Rob Kaplan

I would guess in the next two or three years, you'll see that continue.

Those will get solved with the passage of time.

But I think we're going to have to help people make the adjustment.

So there's cyclical issues where lack of demand creates labor slowing.

And then these structural mismatches, I think we're going to see more structural mismatches, maybe even if cyclically we're firming.

I think human beings sometimes takes them a while to change their aspirations, change their job goals.

And I think this is where we have to do a better job educating workers, helping them adjust, making that transition.

But AI is happening so fast that the workforce may lag adopting and also adapting.

worker mobility, geographic mobility is probably historically low right now.

You know, the house situation, you have already owned your home, fixed rate mortgage.

We're going to have to help people adjust.

Good to be here. Thanks for having me.

Good to be here. Thanks for having me.

So what you're seeing is a shift in that for the last couple of years, I think a lot of the focus was on the Fed. And first they're tightening and then they're beginning to ease. We're now shifting more towards structural drivers in the U.S. economy, which the Fed doesn't drive. The executive branch and Congress drive the structural drivers.

So what you're seeing is a shift in that for the last couple of years, I think a lot of the focus was on the Fed. And first they're tightening and then they're beginning to ease. We're now shifting more towards structural drivers in the U.S. economy, which the Fed doesn't drive. The executive branch and Congress drive the structural drivers.

And those include an effort to cut government spending, reduce deficits, regulatory review in every industry, an effort to restructure the energy ecosystem to lower prices at the pump. and for low-moderate-income families. We're seeing a dramatic change in immigration and immigration policy, which is reducing workforce growth.

And those include an effort to cut government spending, reduce deficits, regulatory review in every industry, an effort to restructure the energy ecosystem to lower prices at the pump. and for low-moderate-income families. We're seeing a dramatic change in immigration and immigration policy, which is reducing workforce growth.

And then the last big one is obviously tariffs, which we could spend the whole time talking about. But those are five very significant changes. The Fed is most comfortable when there's a clear outlook, and then they can adjust policy to those outlook. When you've got this many structural changes and some of them are still unclear, tariffs is a good example.

And then the last big one is obviously tariffs, which we could spend the whole time talking about. But those are five very significant changes. The Fed is most comfortable when there's a clear outlook, and then they can adjust policy to those outlook. When you've got this many structural changes and some of them are still unclear, tariffs is a good example.

I think the Fed has to wait until some of these decisions clarify. And the other reason to wait is we still have an inflation issue. And so the Fed has to be patient for this to clarify because they're still trying to make sure people know they're fighting inflation.