Abby Joseph Cohen

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53 appearances 1 recordings 1 series first heard Jan 2026 last heard 28 Jan

Abby Joseph Cohen’s voice in public audio — every appearance, attributed to the second.

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Bloomberg Talks · Abby Joseph Cohen, professor at Columbia Business School, Talks Fed Expectations · 28 Jan 2026 podcast

Right now, we have

uh investors who are basically saying they're focusing on corporate profits they're focusing on cash flow the intermediate and long-term picture however to me looks somewhat cloudier particularly with this valuation overhang in some sectors

Well, I'd like to correct you, if I may.

I didn't study with Aristotle.

It was Sophocles.

But there you have it.

I'll stay away from that as well.

We have a situation right now where I think that investors and especially traders are really focused on the very short term.

what's the profit picture is the fed going to adjust short-term interest rates and so on and we have nevertheless a broader policy mix which is not necessarily all that favorable on a long-term basis so for example the trade policies which have been implemented all of the things being equal notice i use the keter's paribus in there but all of the things being equal the trade policy we have pushes inflation

higher, not lower.

The fiscal policy we have right now will stimulate economic growth in 2026 through the depreciation allowances, through the extra checks that middle income families will be receiving.

But all other things being equal, that too pushes up inflation, as does the weaker dollar.

And so when we have the president saying as he did, he's OK with a weaker dollar, which is a rather unusual thing for the president of the United States to be saying, that basically tells us something about the intermediate to longer term view.

Because keep in mind, the Fed, whatever it decides to do today, the Fed controls only the Fed funds rate.

only the very short-term rate, only the rate that banks borrow at, the rate of borrowing for everyone else in the economy is done further out along the yield curve.

And that could be problematic because all of these other pressures suggest that those interest rates have moved higher.

Now, what's also fascinating to me is that the administration is talking about a number of steps that others would viewed

As economic or market interference, for example, telling banks what credit card rates they should be charging.

Are you teaching that?

And also the discussion in terms of controls on the mortgage markets.

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