Anna Wong, Chief U.S. Economist at Bloomberg, joins Alan Dunne with a clear-eyed assessment of where policy and politics are headed. As markets bet on cuts and the Fed talks balance, she sees a different risk: a slow-burning inflation that’s quietly taking hold. Anna breaks down why tariffs haven’t hit as expected, how AI is already reshaping the labor force, and what’s really driving service-sector price pressures. Beyond the data, the conversation turns to Fed culture, the limits of independence, and what a Trump-aligned central bank might mean in practice. Less about what’s forecast - more about what’s misunderstood.

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Episode TimeStamps:

02:18 - Introduction to Anna Wong

03:57 - The current state of Fed

06:35 - A potential flare up in inflation

16:19 - Wong's read on the labour market

22:50 - Fed's inflation argument makes no sense

28:59 - The outlook of the housing market

31:15 - Is AI destroying the labour market?

34:20 - The future direction of the Fed and the potential candidates

40:10 - The Fed is losing its balance

48:43 - How increasing Trump representatives could impact the Fed

51:58 - How monetary policy will unfold going forward

54:43 - How we achieve a healthy level of debt and growth

58:47 - Trump wants a weak dollar

01:00:59 - Why Wong is optimistic about AI's impact on GDP growth

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GM87: Who Really Sets Policy Now? ft. Anna Wong