Vice Chairman at Goldman Sachs, Robert Kaplan, Talks Monetary Policy, Geopolitical Risk
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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Wonderful surprise for you this morning. All things to talk about with Robert Kaplan of Goldman Sachs, former president of the Dallas Fed. We could talk for three hours with him, but we're going to do a massive audible here. And the kid from, you grew up in Brooklyn.
No, my parents did, and I grew up in Kansas.
You grew up in Prairie Village. Yeah. And with John Sherman, you enjoy partial ownership of the Bobby Wits.
That's right, of the Bobby Wits.
I watched him with the Giants in Phoenix here recently. He's an electric player.
Yeah, he's a great player.
How will the Kansas City Royals, your team, you're part owner with John Sherman, how will they compete where the payroll's about the size of Aaron Judge's payroll? I got $182 million as a working statistic. This is unfair, right?
Yeah, and that's why it is a sensitive topic, but in the labor negotiations over the next year or two, there's going to have to be a discussion about some type of balancing salary cap that the sport really needs to create more competitiveness. Having said that, Royals are going to be good this year.
I mean, the word is in sports radio, there's going to be a work stoppage next year in baseball, which they do not need.
Within the delicacies, Robert Kaplan, of where you sit with the Kansas City Royals, are you optimistic there can be a constructive agreement?
I'm optimistic. It's clear the sport needs to deal with the disparity, like other sports. Yes.
how we're going to get from here to there i don't know but it's clear it would benefit everyone involved in the sport one kid's final kansas city question before serious issues am i right kansas city is booming is that's what i notice the radar from here it's booming the new airport and all of course yes listen i'm kansas is a fabulous place to live i love it i go back there regularly
And it doesn't have a lot of, like 43 other states in the United States, the state of Kansas and Missouri are not growing substantially in terms of population, but it's a fabulous place.
Yeah, it's good. Should we start the show? Let's go. Let's start the show. Paul Sweeney with Robert Kaplan, the former Fed president of Dallas.
Robert, the Fed decision, I guess, was not surprising in March. But if I look at the WIRP function, look at where the market is thinking, the market's not really pricing in any cuts or even any rate hikes for the remainder of the year. I guess that makes sense because there's so much uncertainty out there.
It makes a lot of sense. If we talked literally just a month ago, we would have said, were set up for a strong year of growth in 2026. Tax incentives, regulatory reform, AI data center power boom. And I think the Fed was hopeful in the back half of the year that headline inflation would tail off a bit so they might be able to cut rates once or twice. Obviously, because of what's going on in the Middle East, I think they're going to need to step back. That's the right thing to do and let this unfold. And the market is sort of backed off also and is pricing in basically no cuts this year.
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