- In at this time’s CEO Every day: Diane Brady on the Milken Institute International Convention in Los Angeles.
- The large story: Trump’s film tax could have the other impact of the one supposed.
- The markets: Western markets are down, Asian markets are up.
- Analyst notes from EY on Fed independence, JPMorgan Chase on world GDP, JPMorgan Chase on earnings, and Pantheon Macroeconomics on employment.
- Plus: All of the information and watercooler chat from Fortune.
Good morning from the Milken Institute International Convention in Los Angeles, an annual gathering of policymakers and leaders targeted on finance, philanthropy, and well being. That intersection makes for attention-grabbing juxtapositions, the place college and NGO leaders who’re feeling the ache of Trump Administration insurance policies mingle with traders seeing alternatives to revenue. Elon Musk spoke about DOGE and the way forward for humanity at a personal assembly, one attendee advised me, not essentially in that order. At my dinner final night time, audio system pivoted from the facility grid to energy politics.
After all, tariffs stay high of thoughts. Whereas Treasury Secretary Scott Bessent advised an viewers that commerce, tax cuts, and deregulation would spur higher U.S. prosperity, how and when that may occur stays unclear. (My colleague Jeff John Roberts has a deeper evaluation of Bessent’s remarks.) Bessent didn’t communicate a lot about tariffs particularly however talked about decreasing U.S. debt to round 3% and rising manufacturing within the U.S.
Within the panel that adopted, Citigroup CEO Jane Fraser famous that the financial institution’s shoppers might settle for 10% tariffs, vs. 25%, and are ready for certainty. BCG International Chair Wealthy Lesser is advising his shoppers to deal with pricing methods and productiveness: “Leveraging AI, constructing adaptiveness, these are basically no-regret strikes.”
Most of the traders I’ve talked to listed here are assured that this can be a good time to earn money. In the case of opportunistic credit score investments, Victor Khosla of Strategic Worth Companions mentioned, “we had been actually busy final yr and we’ve gotten rather a lot busier.”
John Koudounis, CEO of Calamos Investments, launched a capital-protected Bitcoin ETF this yr to capitalize on renewed curiosity in cryptocurrencies amid Trump’s assist. “We’d wish to convey extra folks into the asset class,” he mentioned. “For those who take a look at the typical mother and pop, they’re scared.”
Who can blame them? As Aon CEO Greg Case put it: “We’re not speaking practically sufficient in regards to the connectivity of threat”—analyzing the impression of developments in commerce, expertise, climate, and the workforce. “We proceed to see the worth of working collectively, private and non-private. When it really works, it’s wonderful.”
Extra information under.
Contact CEO Every day by way of Diane Brady at diane.brady@fortune.com
This story was initially featured on Fortune.com
