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Karen Karniol-Tambour

lines on the record: 94
first: 2024-10-10
most recent: 2024-10-10
sittings or episodes: 1
sources: podcast

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“Workers you have left are very productive. And that 10% of the workforce that you took out, there's no one day where you said this is the market event, but over a few decades, this was a huge event that had not only social political consequences, but it's one of the big deflationary forces that led us have the world we did. In those years, and really set the cost of capital, set what competitors was like, level of profits, there's a decent chance that AI is at least that event again. It could be bigger, it might hit a bigger share than 10% of the workforce. It could take time more than that. It could take less time. There's a lot of arguments I can make on either side of slow or faster.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Well, first thing I'll say, which I think you always have to say when you talk about AI, is if you hear too much confidence, that should make you suspicious. Inherently, there's a lot of uncertainty. But in the near term, AI has been very inflationary pressure because of what I've talked about before, which is this desire to invest ahead of seeing any demand and all the money that's going into AI today is clearly not leading to any productivity right now, the second. But when you look ahead, I think the best analogy is really what happened in places like the United States, particularly in the United States, over the 90s, the 2000s in the manufacturing sector, where over a period a few decades, you took something like 10% of the labor market and kind of cut it out. Whether it's because you sent it to cheaper places abroad, globalization, or because automation, you actually got robots and so on to be in factory floors. So today, when you go anywhere to a manufacturing plant in the US, you see fewer workers.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Yes, got it. I've read a lot of the work Bridgewater's authored in the past year or so on AI. So I want to talk about two items in this context. One is how do you see it impacting the economy and the labor market in some forward state? I know that is a hard exercise, but it's one you've spent a lot of time on. We've spent a lot of time on. And then the second is how do you think about expressing some of those views in the market today?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“But it doesn't seem like a very clear okay do X to protect your downside on what that's going to happen there. What it really highlights is just how important these big multi-year events are, which is a much bigger government role, much bigger deficit in spending, more industrial policy, more protectionism. These things are going to be with us no matter who wins”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“And I see the same as you with what you see in the election right now, which is that discrete event is not showing up to be so big that feels like you need massive risk controls to deal with it. I think basically no one should try to predict this election. It's probably very close to 50-50 and very few people are going to have the edge.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“For more multi year events, these dynamics are way on the markets. You can't ignore them. You can't treat as a risk control. It's going to show up in your investing in lots of different ways.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Totally. And I think that just going to how to think about risk management in these cases, there is a huge difference for investors between discrete events and kind of multi-year dynamics that end up weighing on markets. And when you have a discrete event, I think the right lens, just as you're saying, is to basically say, is there something that is really like it's A or B, like Brexit is like a classic example of this? And that's mostly a risk controls issue. How do I want to protect my risk? And to have a strong view that it's a risk controls issue, like a Brexit, you need to have the market action show you that as the odds shift, something meaningful would happen if A happens versus B.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Markets just kind of seemingly not had it on the front burner. I'm surprised my client travels how little it comes up. It kind of tends to come up late as it did in this, late in the conversation. Now, who knows exactly how it feels a week or two into the binary event, but I think I share your sentiment, which is, in a way, the equity markets are kind of looking at the betting nods and saying, well, if the two most likely outcomes are Republican sweep or Harris plus divided Congress through the prism of risk, I'm okay with those outcomes.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“It's interesting because it probably would have felt like a spicy view this summer, but I think in a way the markets, judging from price action, have kind of arrived at a similar conclusion, as you just asserted. And I find for all the ebb and flow in the betting markets, with the exception of a couple very discrete things, say like green versus presumed d-reg plays or whatever.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Their tail risks that, you know, Trump could really accelerate something more extreme than that, but I see more commonalities than most people talk about.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Look, no doubt Trump's rhetoric is stronger, but there's a lot of commonality You have a lot of bipartisan consensus that. China is the big strategic challenge that we need to be able to use protectionist measures. And so, yes, the Democrats are more limited. They talk about the small yard high fence and the yard's getting bigger and bigger. And a lot of consensus that we want to use industrial policy in protectionist ways because we need to do that against China. So we'll trump you more aggressive than Kamala, probably You're still talking about the same multi-year, multi-decade, I'd say, move that you have ahead of us away from this sort of free trade industrial policy bad world to one where we're putting up the walls, we're doing it in certain ways. And that's the important thing for investors. Sure.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Simple math definitely supports it. So you net those two things though, and you say what's going to be better or worse for the stock market, it's close. It's not that far. And then if you go to things like trade and protectionism,”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Trump's plans clearly want to expand the deficit further because there's no world in which all these tariffs are enough to offset extending all of the tax cuts, maybe even reducing tax rates on corporations. So you actually have more commonality than not. Now, of course, there are differences. It does matter somewhat whether the deficit spending is going towards corporate tax cuts or Or lower income households, lower income households tend to spend more in the economy, so that supports the economy more. But if you go to the business side, You are talking about something that directly sports the stock market, right? Like you're literally holding these companies that don't pay as much tax. We saw that in Trump won.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“But if Kamala wins, it's much more likely she has divided government. What that means is that she's not likely to get all that done. Much more likely what's going to be challenging for her to get done is some of these tax raises. Things that are really big breaks and what's happened before. Really actually raising taxes on corporations, less likely there'll be consensus on that. So probably if she ends up getting elected and having more of a divided Congress, she still gets something done that either keeps the deficit where it is or expands it.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“So, you take all that and you say, Yeah, you could say that's a little bit of cutting deficit, but if you look at the betting markets, I think they're realistically saying the election's 50 fifty?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“If you take her plans as literally as you can, and who knows exactly, they would end up closing the deficit, I don't know, 1% of GDP a year. That's not nothing. But the makeup of that is a bunch of new spending. Sure. Extending the tax credits on anybody below 400K, but also a lot of new tax credits, so things like the child tax credit, earned income tax credit. She wants to help businesses, first-time homeowners, et cetera. And then on the other side, there is a desire to raise taxes to pay for some of that. Whether that's raising taxes on the wealthiest individuals by not extending the tax cuts or on corporations generally raising taxes, and then some of these issues around unrealized capital gains.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. I mean, in terms of market implications, first of all, you have two candidates that neither one of them really believes in closing the deficit. So neither one of them is really pushing what we need to do is go from these historical high deficit levels. Down. If you look at what they really want to do, yes, Kamala's plans, fiscally, are more for a little bit, a tiny bit of being careful on deficits.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“So let me start with out of unpopular, but maybe unpopular answer. I think there's more commonality than is often kind of acknowledged.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“While the US doesn't have tremendous trade deficit, and if you look at the type of protectionism that's rising, it is hire to close that trade deficit, especially if Trump is president, that means that you put pressure on the trade side, but you're not mitigating at all how much money wants to come into the United States. And so that just keeps pushing the dollar up. There's not a lot of choices in terms of diversification of where reserves are and the structural properties of the dollar have proven over and over for, I think, relatively good reason, be somewhat risk reducing. So a lot of dollar exposure just makes sense for people to have.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I am tilted to be somewhat bullish the dollar. The year was more attractive than it, but I think dollar is more attractive than a lot of other currencies. You're still in a world where just most of the asset markets, financial assets, are in the United States. So, anybody who is saving abroad really means saving the United States. It's almost like when you buy oil, you're not thinking, I just love Saudi Arabia. You're thinking I'm going to go whatever's the pump. You're buying financial assets, you're buying American assets. It's two thirds of global market indices, et cetera. So that's a lot of structural money just gets recycled into the US almost no matter what”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I still think the most attractive currency is the euro. Because the backdrop to just the size of surplus that they have is so massive, so much money would need to circulate for the euro not to keep appreciating. And even though prospects for Europe are definitely weaker than the United States, weaker than a lot of places. That is so much in the price, and the structural surplus is so big. I still think it's the most attractive currency. And you compare that to, you know, places like Australia or Canada that have much weaker structural surpluses, deteriorating, and Canada's been weak relative to the US before the US. So, you're really starting to get differentials and wide range of attractiveness.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I think it's a great asset class. It's been underutilized because it just hasn't been moving that much because you came out of COVID and the whole world was just so synchronized. So, for many years it was synchronized with zero rates, then it was all synchronized, you know, easing together, then tightening together. And finally, you're in a world where the world's not as synchronized. There's actually things going on. Inflation is different in different countries. You're getting policy normalization in differently different countries. And that's really what drives currency moves, right? You need to have differentials between countries in order to get that. Everyone being stuck at zero is zero inflation, zero rates. You're not going to get currency moves. And so I do think there are bigger alpha opportunities than that been a long time. And it's also a really important time to kind of structurally reconsider what am I doing with currencies in my portfolio? Am I hedging my assets? Am I not? And you get to interesting conversations like, what are the structural characteristics of the dollar? Do I want to hold that as a risk-off asset? Why would that exist or not?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“So you just touched on it there, but let's talk a little bit more comprehensively about the opportunity set in global currencies, which I think is a significant arrow in your quiver typically. Is this still an asset class where you have a lot of conviction? And if so, where would that be?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I still think the equities are moderately attractive. There's good corporate governance things that are happening there. And I think the answer's roughly balanced.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“They know that. I get that there's a great fear of doing it too fast. And what happened in late July left a real scar of don't do it too fast, but obviously part of what happened in late July early August had a lot to do with investor positioning and so many people being positioned, having done carry trades in the end. And so while they're going to be cautious and the risk of doing it too fast is real, they're going to have to normalize policy. It just doesn't make sense to be where they are. I think the new prime minister feels it in his bones. You hear everything he said, that he gets that. So my fair position there is definitely still being short the rates. I think that's kind of the most sensible way to be positioned in Japan”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I think the bottom line is Japan, this is an economy that has to figure out a way to tighten monetary policy, right? We're in a world where it made sense to have zero rates for many years. That was a long deleveraging to work through. But you just look at the reality on the ground today and like, you have 2% inflation. It looks like it's relatively comfortably at 2%. You have very good labor market. You have good labor force participation. You don't need to be at these level of rates. You don't need negative 2% real rates. It just doesn't make sense”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Okay. And then sticking on the Panasia front, it's been a wild ride in Japan over the past couple of months. And now we have a newly elected prime minister. How do you view the opportunity set now in Japanese asset markets?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“It's interesting across the different outcomes of deleveraging. I think a mix of Chinese assets is incredibly well poised because pricing is just valuation on stocks so low. There's still room to ease. There's still a lot of things policymakers can do. And you definitely have a degree of conviction that says we won't crash the car. And so I still like holding a balanced mix. I would skew more to stocks today than I would have a couple weeks ago But I think you're still in a spot where you basically say, look, if they disappoint somewhat, I don't think the stock market has a lot more to fall and you can still do decently in bonds or shorting the currency holding real assets like commodities in that currency”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“How strong things will be, we'll see. What I know is deleveragings take time. Just think what it was like in Europe or in Japan. I'd say everyone talks about Mario Draghi's whatever it takes moment. It still took a long time with a lot of ups and downs. They have a lot more to deliver to do this deleveraging well. Right. Lot more deliver, but the confidence that there's a higher likelihood they won't let it get really bad and very deflationary is certainly higher.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“And so I think you're seeing a really important turning point towards experimenting with new things. It's still small experimentation, but at least they're experimenting and they're saying things like, you know, we're going to do stimulus, we're comfortable as targeted enough. So it's targeted to poor people, or it's targeted at like they have like a cash for clunkers type idea. So they're telling, you know, certain kind of spending they're trying to incentivize, or they're targeted at people to have children. So, you know, like child credits, but they're experimenting. They're going to do things.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“And that's a very important shift. It's very important to say, no, no, this is too much. We need to be there. We need to be stimulating. The other piece there is that they suddenly have a lot of ideological opposition to many different types of stimulus they might need, whether it is all the moral hazard issues that come with handling a type of a deleveraging as they do or issues of stimulation where they really feel that kind of stimulation in the United States did of like giving everyone a check is ideologically not okay.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“That they're not there anymore. They now believe their most important goal is fundamentally security, national security, economic security. They believe they have to gear the economy both to win against the United States and the rest of the world that's kind of turning against it and to get over the middle income trap by having kind of the advanced technologies that you need to be productive enough. And growth is a piece and it's just a piece. You know, you got to be tough during a war. Sure. To now saying, okay, maybe this is going too far. It's getting too weak. It's too much. We can't let it get this bad”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I think that the Chinese, my hope is that this is kind of their whatever takes moment. Really more likely is that what they've really done is put down their foot and says we're going to do whatever it takes not to crash the car. That's not the same as whatever it takes to get things to be great, but it is, we're not going to let the car crash. I think it is a fundamentally different China than it was when we saw previous rounds of stimulus, like coming out of the great financial crisis. You had this leadership that really felt that getting growth to work was the single most important goal. And they would do whatever it takes to make that happen. Sure.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Okay, let's pivot and speak about China for a minute. The past few weeks have seen a pretty forceful set of policy declarations and I think some high hopes within the market. How do you view these announcements?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I think it's about right. As I said, I think the risk is more on the they'll do less than they'll do more barring a very big surprise But I think that gets them to a spot where they say, okay, now I'm sitting here. It's the middle of 2025, and my best assessment is that we're like a little tighter than neutral. How tight relative neutral will depend on is inflation rate really a two or is it a little bit above two? That feels about right, but you could easily imagine saying, actually, we're so far into an expansion. Maybe the neutral rate is three, but we should be tighter than that. We should be at four.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“That a pretty strong economy will be self sustaining. And maybe the right neutral rate for now is 3%. Maybe it's even higher. Or maybe we'll be so far into a cycle that even if the neutral rate's 3%, we'll need rates a little bit higher than that because we'll need to be a little bit quote unquote tight or we'll get inflation at just a little more buoyant. And so you want to be, you know, keeping the real rate not lower than that, a little bit under 1%. And so, I think the risks are a little bit less easing than priced in. But that twenty five ish clips to get the three seems roughly right, you want to feel it out?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Their plan seems to be something like get to three percent at twenty five basis point clips. I think that's a very reasonable plan. But if anything, the risk is that they'll need to do less than that or slower than that.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so post GFC, I mean, we had that's more than a decade where we had negative real rates. Sure. Very unusual. Clearly, that's not the right level of rates anymore. You don't need to have a deleveraging happen anymore. And some of these structural spending pressures that I talked about before, whether it's businesses that need to invest for AI or we haven't talked yet about government and all their need to do industrial policy, there's real needs to spend, so the right level interest rate is definitely not zero or negative. If you look at the Fed, the Fed thinks it's about three made up of about 2 ish percent inflation, two in change, and 75 basis points to 1% of real rates. I think that sounds like about right, but you're not really going to know until you're really in it. And so I think the Fed is going to do is.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“So, what is the right level of interest rates, a very almost philosophical question, right? And what I think everybody knows is that it's definitely very different than the right level of rates was some number of years ago.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“So let's spend a minute on that piece on the Fed. Again, we've entered kind of the next stage of the game in the monetary cycle. So where do you see this ending up, i.e. where do you see the terminal funds rate? And then how do you think we get there in terms of clip size and duration?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“Can look back to the 1990s and that mid cycle easing and how big the capback cycle in the internet boom was to powering the next leg, I think this is about as good of a backdrop as you could get so long into an expansion to be able to sustain growth. And you have a Fed that with inflation where it is both willing and able to do more if it needs to.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“And so you add that up, and then you have a Fed easing into that, what the Fed's going to do through the easing is it's actually going to try to restart the private sector borrowing. So that's a pretty good tailwind that's coming in. That's all really on the household side. Then you add the business side, where I think the CapEx cycle is just starting out, could get bigger, and you hear the Mag7s talking about how they feel like the risk of not investing is a lot greater than the risk of investing too much, that it's existential, that they got to do more. And that's just the couple big MAG-7, of course, they're large and they have a lot of money, but you could easily imagine a world where that spreads. And all it'll take is one AI powered startup in your industry to say, wait a minute. I better go invest a lot in AI as well.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I actually think it can. It's a very unique spot to be in so late into an expansion. But you have this expansion where the Fed already raised rates, right? So it's cut off all the borrowing by anyone in the private sector. And typically that causes a recession this time around, it was offset by kind of the tail of the fiscal coming out of COVID, plus the fact that that was kind of the time where the income cycle took off and he started getting this self-reinforcing cycle where spending leads to more income, leads to more spending. That's a much more sustainable way to have an expansion. It runs out of steam, but a lot more slowly. And while the employment markets weakened, a lot of the weakening is really from the supply side. It's not really weakening coming from demand side.”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT
“I want to talk a little bit about the U.S. macro landscape. As we sit here today, things are in a friendly place. US GDP growth is tracking around 3%. The Fed obviously just cut rates by 50 basis points. So let's start with your outlook for the economy. Can the U.S. sustain this level of growth?”
2024-10-10 · Goldman Sachs Exchanges · How to find alpha: Bridgewater Associates' Co-CIO Karen Karniol-Tambour · IDENTIFIED FROM THE TRANSCRIPT