Latest news with #DJD-Sol
CNBC
5 days ago
- Business
- CNBC
CNBC Daily Open: Trump says tariffs haven't caused inflation — economists think they will soon
Don't mess with DJ D-Sol — Goldman Sachs CEO David Solomon's stage name when he's rocking the clubs in his other life as a DJ. U.S. President Donald Trump criticized Goldman on Tuesday for predicting that tariffs would push up inflation, and said Solomon "should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ." In response, Goldman defended the results of its study, according to a CNBC interview with the bank's economist David Mericle. "If the most recent tariffs, like the April tariff, follow the same pattern that we've seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost," Mericle said. Goldman, in fact, is not the only Wall Street bank putting forth this view. UBS senior economist Brian Rose wrote that "the downward trend in core inflation has been broken as tariffs start to feed through into retail prices," while Michael Feroli, chief U.S. economist at JPMorgan Chase, said in a note that tariffs could "add 1-1.5% to inflation, some of which has already occurred." Of course, a consensus view does not mean predictions will come true. Recall how economists were all but certain a U.S. recession would happen in 2023 — only for the economy to grow 2.5% that year. In any case, if Goldman — and economists from other banks —is proven wrong on tariff-driven inflation, and Trump, in a hypothetical scenario, manages to somehow push Solomon out of his position, at least DJ D-Sol will still be out there spinning agree that higher tariff inflation is coming. Despite Trump on Tuesday slamming Goldman Sachs for predicting higher consumer prices, the bank is standing by its research. Other Wall Street economists agree with its call. Trump is considering 11 candidates for Fed chair. Among the list of potential nominees are Federal Reserve officials, a Bush administration economic advisor, Jefferies Chief Market Strategist David Zervos and BlackRock's Rick Rieder. New records for U.S. stocks again. The S&P 500 and Nasdaq Composite climbed Wednesday to close at fresh highs, with the Dow Jones Industrial Average also rising. Shares of Paramount Skydance popped 36.7%. However, Asia-Pacific markets mostly fell Thursday. xAI's co-founder Igor Babuschkin leaves. Babuschkin said he's starting a venture firm to support AI safety research and invest in startups. Musk wrote, in response, "Thanks for helping build @xAI! We wouldn't be here without you." [PRO] The state of India's IT stocks after layoffs. Big Indian corporations, such as Tata Consultancy Services, Infosys and Wipro, have either trimmed their workforce or hiring. Here's what analysts think of the sector's stocks in light of those job cuts. In one of the world's most expensive cities, more workers are living paycheck to paycheck The Singapore consumer's reputation for financial prudence and high savings is showing signs of strain. Dealing with rising costs and a pursuit of experiences and self-care are taking precedence over long-term financial planning, experts observed. Some 60% of workers in Singapore were living paycheck to paycheck in 2024 — notably higher than regional peers such as China, South Korea, Japan and Indonesia, and above the Asia-Pacific average of 48%, a 2025 research from the payroll company ADP found.
CNBC
5 days ago
- Business
- CNBC
CNBC Daily Open: Despite cooler-than-expected CPI, economists agree higher prices are coming
Don't mess with DJ D-Sol — Goldman Sachs CEO David Solomon's stage name when he's rocking the clubs in his other life as a DJ. U.S. President Donald Trump criticized Goldman on Tuesday for predicting that tariffs would push up inflation, and said Solomon "should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ." In response, Goldman defended the results of its study, according to a CNBC interview with the bank's economist David Mericle. "If the most recent tariffs, like the April tariff, follow the same pattern that we've seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost," Mericle said. Goldman, in fact, is not the only Wall Street bank putting forth this view. UBS senior economist Brian Rose wrote that "the downward trend in core inflation has been broken as tariffs start to feed through into retail prices," while Michael Feroli, chief U.S. economist at JPMorgan Chase, said in a note that tariffs could "add 1-1.5% to inflation, some of which has already occurred." Of course, a consensus view does not mean predictions will come true. Recall how economists were all but certain a U.S. recession would happen in 2023 — only for the economy to grow 2.5% that year. In any case, if Goldman — and economists from other banks —is proven wrong on tariff-driven inflation, and Trump, in a hypothetical scenario, manages to somehow push Solomon out of his position, at least DJ D-Sol will still be out there spinning is considering 11 candidates for Fed chair. Among the list of potential nominees are Federal Reserve officials, a Bush administration economic advisor, Jefferies Chief Market Strategist David Zervos and BlackRock's Rick Rieder. Economists agree that higher tariff inflation is coming. Despite Trump on Tuesday slamming Goldman Sachs for predicting higher consumer prices, the bank is standing by its research. Other Wall Street economists agree with its call. New records for U.S. stocks again. The S&P 500 and Nasdaq Composite climbed Tuesday to close at fresh highs, with the Dow Jones Industrial Average also rising. Shares of Paramount Skydance popped 36.7%. The Stoxx Europe 600 added 0.54%. xAI's co-founder Igor Babuschkin leaves. Babuschkin said he's starting a venture firm to support AI safety research and invest in startups. Musk wrote, in response, "Thanks for helping build @xAI! We wouldn't be here without you." [PRO] This software stock could jump 50%, Morgan Stanley says. The firm's shares tumbled Monday because of lackluster third-quarter guidance — but that move created "the entry point for which we've been waiting," a Morgan Stanley analyst wrote. How Big Tech is paying its way out of Trump's tariffs Top tech executives are at the forefront of a recent swathe of unprecedented deals with U.S. President Donald Trump. In particular, Nvidia and Advanced Micro Devices, as well as Apple, have struck agreements with the White House. "The flurry of deal-making is an effort to secure lighter treatment from tariffs," Paolo Pescatore, technology analyst at PP Foresight, told CNBC by email. Big tech companies can "ill afford to fork out on millions of dollars in additional fees that will further dent profits as underlined by recent quarterly earnings," Pescatore said.
