Reading the Fed, AI, and the Cracks in Capitalism
Roger Ferguson on AWM Insights, part two: the Fed's missed inflation target, why this AI cycle is not 1999, and the strain on confidence in capitalism.
Pamir co-founder Roger W. Ferguson, Jr., former Vice Chairman of the Federal Reserve and former CEO of TIAA, joined AWM Insights for a three-part conversation recorded across August and September 2026. This is part 2.
On the Fed having missed its inflation target for five years, and why today's AI companies are not the dot-com comparison people reach for: these have real balance sheets and real revenue. He is more worried about private markets than public ones, and more worried still about confidence in capitalism itself, with inequality at levels not seen since the Gilded Age.
AWM Insights episode 268, published by AWM, The Athlete Family Office. See part 1 and part 3 of the series.
