Warsh Says Fed Must Act if Inflation Stays High

Смотреть на YouTube ↗ | 29 августа 2026, 11:59 | 12:43 | Bloomberg Markets

Спикеры

Ann Miletti — Глава отдела инвестиций в акции, Allspring Global Investments

Kevin Gordon — Глава отдела макроэкономических исследований и стратегии, Schwab

Kevin Warsh — Председатель ФРС

Federal Reserve Chair Kevin Warsh signaled the Fed is prepared to act if inflation does not move clearly and quickly toward its 2% target, while describing the economy as strong. Schwab's Kevin Gordon and Allspring's Ann Miletti discussed the implications for rate policy, equity positioning, earnings-driven market rotation, and Nvidia-related financing risks. - Warsh placed responsibility for sustained elevated inflation on the Fed and said confidence in progress toward 2% is required. - Gordon viewed the speech as clearer and reaffirming the PCE/2% target, but still wait-and-see on September depending on CPI/PPI. - Miletti said equity investors are focused on fundamentals and the direction of rates, with corporate borrowing costs rising. - Miletti favors industrials, especially small/mid-cap industrials, tied to AI spending and supply-chain realignment. - Miletti still sees opportunity in small/mid caps and emerging markets. - Gordon highlighted that strong earnings growth can coincide with muted S&P 500 gains and rotation toward small caps. - Gordon flagged monitoring Nvidia-related circular financing and CapEx risks as mega-cap leadership has broken down.

Идеи

Ann Miletti Глава отдела инвестиций в акции, Allspring Global Investments 7:43

Favor small/mid-cap industrials for AI supply-chain

She favors industrials, especially small/mid-cap industrials, because they sit at the intersection of AI-driven efficiency spending and the global realignment of supply chains; the sector has been a winner this year and smaller-cap industrials offer better multiples and more opportunity.

Ann Miletti Глава отдела инвестиций в акции, Allspring Global Investments 8:15

Shift down cap; small/mid-cap opportunity

Her portfolio has been shifting down the market-cap scale, a move that has worked, because valuations look better and there is more opportunity in smaller and mid-sized companies beyond just the favored industrial sector.

Ann Miletti Глава отдела инвестиций в акции, Allspring Global Investments 8:23

Emerging markets still have lots of opportunity

She still sees a lot of opportunity in emerging markets as part of a large global opportunity set, consistent with the portfolio's shift down cap.

Kevin Gordon Глава отдела макроэкономических исследований и стратегии, Schwab 10:03

Russell 2000 favorable; rotation not correction

The earnings backdrop remains strong and broad, but very high blended earnings growth above 50% historically coincides with more restrained S&P 500 gains as cycles mature; small caps have already started outperforming, so he sees a relatively favorable backdrop for the broader market and rotation away from mega-cap leadership rather than a correction.

Kevin Gordon Глава отдела макроэкономических исследований и стратегии, Schwab 11:59

Watch Nvidia circular financing breakdown risk

He warns that Nvidia-related circular financing links need monitoring: if those links break down, revenue estimates for companies buying from each other could fall, making quarterly CapEx numbers and earnings reports critical even though investor enthusiasm has not been dented so far.