WHEN: Today, Thursday, September 25, 2025
WHERE: CNBC’s “Money Movers”
Following are excerpts from the unofficial transcript of a CNBC unique interview with Citadel Founder & CEO Ken Griffin on CNBC’s “Money Movers” (M-F, 11AM-12PM ET) right now, Thursday, September 25. Following are hyperlinks to video on CNBC.com: https://www.cnbc.com/video/2025/09/25/ken-griffin-on-50m-gift-to-success-academy-education-is-the-onramp-to-the-american-dream.html, https://www.cnbc.com/video/2025/09/25/success-academy-ceo-we-dont-think-schools-should-be-avenues-for-indoctrination.html and https://www.cnbc.com/video/2025/09/25/ken-griffin-immigration-policy-is-absolutely-playing-out-in-labor-market.html.
All references should be sourced to CNBC.
GRIFFIN ON STATE OF ECONOMY
KEN GRIFFIN: If we got here into the beginning of this yr, folks have been optimistic in regards to the inventory market. I believe there’s been some, some sudden coverage volatility that has actually made this a bit extra of a curler coaster. But for company America, the weaker greenback is a is an actual tailwind by way of driving profitability. And then there’s, there’s, throughout your complete financial system, an actual surge in enterprise funding going down proper now, and in synthetic intelligence and different areas within the expertise house that’s serving to to propel development we noticed in right now’s GDP quantity between client energy and enterprise funding sooner or later, the American financial system is doing it is doing fairly effectively proper this minute.
GRIFFIN ON JOB NUMBERS
GRIFFIN: If you consider after we after we have been having the large inflow of unlawful immigrants within the United States, a lot of these folks have been absorbed into the workforce. With that, with that unlawful immigration having ended, the present jobs development quantity, that shall be a great quantity, is likely to be as little as 30, 40,000 jobs. It’ll be a really completely different quantity than what we used to search for 5 – 6 years in the past.
GRIFFIN ON LABOR MARKET
GRIFFIN: It’s actually laborious to grasp the precise pulse of labor market proper right here, proper now, with a lot taking place on the entrance of the of the inflow of unlawful immigrants, the deportations by the administration, firms having in some sense ceased making an attempt to labor horde like they did, pandemic and put up pandemic, there’s simply a variety of shifting elements at play proper now. It’s actually laborious to know exactly the place are we at this minute in terms of labor market, however we do know, we do know is that US inhabitants development is way decrease with out the inflow of immigrants, and that is going to deliver our capacity to create new jobs down.
GRIFFIN ON RATE CUTS
GRIFFIN: I believe the Fed, Fed is nervous in regards to the labor market as a result of we did see this decline in variety of jobs being created, and by way of steadiness of dangers, they selected to focus on the unemployment aspect quite than on the inflation aspect.
GRIFFIN: I believe they’ll reduce one time extra this yr two on the skin.
GRIFFIN ON INFLATION
GRIFFIN: Inflation subsequent yr, we predict goes to be someplace within the mid-twos to three% vary. So that is actually above the long term historic goal of two%.
SARA EISEN: That’s not horrible.
GRIFFIN: As lengthy because it stays there, it is not horrible. But what you do not need to do is you do not need to see the Fed lose credibility of their capacity to handle inflation.
GRIFFIN ON TARIFF INFLATION
GRIFFIN: The perception is, is that the inflationary impulse from tariffs has solely handed about 50% via the to the financial system at this level.
EISEN: So you see it coming? Tariff inflation?
GRIFFIN: Oh it is nonetheless coming. It’s nonetheless coming.
GRIFFIN ON APPLE
GRIFFIN: Do you suppose Apple’s not performing in its personal self-interest?
EISEN: I’m certain. I’m certain it’s.
GRIFFIN: And nothing in opposition to Tim Cook. I imply, Tim Cook’s doing what he as CEO ought to do vis-a-vis his shareholders, however when the state turns into concerned in choosing winners and losers, there’s just one manner this recreation ends. All of us lose.
GRIFFIN ON CHIPS
GRIFFIN: The Chinese response to all this, effectively truly, we do not need your chips now.
EISEN: Right.
GRIFFIN: Right? Look the way it backfires.
EISEN: You suppose that that is backfiring? You suppose that is harmful? Why?
GRIFFIN: When China says, when China says, we’re gonna double down,
EISEN: You need them to have our chips.
GRIFFIN: I’d a lot quite have them use American chips than Huawei turn out to be an actual competitor, 100%. I’d quite see Nvidia chips utilized by each nation on this planet than to see Huawei take South America, Africa and Asia with it. I need to see American companies win.
GRIFFIN ON INFLUX CAPITAL TECHNOLOGY
GRIFFIN: Today, now we have an analogous move of capital, each monetary and mental capital, as soon as once more into expertise. We’re going to see merchandise that emerge from this deluge of capital over the subsequent yr, 5 years, 15 years, that may once more have a profound and optimistic impression on our life, however it’s not clear but who the true winners and losers are going to be. So, it is actually laborious to inform on any given deal, will this make so and so the long-term winner? I do not know, however what I do know is that, as soon as once more, within the United States, there’s an enormous focus on partaking in R&D and in placing company capital in danger to create merchandise that may change the way forward for our lives.
GRIFFIN ON JOB IMPACT FROM AI
GRIFFIN: Job impression, so clearly, we have created an incredible variety of jobs in constructing these knowledge facilities out now there are, there are different points that go with this. For instance, the value of energy for the American client goes larger as a result of the ability calls for from from AI services. So we will need to speed up allowing for brand new utilities to construct new energy vegetation. But once more, new energy vegetation, extra jobs. So we’re seeing job creation proper now. I do not suppose there’s been a lot job loss but on account of AI. There’s been in sure areas, you realize, name facilities are being actually hit laborious by this expertise. But general, now we have not misplaced employment within the United States as a result of rise of AI.