Steve Liesman
@steveliesman.bsky.social
CNBC senior economics reporter. Husband, father, journalist, guitarist and fly fisherman. (The Lies-man joke has been made. It’s not fresh. It’s my father’s father’s name, bastardized at Ellis Island. Move along.)
The US may be much more exposed to tariff impacts than implied by the relatively small percent of trade to GDP. That's the conclusion of several papers and speeches at the Boston Fed's economic conference today. The result may be a more persistent stagflationary impact on jobs and growth....
November 21, 2025 at 7:48 PM
The US may be much more exposed to tariff impacts than implied by the relatively small percent of trade to GDP. That's the conclusion of several papers and speeches at the Boston Fed's economic conference today. The result may be a more persistent stagflationary impact on jobs and growth....
BLS has cancelled the October CPI and the Fed will meet Dec 9 and 10 without the Nov CPI, which has been rescheduled for Dec 18 from the 10th.
As previously reported,
Fed also won’t have jobs reports
“Say Jay, how you feelin’ about the economy?”
“Not so good John. Let’s cut.”
“Ok by me”
As previously reported,
Fed also won’t have jobs reports
“Say Jay, how you feelin’ about the economy?”
“Not so good John. Let’s cut.”
“Ok by me”
November 21, 2025 at 4:25 PM
BLS has cancelled the October CPI and the Fed will meet Dec 9 and 10 without the Nov CPI, which has been rescheduled for Dec 18 from the 10th.
As previously reported,
Fed also won’t have jobs reports
“Say Jay, how you feelin’ about the economy?”
“Not so good John. Let’s cut.”
“Ok by me”
As previously reported,
Fed also won’t have jobs reports
“Say Jay, how you feelin’ about the economy?”
“Not so good John. Let’s cut.”
“Ok by me”
My hot take: With the BLS saying it will release the Nov jobs report on dec 16, to include Oct payroll data, the fed should either postpone the Dec 9/10 meeting or the bls should figure out a way to get it done earlier. The rate decision hinges critically on the jobs outlook and it’s 2mos of data
November 19, 2025 at 5:57 PM
My hot take: With the BLS saying it will release the Nov jobs report on dec 16, to include Oct payroll data, the fed should either postpone the Dec 9/10 meeting or the bls should figure out a way to get it done earlier. The rate decision hinges critically on the jobs outlook and it’s 2mos of data
Reposted by Steve Liesman
A great resource from our @steveliesman.bsky.social -- in this period where we're flying in the dark on economic data.
@cnbc.com
www.cnbc.com/altdata/
@cnbc.com
www.cnbc.com/altdata/
Altdata
Alternative data to judge the state of the economy outside of the traditional government sources.
www.cnbc.com
November 7, 2025 at 4:04 PM
A great resource from our @steveliesman.bsky.social -- in this period where we're flying in the dark on economic data.
@cnbc.com
www.cnbc.com/altdata/
@cnbc.com
www.cnbc.com/altdata/
CNBC FED SURVEY: Fed to keep cutting despite concerns about tariffs, inflation and an ai bubble.
www.cnbc.com/2025/10/28/t...
www.cnbc.com/2025/10/28/t...
The Fed is likely to keep cutting interest rates, but multiple dangers lurk, CNBC survey finds
The Fed is expected to cut by a quarter point at its meeting this week and could cut at the next two meetings as well.
www.cnbc.com
October 28, 2025 at 3:08 PM
CNBC FED SURVEY: Fed to keep cutting despite concerns about tariffs, inflation and an ai bubble.
www.cnbc.com/2025/10/28/t...
www.cnbc.com/2025/10/28/t...
Trump's approval rating on the economy takes hit because of shutdown, inflation www.cnbc.com/2025/10/17/t...
Trump's approval rating on the economy takes hit because of shutdown, inflation, CNBC survey finds
American's views on the economy turned more negative in the third quarter with deepening concerns about jobs, inflation and the outlook.
www.cnbc.com
October 17, 2025 at 2:06 PM
Trump's approval rating on the economy takes hit because of shutdown, inflation www.cnbc.com/2025/10/17/t...
Trump's Fed pressure campaign will lead to higher inflation: CNBC survey www.cnbc.com/2025/09/16/t...
Trump's Fed pressure campaign will lead to higher inflation, weaker growth, according to CNBC survey
The survey found that 41% of respondents surveyed believe that the president's actions are directly aimed at eliminating the Fed's independence, with 41% saying they are designed to limit them.
www.cnbc.com
September 16, 2025 at 1:44 PM
Trump's Fed pressure campaign will lead to higher inflation: CNBC survey www.cnbc.com/2025/09/16/t...
If the case against Fed Gov Cook were a tennis match, the govt just got routed in 3 straight sets. The judge found in favor of Cook on every point: firing by the prez would render fed independence meaningless; the court can review the president’s decision; and Cook was denied a right to a hearing. 1
Trump blocked from firing Fed Governor Lisa Cook as lawsuit plays out
The Supreme Court is likely to have the final say on whether President Donald Trump has legal cause to remove Lisa Cook from the Federal Reserve.
www.cnbc.com
September 10, 2025 at 4:38 AM
If the case against Fed Gov Cook were a tennis match, the govt just got routed in 3 straight sets. The judge found in favor of Cook on every point: firing by the prez would render fed independence meaningless; the court can review the president’s decision; and Cook was denied a right to a hearing. 1
Raise your hand if your bingo card for the past seven days had:
1. US takes 10% stake in intel
2. Trump fires Fed Reserve Governor
3. US appeals court declares emergency tariffs illegal
You win.
1. US takes 10% stake in intel
2. Trump fires Fed Reserve Governor
3. US appeals court declares emergency tariffs illegal
You win.
August 29, 2025 at 11:37 PM
Raise your hand if your bingo card for the past seven days had:
1. US takes 10% stake in intel
2. Trump fires Fed Reserve Governor
3. US appeals court declares emergency tariffs illegal
You win.
1. US takes 10% stake in intel
2. Trump fires Fed Reserve Governor
3. US appeals court declares emergency tariffs illegal
You win.
Reposted by Steve Liesman
Ftr. I said when Trump started doing tariffs, he should do it thru congress. (Ftr, so did some others). Now, we have MONTHS of additional uncertainty waiting for the USSC. If you’re an importer, what do you do now? You wait. Just in time for Xmas. Goods shortages? Maybe..
August 29, 2025 at 10:09 PM
Ftr. I said when Trump started doing tariffs, he should do it thru congress. (Ftr, so did some others). Now, we have MONTHS of additional uncertainty waiting for the USSC. If you’re an importer, what do you do now? You wait. Just in time for Xmas. Goods shortages? Maybe..
Ftr. I said when Trump started doing tariffs, he should do it thru congress. (Ftr, so did some others). Now, we have MONTHS of additional uncertainty waiting for the USSC. If you’re an importer, what do you do now? You wait. Just in time for Xmas. Goods shortages? Maybe..
August 29, 2025 at 10:09 PM
Ftr. I said when Trump started doing tariffs, he should do it thru congress. (Ftr, so did some others). Now, we have MONTHS of additional uncertainty waiting for the USSC. If you’re an importer, what do you do now? You wait. Just in time for Xmas. Goods shortages? Maybe..
MOVING FAST: Senate Banking announces Sept 4 confirmation hearing for CEA Director Stephen Miran for the vacant seat on the Federal Reserve Board. Don’t know if he can be confirmed by the full Senate and sworn in in time for Sept 16 meeting but you have to believe that’s the objective.
August 29, 2025 at 12:29 AM
MOVING FAST: Senate Banking announces Sept 4 confirmation hearing for CEA Director Stephen Miran for the vacant seat on the Federal Reserve Board. Don’t know if he can be confirmed by the full Senate and sworn in in time for Sept 16 meeting but you have to believe that’s the objective.
Statement from Abbe David Lowell, attorney for Fed Gov Lisa Cook:
“President Trump has taken to social media to once again “fire by tweet” and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority...
“President Trump has taken to social media to once again “fire by tweet” and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority...
August 26, 2025 at 3:06 AM
Statement from Abbe David Lowell, attorney for Fed Gov Lisa Cook:
“President Trump has taken to social media to once again “fire by tweet” and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority...
“President Trump has taken to social media to once again “fire by tweet” and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority...
Statement from Fed Gov Lisa Cook:
“President Trump purported to fire me “for cause” when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
“President Trump purported to fire me “for cause” when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
August 26, 2025 at 3:05 AM
Statement from Fed Gov Lisa Cook:
“President Trump purported to fire me “for cause” when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
“President Trump purported to fire me “for cause” when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Mordor coming to life here in Jackson Hole.
August 20, 2025 at 3:18 PM
Mordor coming to life here in Jackson Hole.
Hassett likely to be Trump's pick for Fed chief, though Warsh is more qualified, CNBC survey finds www.cnbc.com/2025/08/20/h...
Hassett likely to be Trump's pick for Fed chief, though Warsh is more qualified, CNBC survey finds
The NEC director firmly led when asked who the president will choose from among 11 names being considered.
www.cnbc.com
August 20, 2025 at 1:38 PM
Hassett likely to be Trump's pick for Fed chief, though Warsh is more qualified, CNBC survey finds www.cnbc.com/2025/08/20/h...
Trump approval rating still negative while the public sours further on Democrats www.cnbc.com/2025/08/07/t...
Trump's approval rating still negative while the public sours further on Democrats, CNBC survey shows
Trump's overall and economic ratings remain negative despite a slight improvement in the CNBC All-America Economic Survey.
www.cnbc.com
August 7, 2025 at 6:03 PM
Trump approval rating still negative while the public sours further on Democrats www.cnbc.com/2025/08/07/t...
President Trump claimed again in a @cnbc.com interview today that the -818k annual benchmark revisions to jobs came out after the election in Nov, showing the data was rigged to hurt him. But he was fact-checked on air by Joe Kernen who pointed out the report was actually released in Aug 24.
August 5, 2025 at 3:21 PM
President Trump claimed again in a @cnbc.com interview today that the -818k annual benchmark revisions to jobs came out after the election in Nov, showing the data was rigged to hurt him. But he was fact-checked on air by Joe Kernen who pointed out the report was actually released in Aug 24.
The irony of denying the impact of tariffs on job creation is that all economists, but especially conservative ones, have long held that when you tax something, you get less of it. So tariff revenue running at a $350b annual rate in July is a major tax on consumption.
August 4, 2025 at 7:27 PM
The irony of denying the impact of tariffs on job creation is that all economists, but especially conservative ones, have long held that when you tax something, you get less of it. So tariff revenue running at a $350b annual rate in July is a major tax on consumption.
Trump says the -818k 2024 benchmark payroll revisions show BLS commissioner McEntarfer was political and incompetent. Let’s look at the facts.
1. The revisions were released in Aug 2024, not Nov 15 as the president said. So the BLS release showing far less job growth came 3 mos. BEFORE the election
1. The revisions were released in Aug 2024, not Nov 15 as the president said. So the BLS release showing far less job growth came 3 mos. BEFORE the election
August 3, 2025 at 2:32 PM
Trump says the -818k 2024 benchmark payroll revisions show BLS commissioner McEntarfer was political and incompetent. Let’s look at the facts.
1. The revisions were released in Aug 2024, not Nov 15 as the president said. So the BLS release showing far less job growth came 3 mos. BEFORE the election
1. The revisions were released in Aug 2024, not Nov 15 as the president said. So the BLS release showing far less job growth came 3 mos. BEFORE the election
“The National Association for Business Economics (NABE) strongly condemns the removal of Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer and the unfounded accusations leveled against the work of the agency…
A totally apolitical group.
files.constantcontact.com/668faa28001/...
A totally apolitical group.
files.constantcontact.com/668faa28001/...
files.constantcontact.com
August 1, 2025 at 10:54 PM
“The National Association for Business Economics (NABE) strongly condemns the removal of Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer and the unfounded accusations leveled against the work of the agency…
A totally apolitical group.
files.constantcontact.com/668faa28001/...
A totally apolitical group.
files.constantcontact.com/668faa28001/...
On a day when I put a potential argument from the administration to chair Powell — that perhaps the tariff situation was more certain so rates could be lowered —- the president threatens 50% tariffs on Brazil, placed 25% tariffs on India and ended the de minimis exemption. 1
July 31, 2025 at 12:58 AM
On a day when I put a potential argument from the administration to chair Powell — that perhaps the tariff situation was more certain so rates could be lowered —- the president threatens 50% tariffs on Brazil, placed 25% tariffs on India and ended the de minimis exemption. 1
Has anyone established if Nabisco is paying a promotional fee to The NY Times crossword? I think some disclosure is warranted here.
July 31, 2025 at 12:31 AM
Has anyone established if Nabisco is paying a promotional fee to The NY Times crossword? I think some disclosure is warranted here.
Bessent, Warsh, Hassett are the leading Fed chair contenders, CNBC survey finds www.cnbc.com/2025/07/29/b...
Bessent, Warsh, Hassett are the leading contenders to get Fed chair job, CNBC survey finds
It's a virtual three-way tie to replace Fed Chair Jerome Powell as Fed chair when his term expires.
www.cnbc.com
July 29, 2025 at 4:17 PM
Bessent, Warsh, Hassett are the leading Fed chair contenders, CNBC survey finds www.cnbc.com/2025/07/29/b...