Disruption by Design: GPT-5, Tariffs, and the Shape of Things to Come

Show from 08/08/25 Host Chris Gannatti and Professor Siegel discuss Trump’s recent Fed nominations, labor market weakness, and the likelihood of a September rate cut. The Professor notes seasonal market risks in late August, continued strength in AI-driven tech earnings, and trade tensions impacting India, which he views as a potential buying opportunity. He also highlights his new article on the challenges of conducting monetary policy under the current interest-on-reserves system. (12:18) Chris continues with Samuel Rines, and Jeff Wenninger, exploring India’s oil trade dynamics with Russia, Trump’s geopolitical tactics, and the broader implications for markets. The conversation shifts to the Fed’s outsized influence, the economics of premium credit cards, and potential competition from stablecoins. They close with thoughts on airline travel trends, the energy demands of AI infrastructure, and big tech’s strategies in AI deployment and monetization. Wisdom Tree: https://www.wisdomtree.com/investments