Ahead of the new year and President-elect Donald Trump’s return to the White House, Thomas H. Lee Partners co-CEO Scott Sperling joins Brad Smith and Josh Lipton on Morning Brief to talk about his market outlook, including his macro-level worries as the Federal Reserve’s forecast leans hawkish for 2025. Sperling says he is bullish heading into the new year, explaining, “I believe that the deregulatory movement of this new administration is going to continue to have a very significant impact that reduces the cost of doing business in this country and provides further stimulus for people to bring manufacturing back to the United States.” He notes that a shift toward manufacturing in the US is an ongoing trend that the Trump administration will support, which is a “big positive,” as it means “more investment in some of the real high technology areas that we need to have more of in this country, particularly the types of semiconductor fab facilities that do the most cutting-edge types of work.” However, Sperling says he’s “wary” about the health of the consumer as well as the US deficit. He explains, “We have built up our national debt to levels that are way past nose-bleeding territory, and we don’t yet have any real clear path to solving that problem.” “I have some level of optimism there, but I think caution is due, and that caution will manifest itself in interest-rate levels that are probably higher than even the Fed wants,” Sperling says, noting, “I don’t think the Fed will have full control over the time of interest rates, as we need to refinance [up to] $50 trillion worth of US government debt.”
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