Trump Allies Push to Reshape Fed | The Pulse 7/3/2026

Summary

The program discusses the U.S. jobs report that pushed out Fed rate hike expectations, Trump's renewed push to reshape the Federal Reserve, and market implications. Guests include SocGen's Kokou Agbo-Bloua, who sees a U.S. equity profit boom, AI-driven gains for Korean memory chips, and European small-cap opportunities. Veolia CEO Estelle Brachlianoff highlights the company's positioning in water scarcity and climate adaptation. Other topics include the Strait of Hormuz toll controversy and private credit fund redemption stress.

• U.S. nonfarm payrolls slowed sharply, pushing out Fed rate hike bets and triggering a short-end Treasury rally
• Trump and allies renew efforts to reshape the Fed, targeting Governor Lisa Cook and eyeing regional Fed vacancies
• SocGen's Kokou Agbo-Bloua is bullish on U.S. equities, Korean memory semiconductors, and European small-cap equities
• Nobel economist Philippe Aghion says Europe needs structural reforms and a coalition of willing countries to compete in AI
• Veolia CEO Estelle Brachlianoff argues water scarcity and climate adaptation create long-term demand for the company's water technologies
• Some European powers now accept that Hormuz transit fees to Iran/Oman are inevitable, while the U.S. and Gulf states oppose them
• Private credit funds face ongoing redemption requests, with differentiation emerging between software-heavy and diversified managers
• Russia's space ambitions are hampered by the Ukraine war, leaving its Starlink-like satellite program far behind