All articles tagged with #gary cohn
Former Trump official Gary Cohn says Kevin Warsh is highly qualified to head the Fed and would take the central bank back to its traditional norms, signaling possible rate cuts and balance-sheet reduction while stressing the Fed's independence amid political pressure and questions surrounding Powell.
Gary Cohn, IBM vice chair and former Trump economic official, stated that the job market has degraded recently, likely due to companies cutting labor costs amid economic challenges, but this may be a temporary situation as the Federal Reserve has acknowledged a cooling labor market and implemented a rate cut to address economic slowdown.
IBM vice chair Gary Cohn criticized President Biden's claim that billionaires pay lower taxes, stating that billionaires with income in the U.S. pay at least 20% in taxes and that a billionaire's net worth doesn't necessarily reflect their taxable income. Cohn highlighted that the top 10% of earners pay over 70% of taxes collected in the U.S., and emphasized that the country effectively taxes income. Biden has proposed a 25% tax on the wealthiest Americans and an increase in the corporate tax rate from 21% to 28%.
Former Trump advisor and IBM Vice Chairman Gary Cohn believes that the U.S. economy is "back to normal" for the first time in two decades. However, he suggests that the market may be jumping the gun on rate hikes, with expectations of a first rate reduction from the Federal Reserve in May 2024. Cohn predicts that the Fed will not start unwinding its position until at least the second half of next year, after other major central banks have already begun hiking rates. He also highlights the resilience of the U.S. economy despite rising interest rates and believes that the consumer and the broader economy are back to a normal state, although it has been over two decades since experiencing such conditions.