Leaders at the Bell with José Torres, Senior Economist at Interactive Brokers, Jun 16, 2026

José Torres, Senior Economist at Interactive Brokers, joins Leaders at the Bell during a pivotal moment as markets digest Kevin Warsh's first Federal Reserve meeting as chair. Torres highlights the favorable drop in oil prices to three-month lows as a positive signal for inflationary pressures, suggesting headline inflation has likely peaked at 4.2% and will gradually decline toward the Fed's 2% target. He expresses optimism about the economic backdrop, pointing to strong employment, steady consumer spending, robust corporate investment in artificial intelligence infrastructure, and the manufacturing resurgence promoted by the Trump administration. With interest rates declining and the dollar weakening, Torres sees investors rotating into cyclical sectors that have lagged the technology rally, viewing equities as the most dynamic investment vehicle given their structural flexibility to generate earnings across economic cycles.

The conversation turns to monetary policy independence and currency markets, with Torres addressing whether the euro's strength at 1.15 reflects European Central Bank rate hikes despite sluggish continental growth. He emphasizes that tomorrow's Fed dot plot projections for inflation and interest rates will determine dollar direction and market sentiment. Torres acknowledges Warsh's historical hawkish stance but suggests political and economic realities may temper aggressive tightening that could trigger recession. On alternative assets, Torres sees Bitcoin recovering toward $100,000 based on blockchain technology fundamentals, efficient cross-border transactions, and privacy features, while cautioning that cryptocurrency remains a sentiment-driven retail investment requiring disciplined trading over time.