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Good morning, Broadsheet readers! Donald Trump creates an all-male ticket, Scarlett Johansson rings the AI alarm, and the president of the San Francisco Fed discusses a possible second Trump presidency. Have a terrific Tuesday!
– Term two. With all eyes on former President Donald Trump this week—from his assassination attempt to his VP pick—the topic of a second Trump presidency naturally came up at Fortune Brainstorm Tech, a gathering of tech industry leaders taking place in Park City, Utah this week. It was a main topic in my conversation yesterday with San Francisco Federal Reserve President Mary Daly.
DedicatedBroadsheet readers may remember Daly from her interview earlier this year. She had an unusual rise to the top of U.S. monetary policymaking and economics, from watching her parents struggle through high inflation in the 1970s to first studying at community college. “I’m short, I’m female, I’m gay, and I come from a crooked path background,” is how Daly has described her own distinguishing characteristics.
Yesterday, Daly told me that she’s not worried about a second Trump term even though the former president has been hostile toward the Fed in the past.
Mary Daly, CEO of the San Francisco Federal Reserve bank.Stuart Isett/Fortune “We’ve had many times in our history where presidents have wanted a different outcome or political leaders have wanted a different outcome,” Daly says. She stays focused on the goals given to the Fed by Congress: price stability and full employment. The Fed is “completely apolitical,” she adds.
She is, however, focused on the rest of the country. “The American people are like our shareholders,” she says. “We have to earn their trust and their respect by doing great work.”
Daly declined to give “time-based guidance” on when the Fed might cut interest rates—the other hot topic of the day.
“We at the Fed do not deal in hypotheticals. We work with the economy we have,” she says. “And right now the economy is…slowly moving back to a sustainable pace of growth in the labor market and lower inflation, but we’re not there yet.”
Stay tuned throughout the week for more from Brainstorm Tech.
Emma Hinchliffe
[email protected]
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
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- Veepstakes. Some in Donald Trump’s inner circle had urged him to pick a woman as his VP to up his appeal among suburban women. Yesterday he selected Sen. J.D. Vance (R–Ohio) instead. Experts say it was not necessarily a lost opportunity since the Republican party’s stance on issues like abortion and Trump’s history with women are larger factors among voters. The 19th*
- Alt-man. Actress Scarlett Johansson told the New York Times that OpenAI CEO Sam Altman would make a good Marvel villain and warned against AI technology that is moving “faster than our fragile human egos can process it.” The Black Widow actress famously criticized Altman and OpenAI earlier this year for releasing a voice model that resembled her voice. Fortune
- Fitting in. Levi Strauss is having an underwhelming year so far despite a denim craze that’s fueling stock gains for competitors like Abercrombie & Fitch and American Eagle. Experts say that Levi’s CEO Michelle Gass will have to balance her ambition for new denim pieces with a commitment to the company’s staples. Washington Post
- Casting a wide net. Equipped with a $17 billion budget for this year, Netflix’s chief content officer Bela Bajaria told the Financial Times that the streaming platform’s sweet spot is a combination of “premium” and “commercial content,” but noted that “if you try to make a show for everyone, you make a show for no one.”
MOVERS AND SHAKERS:
- Hair care company Olaplex appointed Katie Gohman as chief marketing officer. Goldman, who previously held positions at Marc Jacobs and Ralph Lauren, will join the female-led company's C-suite as it tries to recover from a tarnished brand image and slowed sales.
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