June 14, 2026 / 1:06 PM EDT
/ CBS News
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MARGARET BRENNAN: Because, as Senator Warner was talking about, those fuel inventories, commercial fuel inventories, they're hitting some risky levels in July that could cause a secondary price cycle. Goldman Sachs said, what, $10 higher per barrel than before the war, because there's this new security premium built in here, given all the forces you are seeing in the economy right now. Do you think the Federal Reserve can really do the kind of rate cut that President Trump very publicly says is he wants to see? GARY COHN: Margaret, we have exhausted a lot of the global supply of oil, all the major economies do carry an excess reserve, and those excess reserves are at relatively low levels. So, I understand what everyone's concerned about. So, getting oil back online now is important when it comes to the Federal Reserve. Look, we have a new Federal Reserve chairperson, Kevin Warsh. I think Kevin is completely acknowledging where we are in the economy. He understands that we've got inflation at three year highs. He also understands that the job market is relative, relatively, yes, relatively strong, and he also understands there's pressure on him to lower interest rates. I think Kevin will remove himself from the political pressure, and he will do the right thing economically. Kevin is, you know, this is not his first time in the Federal Reserve, he was a Fed governor before. I think Kevin will approach this as a very traditional Fed governor. He will stay heavily involved in his lane in monetary policy. I think he will stay outside of the secondary issues that the Fed has gotten in more recently, and I think he will also be in a position where he will move based on what he is actually seeing in the economy, not what he hopes he sees in the economy.MARGARET BRENNAN: He's also made clear he thinks sort of how we judge the economy may need to change and look at data differently. To that point, what we saw this past week with SpaceX was pretty incredible. Elon Musk is the first trillionaire with a T. SpaceX, they make rocket ships. They want to put AI data centers in space. They want to mine asteroids. I mean, it sounds like it's straight out of the movies, but this was a huge publicly traded debut this week, the largest ever. We're going to see more AI companies also go public. Where are we in the boom?GARY COHN: So, Margaret, this is a time to celebrate. We should celebrate America's entrepreneurial spirit. We should celebrate America's engineering capabilities. We should celebrate the fact that we are solving some of the biggest problems in the world, and if we in America were not solving these problems, and the Chinese were, we would a be way behind them or be. Paying them to solve our problems, if they were willing to sell us a solution. So, I look at this as a massive celebration in American entrepreneurial spirit. As you said, it isn't stopping the SpaceX, and SpaceX is now about a 25 year old company, one where Elon Musk himself said there's a 10% chance this company even survives. We now have a handful of companies, almost of that size, that are changing the way you and I live our lives, and how we're going to change our lives going forward. And these are American-based companies, American entrepreneurs, American technology, and American engineers. We should be lucky that we have these companies here domestically, and we're not having to entice them into the United States.
