LaVorgna: Fed May Need to Raise Rates

Joe LaVorgna, SMBC Americas Chief Economist and former Counselor to Treasury Secretary Scott Bessent, says the Fed will not cut rates and may need to raise them as PCE inflation rises to a three-year high. LaVorgna says a resilient labor market could lead workers to press for higher wages, adding to inflation pressure, and calls Trump’s Fed chair pick Kevin Warsh “a great pick.” He speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg’s “Balance of Power.” (Source: Bloomberg)