Bloomberg Surveillance

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 21st, 2025
Featuring:
1) Karen Manna, Investment Director, Fixed Income at Federated Hermes, on market headline risks versus what's actually driving trading activity. Global stocks fell due to downbeat corporate earnings and concerns over a potential US trade war.
2) Rema Serafi, Vice Chair - Tax at KPMG, on the "Tax Trifecta" and the upcoming GOP tax legislation. Earlier this year, President Trump outlined his tax priorities in a meeting with Republican lawmakers, including ending the carried interest tax break and expanding the state and local tax deduction. Republicans are aiming to pass a sweeping tax bill this year, which would include renewing Trump's 2017 tax cut law and implementing new tax cuts, with details of a deal expected to be announced as soon as Friday.
3) Alisa Rusanoff, CEO at Stealth Startup and Head of Credit at Crescendo Asset Management, talks supply chain and trade gaps amid growing threats of tariffs. Investors are facing an uncertain outlook for the global economy, with President Trump planning to impose tariffs on April 2.
4) Jennifer Lawless, professor at University of Virginia, discusses the latest DC headlines, including reports on Elon Musk accessing China war secrets and the president looking to dismantle the Department of Education. President Trump signed an executive order to largely dismantle the Education Department, directing Education Secretary Linda McMahon to "take all necessary steps to facilitate the closure" of the department.
5) Cathy Hepworth, Portfolio Manager at PGIM Fixed Income, brings us into the market open and discusses emerging market opportunities amid uncertainty around US economic policy. While the Federal Reserve indicated this week it sees room to cut interest rates, many economists fret the inflationary impact of tariffs will hinder central banks from delivering support to slowing economies.

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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 Jay Bryson & David Rosenberg.

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- Iain Stealey, CIO: Fixed Income at JPMorgan Asset Management
- Mike Pyle, Deputy Head: Portfolio Management Group at BlackRock
- Brooke Roach, Analyst at Goldman Sachs
- Luke Tilley, Chief Economist Wilmington Trust

Iain Stealey, CIO: Fixed Income at JPMorgan Asset Management reacts to Fed Chair Jerome Powell's press conference after the Federal Reserve's rate decision yesterday, and discusses the path forward amid tariff policy uncertainty. Mike Pyle with BlackRock talks about portfolio positioning following the Fed's decision to hold rates at their current level. Brooke Roach of Goldman Sachs discusses Nike earnings and the outlook for the company and consumers. Luke Tilley, Chief Economist Wilmington Trust, reacts to jobless claims and talks about recent eco data and what it says about the US economy.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 20th, 2025
Featuring:
1) Julian Emanuel, Chief Equity and Quantitative Strategist at Evercore ISI, offers his reaction to the Fed meeting yesterday and discusses why he thinks it was Jay Powell's finest performance. Powell downplayed growth concerns and the impact of President Trump's trade war on inflation, calling the inflationary effect of tariffs "transitory". Powell's comments, along with median forecasts showing two rate cuts this year.
2) Chris Mancini, Portfolio Manager at the Gabelli Gold Fund, discusses gold hitting record highs and where it's positioned to go from here. Gold reached a record high above $3,057 an ounce due to projections of slower US growth and higher inflation this year from the Federal Reserve. The Fed kept interest rates unchanged, with Chair Jay Powell acknowledging uncertainty from President Trump's policy changes and predicting a "transitory" tariff-driven bump in inflation.
3) Monica Guerra, Head: US Policy at Morgan Stanley Wealth Management, discusses how investors should understand tariff policies in the Trump administration. Trump's team is preparing to announce a fresh wave of tariffs on April 2, though the exact scope isn't clear. Trump has sent mixed messages on the Fed, at times calling for cuts and otherwise declining to intervene, and has questioned the Fed's independence.
4) Daniel Kurtz-Phelan, editor of Foreign Affairs, on what FA is mostly focused on as World Order gets reshaped, including coverage of the war in Ukraine and Trump's imperialistic threats. Canada has floated doing major defense deals with Europe and improving the continent’s access to its critical minerals in response to President Trump’s threats and his pullback from US defense commitments.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including Disney's new Snow White movie and Air France capitalizing on wealthy tourists.

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Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance.
Federal Reserve officials held their benchmark interest rate steady for a second straight meeting, caught between mounting concerns that the economy is slowing and inflation could remain stubbornly high.
Chair Jerome Powell acknowledged the high degree of uncertainty from President Donald Trump’s significant policy changes, but repeated the central bank is not in a hurry to adjust borrowing costs. He said officials can wait for greater clarity on the impact of those policies on the economy before acting.

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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 Sebastien Page & Dean Curnutt.

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- Steve Witkoff, White House Special Envoy to the Middle East
- Gennadiy Goldberg, Head: US Rates Strategy at TD Securities
- Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock
- David Rubenstein, co-founder of The Carlyle Group

Steve Witkoff, White House Special Envoy to the Middle East, joins for a discussion on rising Middle East tensions and the White House's strategy. Gennadiy Goldberg of TD Securities joins for a look at the outlook for US rates ahead of today's Fed decision. Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock, on recent market gyrations and the outlook for equities amid a correction. David Rubenstein, co-founder of The Carlyle Group, shares his thoughts on the direction of the US economy.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 19th, 2025
Featuring:
1)Sebastien Page, Head of Global Multi-Asset and Chair of the Asset Allocation Steering Committee at T. Rowe Price, talks about repositioning portfolios as geopolitical and trade risks continue to rise. Investors are likely to remain on edge ahead of the Fed's announcement, which is expected to hold interest rates steady but could offer clues on the outlook for the economy and monetary policy.
2) Jane Foley, Head of FX Strategy at RaboBank, talks about the Turkish lira nosedive and how it's impacting stocks. Turkish markets plummeted after the detention of President Erdogan's rival, Ekrem Imamoglu, sparking concerns of a political crackdown and potential reversal of investor-friendly economic policies. The lira hit a record low, stocks dropped sharply, and borrowing costs surged as investors sold off government debt.
3) Dean Curnutt, CEO and founder at Macro Risk Advisors, joins for an extended discussion on market volatility, the Fed, and how traders are managing all the market uncertainty. Fed Chair Jerome Powell’s news conference today will be scrutinized for his views on the potential impact of Trump’s trade tariffs and how much support the central bank could offer to the slowing economy.
4) Erin McLaughlin, Economist at The Conference Board talks about tariffs, inflation, and declining consumer confidence. Investors have slashed holdings of US equities by the most on record while cash levels jumped, according to Bank of America Corp.’s latest survey.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including President Trump's hostility toward Canada hurting NYC tourism and why companies are opting for 'Dexit' and moving to Nevada.

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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 Richard Portes & Angela Stent.

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- Peter Tchir, Head of Macro Strategy at Academy Securities
- Ed Mills, Washington Policy Analyst at Raymond James
- Pierre Ferragu, Head: Global Technology at New Street Research
- Stephanie Roth, Chief Economist at Wolfe Research

Peter Tchir with Academy Securities talks about whether the market will stabilize amidst a growing global trade war. Ed Mills of Raymond James talks about the geopolitical and economic policies of a second Trump administration, how Republicans and Democrats in Congress are responding, and other Washington-related headlines. New Street Research's Pierre Ferragu discusses the outlook for Big Tech amid market as well as political uncertainty. Stephanie Roth, Chief Economist at Wolfe Research, discusses recent eco data, inflation in the US, and whether the US economy is slowing.

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