Wall Street Week | Trump Picks Warsh, US State Capitalism, SNAP Cuts, Business of Youth Sports

Watch on YouTube ↗  |  January 31, 2026 at 13:00  |  56:35  |  Bloomberg Markets
Speakers
Jason Furman — Former Chair of the Council of Economic Advisers
Sally Lyons Wyatt — Executive Vice President, Circana
Matt Perdue — President, North Dakota Farmers Union
Tom Farley — CEO, Bullish
Steven Miran — Chair, Council of Economic Advisers
Steve Rattner — CEO, Willett Advisors
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Dan Porter — Founder, Overtime
David Westin — Host, Bloomberg Wall Street Week

Summary

This Wall Street Week episode covers Trump's planned nomination of Kevin Warsh as Fed Chair, Fed policy views from Stephen Miran and Jason Furman, the rise of U.S. state capitalism, SNAP benefit cuts and their food-supply-chain effects, and private-equity investment in youth sports. Market implications include a possible weaker dollar, higher JGB yields, pressure on SNAP-dependent retailers, a weak farm economy, and continued private-equity opportunities in sports.

  • Trump intends to nominate Kevin Warsh as the next Fed Chair.
  • Fed officials and economists discuss inflation, rates, and dollar outlook.
  • U.S. government equity stakes in companies raise state-capitalism concerns.
  • SNAP cuts may pressure dollar stores, value retailers, and convenience stores.
  • The U.S. farm economy remains weak, with farmers losing money per acre.
  • Private equity sees roll-up opportunities in youth sports and sports assets.
  • Food banks and rural communities brace for the effects of SNAP cuts.
Ideas
Jason Furman Former Chair of the Council of Economic Advisers 6:45
Weaker dollar may help US imbalances.
A weaker dollar may be economically appropriate for the US because it would help reduce the large trade deficit and global imbalances, though it would raise prices for American consumers and is politically unpopular.
USD MED
Jason Furman Former Chair of the Council of Economic Advisers 9:35
Investors should demand higher JGB yields.
Japan is now subject to normal macro rules, with inflation back and high debt-to-GDP plus limited fiscal headroom, so investors should demand higher compensation to lend to Japan than historically, implying higher JGB yields and lower bond prices.
Japanese government bonds HIGH
Sally Lyons Wyatt Executive Vice President, Circana 26:41
SNAP cuts hit dollar, value, convenience stores.
SNAP cuts will pressure retailers most dependent on SNAP spending; dollar stores, value channels, and convenience stores have higher SNAP dependence than other food retailers.
DG Value retailers Convenience stores MED
Matt Perdue President, North Dakota Farmers Union 34:14
US farm economy is struggling.
The U.S. farm economy is in poor shape, with most farmers losing money on every acre they plant and harvest and carrying record debt loads, heightening the need for a Farm Bill safety net.
U.S. agriculture MED
Tom Farley CEO, Bullish 40:55
Private equity sees attractive youth sports opportunity.
Youth sports and broader sports assets are an attractive private equity opportunity because the space is large, messy, unregulated, and fragmented, allowing sponsors to buy, roll up, consolidate, and vertically integrate as capital moves from pro sports into college and high school sports.
PSP MED
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This Bloomberg Markets video, published January 31, 2026, features Jason Furman, Sally Lyons Wyatt, Matt Perdue, Tom Farley discussing USD, Japanese government bonds, DG, Value retailers, Convenience stores, U.S. agriculture, PSP. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jason Furman, Sally Lyons Wyatt, Matt Perdue, Tom Farley  · Tickers: USD, Japanese government bonds, DG, Value retailers, Convenience stores, U.S. agriculture, PSP