for privacy information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | When the rest of the markets slow down, the futures market keeps moving. |
| 0:04.9 | Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity? |
| 0:12.0 | In the ETF markets, volume and liquidity lessens after 4pm until the next morning. |
| 0:17.1 | But with futures, you get trading opportunities both day and night. |
| 0:21.1 | Learn more at CMEgroup.com slash equity futures. |
| 0:26.4 | You can get the news whenever you want it with Bloomberg News Now. |
| 0:30.7 | I'm Amy Morris. |
| 0:31.8 | And I'm Karen Moscow here to tell you about our new on-demand news report delivered right to your podcast feed. |
| 0:38.4 | Bloomberg News Now is a short five-minute audio report on the day's top stories. |
| 0:43.5 | Episodes are published throughout the day with the latest information and data to keep you informed. |
| 0:48.0 | Yes, there are other products like this from a variety of news organizations, |
| 0:53.0 | but they usually rerun their radio newscasts throughout the day. |
| 0:57.3 | That's not what we do. |
| 0:58.6 | We create customized episodes that can only be heard on Bloomberg News Now. |
| 1:03.5 | And we don't wait an hour to publish breaking news. |
| 1:05.8 | When news breaks, we'll have an episode up in your podcast feed within minutes. |
| 1:09.8 | So you're always getting the latest stories and developments. |
| 1:12.9 | Get the reporting and the context from Bloomberg's 3,000 journalists and analysts |
| 1:17.4 | we're all over the world. |
| 1:19.0 | Listen to the latest from Bloomberg News Now on Apple, Spotify, or anywhere you listen. |
| 1:29.2 | Bloomberg Audio Studios. |
| 1:32.1 | Podcasts, Radio, News. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Bloomberg, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Bloomberg and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.