GM87: Who Really Sets Policy Now? ft. Anna Wong
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 10 September 2025
⏱️ 65 minutes
🧾️ Download transcript
Summary
Anna Wong, Chief U.S. Economist at Bloomberg, joins Alan Dunne with a clear-eyed assessment of where policy and politics are headed. As markets bet on cuts and the Fed talks balance, she sees a different risk: a slow-burning inflation that’s quietly taking hold. Anna breaks down why tariffs haven’t hit as expected, how AI is already reshaping the labor force, and what’s really driving service-sector price pressures. Beyond the data, the conversation turns to Fed culture, the limits of independence, and what a Trump-aligned central bank might mean in practice. Less about what’s forecast - more about what’s misunderstood.
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Episode TimeStamps:
02:18 - Introduction to Anna Wong
03:57 - The current state of Fed
06:35 - A potential flare up in inflation
16:19 - Wong's read on the labour market
22:50 - Fed's inflation argument makes no sense
28:59 - The outlook of the housing market
31:15 - Is AI destroying the labour market?
34:20 - The future direction of the Fed and the potential candidates
40:10 - The Fed is losing its balance
48:43 - How increasing Trump representatives could impact the Fed
51:58 - How monetary policy will unfold going forward
54:43 - How we achieve a healthy level of debt and growth
58:47 - Trump wants a weak dollar
01:00:59 - Why Wong is optimistic about AI's impact on GDP growth
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Transcript
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| 0:00.0 | Independence cannot exist with accountability. |
| 0:11.1 | No, I think those two have to come together, |
| 0:13.6 | and I think right now, the DC bubble is too much on the independence without accountability, |
| 0:20.7 | whereas potentially the Trump administration |
| 0:23.2 | or Trump himself just want to do what he wants. |
| 0:27.3 | I think it's always good when you have two extremes tugging at each other because then it |
| 0:32.3 | will generate a medium solution, which is what you want, rather than one way or another. |
| 0:39.7 | Imagine spending an hour with the world's greatest traders. Imagine learning from their |
| 0:44.7 | experiences, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged, |
| 0:52.3 | the place where you can learn from the best hedge fund managers |
| 0:55.1 | in the world so you can take your manager due diligence or investment career to the next level. |
| 1:00.7 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:04.7 | All the discussion we'll have about investment performance is about the past, |
| 1:08.1 | and past performance does not guarantee or even infer anything |
| 1:11.8 | about future performance. |
| 1:13.4 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:17.7 | and you need to request and understand the specific risks from the investment manager |
| 1:22.3 | about their product before you make investment decisions. |
| 1:25.5 | Here's your host, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:35.1 | Welcome and welcome back to another conversation in our series of episodes that focuses |
| 1:39.3 | on markets and investing from a global macro perspective. |
| 1:43.2 | This is a series that I not only find incredibly interesting |
... |
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