The passing of Alan Greenspan last month and confirmation of Kevin Warsh as Federal Reserve Chairman in May bookend two booms is US productivity: the mass networking of computing power during the Greenspan Fed of the 1990s and the explosion of inferential applications of computing power today. These cycles influence central bank policy in ways often underappreciated until their aftermath. Marvin Barth of Thematic Markets joins the podcast this week, to look back at the lessons learned from past capex cycles and productivity booms, to apply this experience to the current moment in AI and to assess the initial steps towards institutional reform taken in the early weeks of Kevin Warsh&#x27;s term.<br>See omnystudio.com/listener for privacy information.

Marvin Barth: US Productivity, From Greenspan to Warsh

Street Signals

[SPEAKER_A] This is Street Signals, a weekly conversation about markets and macro brought to you by State Street Markets. I'm your host, Tim Graff, Head of Macro Strategy for Europe. Each week we talk about the latest insights from our award-winning research, as well as the current thinking from our strategists, traders, business leaders, clients, and other experts from financial markets. If you listen to us and like what you're hearing, please subscribe, leave us a good review, get in touch. It all helps us to improve what we offer. With that, here's what's on our minds this week. The views expressed in this podcast are those of the participants and do not reflect those of State Street. It's all change at the Federal Reserve with Kevin Warsh taking over late spring and after last week's appointments to his various task forces to address the Fed's operating model. And I couldn't think of anyone I wanted to talk to more about it than Marvin Barth, who writes at <a href="https://thematicmarkets.com">Thematic Markets</a> on Substack as a subscription service, as well as at <a href="seriouslymarvin</a>, his free-to-read blog. Marvin's a past guest on Street Signals. In fact, around this time last summer, we discussed the possibility that US growth exceptionalism was set to continue for years to come. A theme we returned to this week in discussing the ongoing productivity boom he notes as being in place well before the explosions were seen in large language models and AI-fueled investment. We talk a lot about how the Fed has thought through past productivity booms going all the way back to Marvin's time working at the Fed. Under Alan Greenspan in the late 1990s and right up to now and how the Warsh Fed is poised to respond.

[SPEAKER_B] Greetings. How are you?

Marvin Barth: US Productivity, From Greenspan to Warsh

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Marvin Barth: US Productivity, From Greenspan to Warsh

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.