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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 2nd, 2025
Featuring:
1) Jason Furman, Professor of the Practice of Economic Policy at Harvard University, discusses his recent NYT opinion piece on why he believes tariffs are such a terrible idea. The tariffs, which will be announced today, are expected to take immediate effect, with countries able to negotiate to bring rates down.
2) Henrietta Treyz, co-founder at Veda Partners, discusses the Wisconsin Senate race, Republicans holding seats in Florida, and how a potential GOP tax hike could reshape the entire tariff and economic discussion. President Trump's team is finalizing plans for reciprocal tariffs to be unveiled on Wednesday. It comes as Republicans are drafting a tax bill that includes increasing the state and local tax deduction to up to $25,000 for an individual.
3) Nisha Patel, portfolio manager at Parametric, talks about opportunities in munis, tax loss harvesting, and great opportunities in long end yields. Municipal bonds underperformed the U.S. taxable bond market last month. The Bloomberg Municipal Bond Index lost 1.69%, compared with a return of 0.04% for the Bloomberg US Aggregate Index.
4) Peter Tchir, Head: Macro Strategy at Academy Securities, on the problem of "An Eye for an Eye" when it comes to global trade on Liberation Day. The tariff announcement has caused uncertainty, shaking markets and prompting economists to cut growth forecasts, with Trump aiming to raise $700 billion annually in tariff revenue. The tariffs could apply widely, even to countries with which the US doesn't have a trade imbalance.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a New York Times survey on a new survey finds that more Americans can't afford medical care, and the Wall Street Journal's story on the workplace battle over who should pay for Ozempic.

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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 Clarida & Michael Nathanson.

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- Ed Yardeni, Chief Investment Strategist at Yardeni Research
- Tobin Marcus, Head: Policy & Politics at Wolfe Research
- Francisco Blanch, Head: Global Commodities & Derivatives Research at Bank of America
- Emily Roland, Co-Chief Investment Strategist at John Hancock Investment Management

Ed Yardeni of Yardeni Research discusses why he's again lowering his S&P target for 2025. Tobin Marcus with Wolfe Research previews President Trump's "Liberation Day" tariff announcement and what investors should expect. Bank of America's Francisco Blanch talks about opportunities in commodities as equity uncertainty grows over economic policy. Emily Roland, Co-Chief Investment Strategist at John Hancock Investment Management, talks about whether investors should be rethinking their equity allocation amid incoming tariff policy.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 1st, 2025
Featuring:
1) Rich Clarida, Global Economic Advisor at PIMCO and former Fed Vice Chair, joins for an extended discussion on how the Fed will digest this week's tariff announcement and the March payrolls data. President Trump's upcoming announcement on tariffs has created uncertainty, leading investors to be cautious and strategists to lower their estimates.
2) Michael Nathanson, partner at MoffettNathanson, joins to discuss his note on YouTube dominance. Measured by revenue, YouTube was the second-biggest media company in the world last year. It brought in $54.2 billion in 2024 — just $5.5 billion behind Disney. And in 2025, Nathanson predicts, YouTube should eclipse Disney, and become the biggest media company in the world.
3) Nancy Lazar, Chief Global Economist at Piper Sandler & Co, joins for an extended discussion on the outlook for the US economy and inflation. President Trump will announce a reciprocal tariff plan on April 2 in the White House Rose Garden, featuring "country-based" tariffs. Uncertainty surrounding his plans, which have often changed and been subject to last-minute carveouts, have triggered fears they could blow up supply chains and raise prices for US consumers. That angst has fueled a weeks-long sell off on Wall Street that extended into Monday.
4) Chris Ailman, former CIO at CalSTRS and founder of Ailman Advisers, discusses his role as the Chair of the 300 Club and what he's hearing is front of mind for global CIOs. One consideration for businesses and investors: the stream of executive orders and reversals coming from the White House — Trump announced a 25% tariff on Canadian and Mexican goods last month, then exempted those covered by USMCA — have required customs experts and trade lawyers. While some companies have their own in-house teams, others have sought outside help in reviewing their products to ensure that enough of them are made in North America.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including YouTube about to become the world's biggest media company and Disney getting the last laugh on Snow White.

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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 Kriti Gupta & Neil Dutta.

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- Mike Wilson, Chief US Equity Strategist at Morgan Stanley
- Henrietta Treyz, co-founder at Veda Partners
- Darrell Cronk, CIO: Wealth & Investment at Wells Fargo
- John Murphy, Lead Analyst: Equity Research at Bank of America Securities

Morgan Stanley's Mike Wilson discusses why he sees limited near-term US stock upside and whether US economic growth will remain strong. Henrietta Treyz of Veda Partners talks about the outlook for tax legislation and tariffs. Darrell Cronk, CIO: Wealth & Investment at Wells Fargo, talks about asset allocation and what investors are most concerned amid growing market uncertainty. John Murphy with Bank of America talks about how President Trump's auto tariffs will affect sector domestically and globally.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 31st, 2025
Featuring:
1) Neil Dutta, Head: Macro Research at Renaissance Macro Research, joins for an extended discussion on the outlook for the US economy and the incoming impact of tariffs. The risk of tariff-linked damage has propelled the S&P 500 to its worst quarter since 2022, wiping $5 trillion off its value from a Feb. 19 record high.
2) Brian Belski, Chief Investment Strategist at BMO Capital Markets, talks about whether it's finally time to give up the bullish take on equities. Wall Street forecasters, including Goldman Sachs' David Kostin, are lowering their S&P 500 targets due to increased recession risk and tariff-related uncertainty. Other strategists, including Morgan Stanley's Michael Wilson and JPMorgan Chase's Mislav Matejka, are also taking a more cautious tone on the S&P 500.
3) Henrietta Treyz, co-founder at Veda Partners, discusses DC headlines, tariffs, and taxes. President Donald Trump plans to start his reciprocal tariff push with "all countries". The Trump administration has not yet outlined what tariffs are coming, how they'll be calculated, or what countries will need to do to secure exemptions.
4) Kriti Gupta, host on Bloomberg TV and Radio from London, joins for a discussion on the global selloff in markets and Marine Le Pen's possible presidential bid. The far-right leader Le Pen was convicted of embezzlement by a Paris court. Prosecutors previously asked for Le Pen to get an immediate 5-year ban on running for office. Le Pen had denied any wrongdoing and said the prosecution is seeking her “political death.”
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Wall Street Journal article about Costco's Kirkland brand and the Yankees' torpedo-shaped bats.

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- Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments
- Angelo Zino, Vice President of Equity Research at CFRA
- French Hill, US Representative: Arkansas and Chairman of House Financial Services Committee
- Jim Bullard, Dean of the Purdue University Business School

Victoria Fernandez of Crossmark Global Investments discusses the outlook for equities amid looming US tariffs. Angelo Zino with CFRA talks about Nvidia-backed CoreWeave IPO. French Hill, Republican US Representative: Arkansas and Chairman of House Financial Services Committee, discusses the economic priorities of the House and how Federal policy could reshape the US economy. Jim Bullard, Dean of the Purdue University Business School and former president of the Federal Reserve Bank of St. Louis, reacts to PCE data today.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 28th, 2025
Featuring:
1) Tiffany Wilding, Economist at PIMCO, Stephanie Roth, Chief Economist at Wolfe Research, and Lauren Goodwin, Chief Market Strategist at New York Life Investments, react to PCE and offer their US market and economic outlook. Today's data comes as Fed officials, such as the president of the Federal Reserve Bank of Boston Susan Collins, have recently warned about inflation reigniting due to President Trump's unclear tariff policy.
2) Sevasti Balafas, CEO at GoalVest Advisory, brings us into the market open and talks asset allocation and offers her stock picks. It comes amid a global selloff in equities as investors have been selling equities in the run up to April 2, ahead of President Donald Trump’s tariff deadline.
3) Mike Haridopolos, Republican US House Representative from Florida, talks about a slew of DC headlines, including tariffs, and his focus on the Consumer Financial Protection bureau and its future. Some of the top Washington stories include Defense Secretary Pete Hegseth urging China deterrence on a trip clouded by Signal uproar and US seeking to control Ukraine investment and squeezing out Europe.
4) Selma Hepp, Chief Economist at Cotality, discusses the outlook for mortgage rates in 2025 and 2026 and why they may remain sticky amid so much economic uncertainty. Freddie Mac said in a statement this week that the average for 30-year loans was 6.65%, down from 6.67% last week. It was the first time in three weeks that mortgage rates fell, as house hunters are finding more choices on the market in time for the country’s key spring selling season.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including the Wall Street Journal article on the significance of women wearing ties and a piece from the New York post on President Trump's childhood home selling at a steep discount.

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