Maggie Lake interviews Harry Melandri about market dynamics, focusing on AI, inflation data, and potential shifts in banking supervision under the Trump administration. Melandri expresses skepticism towards media narratives around AI deals and highlights concerns about redemptions in BDCs. He anticipates short-term inflation to be manageable but expresses concern for the medium and long term. The conversation shifts to the possibility of the Trump administration relaxing banking supervision to stimulate the economy, potentially leading to private sector balance sheet expansion and increased returns on equity for banks. They discuss the implications for price discovery, the equity market, and the interplay between banks and private credit firms, as well as the potential impact on stablecoins and emerging markets.
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