Bloomberg Surveillance

- Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI
- Priya Misra, Portfolio Manager at JPMorgan Asset Management
- Keith Lerner, Co-CIO at Truist
- Tom Porcelli, Chief US Economist at PGIM Fixed Income

Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins for a look at equities and gives his S&P 500 target as investors continue to look for clarity on trade deals. Priya Misra, Portfolio Manager at JPMorgan Asset Management, discusses signals from the bond market on the outlook for inflation and slower growth. Keith Lerner, Co-CIO at Truist, offers his outlook on equities and markets. Tom Porcelli, Chief US Economist at PGIM Fixed Income, discusses inflation, the US economy, and today's Fed meeting.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMay 7th, 2025
Featuring:
1) Mike Green, Chief Strategist at Simplify Asset Management, joins for an extended discussion on the outlook for equities, what's behind the jobs report figures, the "ETF-ification" of the market, and talks about why he believes the "obsession" with inflation is overblown. US stock futures rose and the dollar gained as China and the US prepared to hold their first confirmed trade talks since President Trump unleashed his global tariff war.
2) Christel Rendu de Lint, co-CEO at Vontobel Asset Management, joins to discuss the global economic outlook amid the tariff environment and favorable asset classes post-tariff announcement. With China and the US preparing for trade talks, the meeting will focus on de-escalation rather than reaching a deal, and Treasury Secretary Scott Bessent said the current tariff rates aren’t sustainable.
3) Frances Donald, Chief Economist at RBC Capital Markets, on slower growth and higher prices in the US economy. The Federal Reserve’s meeting on Wednesday is next up for investors, with traders looking for clues on how soon the central bank could embark on policy easing and how deep the rate-cutting cycle might be.
4) Vishal Khanduja, Head of Broad Markets Fixed Income at Morgan Stanley Investment Management, on why today's Fed meeting won't be about a rate move, but decoding the Powell puzzle. US Treasuries slipped ahead of the Federal Reserve's interest-rate decision, with investors betting on a slower pace of monetary easing due to data suggesting economic resilience. The Fed's decision and comments from Chair Jay Powell to be closely scrutinized for insight into officials' interpretation of recent data.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on high-schoolers with $70,000-a-year job offers and the FT's story on sandals in the workplace.Eric Mollo

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Torsten Slok & Jeffrey Rosenberg.

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- Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods
- French Hill, Republican US House Representative: Arkansas
- Jonathan Pingle, Chief US Economist at UBS
- Jason Bazinet, Global Head: EMT Sector at Citi

Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods, joins to discuss how equities are faring ahead of this week's Fed decision and how Chair Jay Powell's comments could shape the direction of the market. French Hill, Republican US House Representative: Arkansas, talks about his role as Chairman of the Financial Services Committee and Congressional priorities heading into the summer. Jonathan Pingle, Chief US Economist at UBS, talks about the outlook for the US economy and inflation amid uncertain tariff policy. Jason Bazinet, Global Head: EMT Sector at Citi, talks about President Trump's proposed tariffs on the film industry.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMay 6th, 2025
Featuring:
1) Torsten Slok, Chief Economist at Apollo, joins for an extended discussion on tariffs, the outlook for the US economy, a potential recession in 2025, and this week's Fed meeting. Global stocks fell today due to concerns about the trade war's impact on companies and the world economy. Recent optimism fueled by US trade concessions is fading, and markets are bracing for an economic slowdown, with investors reducing exposure to the US and expecting fewer Federal Reserve interest-rate cuts.
2) Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock, offers his outlook for the US economy, signals from the bond market, and long/short strategies as investors weigh how to play stocks and bonds. Investors are coming around to the view that the Fed won’t cut interest rates as early or as deeply as earlier anticipated. While it’s expected to leave interest rates on hold this week, money markets have pushed back the timing of the first reduction to July and see three cuts by year-end, rather than the four they had expected a week ago.
3) Joe Mazzola, Head Trading and Derivatives Strategist at Charles Schwab, talks about client activity, where investors are playing risk in markets, and what concerns they're expressing amid growing economic uncertainty. While the spot VIX index has fallen to near where it was before stocks slumped on tariff fears in early April, the VIX futures curve is signaling concerns that the market turbulence may return.
4) Zohran Mamdani, NYC Mayoral Candidate and NYC assemblyman, discusses his candidacy for mayor, his proposed policies, and whether Democratic Socialists like him are a key piece of the future of the national Democratic platform. According to one Democrat - NY House Rep. Pat Ryan - Democrats must take more risks to counter the GOP power trifecta successfully or they could face an extended stint on the sidelines.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including reports on the fashion and fundraising from the Met Gala and a WSJ exclusive on the Trump administration holding schools responsible for students paying back their loans.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Ian Lyngen & Robert Schiffman.

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- James Bullard, Dean of the Purdue Business School and former St. Louis Fed President
- Chris Harvey, Head: Equity Strategy at Wells Fargo
- Kate Kalutkiewicz, Senior Managing Director at McLarty Associates
- Erin McLaughlin, Senior Economist at The Conference Board

James Bullard, the Dean of the Purdue Business School and former President of the Federal Reserve Bank of St. Louis previews this week's Fed decision and discusses the outlook for interest rates amid tariff uncertainty. Chris Harvey, Head: Equity Strategy at Wells Fargo, discusses his S&P target and talks about whether the rally in equities has long-term potential. Kate Kalutkiewicz, Senior Managing Director at McLarty Associates, discusses the latest on global trade deals and where the US could make progress with allies and foes. Erin McLaughlin, Senior Economist at The Conference Board, talks about recent eco data and how it will affect this week's Fed decision.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMay 5th, 2025
Featuring:
1) Ian Lyngen, Head: US Rates Strategy at BMO Capital Market, talks about the 10-year outlook and if Treasury Secretary Bessent's sub-4% target is in the cards following last week's inflation reading. President Trump seized on strong job growth to pressure Fed Chair Jay Powell to cut interest rates, but bond traders concluded the opposite, dialing back rate-cut bets.
2) Alicia Levine, Head of Investment Strategy and Equities, BNY Wealth, brings us into the market open and discusses her S&P outlook and why she's downgrading risk in her portfolio. Financial markets have steadied in the past two weeks as Trump dialed back his tariffs amid signs that trade talks are progressing, and the S&P's looking to extended its longest winning streak in 2 decades.
3) Dana Telsey, Chief Research Officer at Telsey Advisory Group, joins for a Big Picture look at the consumer and where tariffs could hamper their spending. It comes as University of Michigan US consumer sentiment has fallen to one of its lowest points on record amid tariff, inflation, and price uncertainty.
4) Henrietta Treyz, co-founder at Veda Partners, takes a look at DC headlines, talks Congressional priorities heading into the summer, and discusses her note "It's Beginning to Look a lot like COVID." President Trump's 2026 budget request outlines deep cuts to domestic agencies, including a 22.6% cut in spending for the 2025 fiscal year, and significant reductions to environmental and renewable energy programs, early childhood education, and foreign aid.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on Corporate America leaving more jobs unfilled and Bloomberg's analysis of how tariffs will impact Hollywood.

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Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Claudia Sahm & Adam Posen.

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- Stephen Miran, Chairman of the White House Council of Economic Advisers
- Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock
- Stephanie Roth, Chief Economist at Wolfe Research
- Ed Mills, Washington Policy Analyst at Raymond James

Stephen Miran, Chairman of the White House Council of Economic Advisers, joins to discuss how the White House is reacting to the April jobs report. Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock and Stephanie Roth, Chief Economist at Wolfe Research offer their analysis of April nonfarm payrolls. Ed Mills, Washington Policy Analyst at Raymond James, discusses the latest on President Trump's tariff policy and other economic policy initiatives.

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