0244 GMT - The Federal Reserve probably shouldn't have cut rates at the end of last year, Lazard CEO Peter Orszag says at WSJ Invest Live. While the market largely believes inflation is coming down, he expects inflation to surprise to the upside this year. U.S. growth is likely to be buoyed by AI and high-income consumers, he adds, describing momentum as "fragile, but strong." The bulk of the impact from tariffs has also yet to be felt, and that too will likely be inflationary. The Fed is already behind the curve, he says, and probably shouldn't have been cutting late last year. "If we're right, all that's going to do is exacerbate inflation further, cause further depreciation of the dollar and steepen the yield curve." (megan.cheah@wsj.com)

(END) Dow Jones Newswires

February 03, 2026 21:45 ET (02:45 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.