Trump Tells Warsh to Do ‘Own Thing’ as Fed Chair Sworn In

Summary

Rob Kaplan comments on Kevin Warsh becoming Fed Chair, expects independence and a challenging rate path. He notes AI infrastructure spending and S&P earnings growth. Also discusses Texas as a business destination.

• Kevin Warsh is sworn in as Fed Chair; Kaplan supports his independence.
• Kaplan expects the next Fed move could be a rate raise, not a cut.
• Dot plot will show firmer rate path.
• AI infrastructure spending estimated at $800 billion this year.
• S&P earnings could see double-digit growth, concentrated in smaller names.
• Goldman Sachs expanding in Dallas, citing pro-business Texas environment.