Howard Marks, co-chair of Oaktree Capital Management, said he is in favor of fewer signals from the Federal Reserve, aligning with Chair Kevin Warsh's effort to pare back guidance that he has said has constrained the central bank in recent years. "My personal preference is for a less activist central bank that normally lets the economy do its thing, unless it's in danger of going off the rails, too hot or too cold," he said Sunday on Bloomberg This Weekend. He also noted that the Fed raised interest rates earlier this month to rein in inflation.
Marks argued that dialing down forward guidance forces investors to design portfolios that can hold up under stress. In his view, having to make portfolios anti fragile benefits society because it means investors prepare for a wider range of outcomes instead of leaning on steady signals from policymakers.
Marks proposed setting up an artificial intelligence task force to assess how AI may remake major areas of the economy, including the labor market. "Now, when they form the taskforce, I don't know what they can do about it, but it might be nice to think about it," he said, adding a practical worry: "And you know, if you want one little task to work on, how about this? If people are put out of work, they won't pay taxes."
That conversation is heating up. Anthropic PBC CEO Dario Amodei has urged reorienting training and development to deepen understanding of the technology's power. Franklin Templeton Inc. CEO Jenny Johnson warned about the geopolitical risk if US companies slow innovation, telling Bloomberg This Weekend at the Qatar Economic Forum, "If we slow down and China doesn't slow down, we sort of cede that leadership position, and we can't afford to do that either." Qatar's government underwrites the Qatar Economic Forum, Powered by Bloomberg.
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If the Fed talks less, markets will guess more, and portfolios that rely on tidy policy playbooks could feel the bumps. At the same time, AI is set to shuffle work, wages, and taxes in ways that feed back into growth and inflation. The takeaway: resilience is not a slogan right now, it is a design choice for how you save and invest.
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