Complete Intelligence

Login
Try Free CI Markets

US Jobs, AI Capex, and the Fed: Unpacking Market Divergence | BFM 89.9

https://www.bfm.my/content/podcast/us-job-numbers-better-than-expected

In this latest interview with BFM 89.9, Complete Intelligence CEO Tony Nash breaks down a week of startling economic contradictions. From a “better than expected” jobs report that hides massive downward revisions to the historic nomination of Kevin Warsh as Fed Chair, Nash provides a roadmap for investors navigating a volatile 2026.

Key Discussion Points

  • The US Labor Market Illusion: January saw 130,000 new jobs, but the real story lies in the benchmark revisions that wiped out nearly 900,000 previously reported positions. We are in a “low-hire, low-fire” environment where productivity masks a cooling core.

  • The Warsh Nomination & The “New Accord”: With Kevin Warsh nominated to lead the Fed, Nash explains why the central bank may revisit the 1951 Fed-Treasury Accord. This isn’t just about rates; it’s about a strategic partnership to keep capital costs low enough to support the massive AI and infrastructure build-out.

  • Market Divergence (Dow vs. Nasdaq): Why has the Dow Jones Industrial Average scaled record highs of 50,000 while the Nasdaq remains range-bound?. Nash attributes this to a rotation into “real-world” industrial assets and blue-chips that benefit from a weakening US Dollar.

  • China’s Great Deflation Export: China’s factory-gate deflation has persisted for over 40 months. January 2026 data shows a sharp 4.7% contraction in auto prices and a massive slump in domestic demand, forcing Chinese manufacturers to export surplus inventory at any cost.