Julie Biel, CFA, Chief Market Strategist, joined Bloomberg TV’s The Close to discuss what stronger jobs data could mean for interest rates, how consumers are adapting to persistent inflation, and why the changing sources of funding behind the AI buildout deserve greater attention.
Consumer Selectivity Matters More Than Income
While lower-income consumers remain particularly exposed to inflation, Julie cautions against treating consumer stocks as a single trade based on income demographics. With retail sales holding up as consumers become more selective, she emphasizes the importance of a retailer’s ability to execute and deliver recognizable value to customers.
Inflation Dynamics Are Becoming More Complicated
Technology has historically helped put downward pressure on inflation by delivering more value for the same price, but Julie notes that AI infrastructure demand and related supply constraints could alter that dynamic. Combined with uncertainty around energy prices, transportation, and supply chains, those pressures make the inflation outlook harder to predict and complicate the Fed’s job.
AI Financing Introduces New Questions
As capital needs increase, Julie shares that greater visibility into the underlying economics of the AI ecosystem will be important, particularly given the financial interdependence among some of its largest participants.
Watch her appearance at the 2:37 mark.
Recorded on September 4, 2026.
