Jimmy Chang Discusses Inflation, Small- and Mid-cap Opportunities and Fed Policy on Bloomberg’s The Close
Jimmy Chang, CIO of Rockefeller Global Family Office, joined Bloomberg’s The Close to discuss the latest PPI report, the Fed’s policy dilemma, and market opportunities. He highlighted persistent service-sector inflation driven by rising wages and operational costs, not tariffs—complicating the Fed’s path forward. He also pointed to an estimated $120 billion in household tax refunds from the “OBBB” program as a potential boost to consumer spending into 2026.
In this environment, Chang favors high-quality small and mid-cap companies with strong balance sheets and cash flow, especially those positioned to benefit from continued consumer activity. Looking ahead to the September FOMC meeting, he noted the Fed’s challenge in balancing its dual mandate, emphasizing that labor-driven inflation will make upcoming employment and price data critical to shaping policy.
Watch the full interview, beginning at 3:55.
Views and Opinions Disclosure: The views and opinions expressed are the views and opinions of Rockefeller Global Family Office’s Chief Investment Officer as of the date of the recording and are subject to change without notice. The views and opinions expressed may differ from or conflict with those of other divisions in Rockefeller Capital Management. Certaininformation has been obtained from, or are based on, sources believed by Rockefeller Capital Management to be reliable, but Rockefeller Capital Management makes no representation as to their accuracy or completeness. Actual events or results may differ materially from those reflected or contemplated herein. Although the information provided is carefully reviewed, Rockefeller Capital Management cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided. References to any company or security are provided for illustrative purposes only and should not be construed as investment advice or a recommendation to purchase, sell or hold any security. The information does not constitute an offer to sell or a solicitation of an offer to buy interests in any Rockefeller Capital Management investment vehicle or product or service.
Forward Looking Statements Disclosure: Forward-looking statements, including those presented herein, are inherently uncertain, as future event may differ materially from those projected. Investing involves risk, including risk of loss. Past performance is no guarantee of future results.
Organizational Disclosure: Rockefeller Capital Management is the marketing name for Rockefeller Capital Management L.P. and its affiliates. Investment advisory, asset management and fiduciary activities are performed by the following affiliates of Rockefeller Capital Management: Rockefeller & Co. LLC, Rockefeller Trust Company, N.A. and The Rockefeller Trust Company (Delaware), as the case may be.
© 2025 Rockefeller Capital Management. All rights reserved. Does not apply to sourced material. RCM006803