Bloomberg Surveillance · Thursday, September 17, 2026
Bill Dudley attributes the US economy's surprising resilience in the face of rising interest rates to strong financial conditions, including significant wealth gains in the stock market. He also points to the AI boom as an exogenous factor driving the economy, noting that AI investment spending appears largely insensitive to interest rate changes.
“So we've had huge wealth gains in the stock market, which supports people's spending who hold equities.”
“I mean, I think the AI boom is sort of an exogenous factor that's pushing the economy along.”
“And I don't think the spending on AI is particularly interest rate sensitive.”