Bloomberg Surveillance

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney April 11th, 2025Featuring:1) Jordan Rochester, Head: FICC Macro Strategy EMEA at Mizuho, on rapid de-dollarization as the trade war with China heats up. China is raising tariffs on all US goods from 84% to 125% starting April 12, in response to the US's latest tariffs. The escalating trade war has led to a decline in global financial markets, with S&P 500 futures and European stocks falling, and the dollar extending its decline.2) Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, joins to discuss the bond market's pushback this week and what it's signaling and President Trump pushes ahead with his trade war with China. Investors are flocking to bunds as a safe-haven asset after the US Treasuries' historically bad week, leaving German yields largely unchanged, while the rate on the US 10-year debt has surged more than 40 basis points.3) Savita Subramanian, Head: US Equity & Quant Strategy at Bank of America, brings us into PPI and discusses the outlook for inflation and equities in the US amid a growing China trade war. The inflation slowdown reflected is yesterday's CPI showed a decline in energy costs, used vehicles, hotel stays, and airfares, with the cost of motor vehicle insurance also retreating. Some experts still warn that higher inflation may be coming due to tariffs, with the impact expected to be felt in the May CPI report.4) Jennifer Lee, Senior Economist at BMO Capital Markets, joins to discuss why the Fed's breathing easier today, but why the market volatility isn't over yet. US-China trade tensions escalated, causing a slide in futures, the dollar, and oil, with investors rushing to assess the impact on companies and growth.5) Erica Groshen, former Commissioner of the United States Bureau of Labor Statistics, on disruption in federal statistics, modernizing federal statistics, and preserving data integrity. A Labor Department report released in December showed the US Bureau of Labor Statistics needs to revamp its culture and improve how it disseminates key economic data.See omnystudio.com/listener for privacy information.

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 & Anna Wong. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Russ Koesterich, Portfolio Manager at BlackRock- Dr. Amrita Sen, founder and Director of Research at Energy Aspects- Erika Najarian, Equity Research Analyst at UBS- Torsten Slok, Chief Economist at Apollo Russ Koesterich, Portfolio Manager at BlackRock, discusses the equity rebound following President Trump's tariff reversal and whether the market could continue its climb from here. Dr. Amrita Sen, founder and Director of Research at Energy Aspects, discusses the outlook for crude oil and energy prices as market concerns due to a US-China trade war persist. Erika Najarian with UBS previews big bank earnings and talks about the health of the financial sector. Torsten Slok, Chief Economist at Apollo, talks about the US economic outlook following extreme market gyrations from President Trump's tariff reversal.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 10th, 2025Featuring:1) Patrick Armstrong, CIO at Plurimi Wealth, Tiffany Wilding, Economist: North America at PIMCO, and Greg Boutle, Head of US Equity & Derivative Strategy at BNP Paribas, react to CPI and discuss the outlook for bonds and equities following President Trump's tariff reversal. Strategists have warned investors against buying the dip in equities due to the risks ahead, with some advising caution amid extreme market volatility.2) Ian Lyngen, Head of US Rates at BMO Capital Markets, joins to discuss signals from the bond market before and after President Trump's tariff reversal and the outlook for US rates amid the current US economic backdrop. Trump's tariff reversal decision was driven in part by the chaos in financial markets, as well as outreach from other countries making concessions, and he is now considering exemptions for companies facing severe consequences from tariffs.3) Nancy Tengler, CEO & CIO at Laffer Tengler Investments, talks "amateur hour" at The White House and why markets need a better policy rollout to sustain a rally after Trump's tariff pause. After a frenetic meeting with economic aides, President Trump implemented a three-month pause on expanded tariffs on dozens of countries, excluding China, and raised tariffs on the world's second-largest economy. It comes after the president promised that his policies would "never" change.s4) Jordan Rochester, Head: FICC Macro Strategy at Mizuho, on the bond market signals to President Trump and market risks from here. The dollar weakened to begin Thursday as concern reemerges about potential longer-term damage to the global economy from conflict over trade.5) Kona Haque, Head of Commodities Research at ED&F Man, on the commodity turnaround on Trump's tariff reversal and how softs will fare as trade deals are renegotiate. It comes as the flow of oil from the world’s biggest producer to its largest importer is set to thin to virtually zero as a trade war between the two powerhouse economies escalates.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Ira Jersey & Pat Haskell. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Chris Harvey, Head: Equity Strategy at Wells Fargo- Sheila Kahyaoglu, Managing Director: Equity Research at Jeffries- Richard Bernstein, CEO and CIO at Richard Bernstein Advisors- Ruchir Sharma, CIO at Breakout Capital Partners Chris Harvey, Head: Equity Strategy at Wells Fargo, joins to discuss whether equities could fall further now that President Trump's tariffs have taken effect. Sheila Kahyaoglu, Managing Director: Equity Research at Jeffries, talks about guidance and earnings from airlines and how tariffs could affect profit margins. Richard Bernstein of Richard Bernstein Advisors discusses the outlook for equities and bond amid recent selloffs. Ruchir Sharma, CIO at Breakout Capital Partners, talks about how public policy is reshaping markets and talks about the US economic outlook this year.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 9th, 2025Featuring:1) Viktor Hjort, Global Head of Credit Strategy at BNP Paribas, joins to discuss the global bond selloff and whether the Fed will have to step in. The yield on 30-year US Treasuries briefly surpassed 5%, fueling the biggest selloff since 2020, with investors worried about President Donald Trump's tariffs and their potential impact on the economy and inflation.2) Constance Hunter, Chief Economist at EIU, joins for an extended discussion on tariffs, the US economy, and outlook for inflation and stagflation. Theories abound about the cause of the bond selloff, including foreign selling of US debt, hedge funds unwinding positions, and a re-evaluation of US government debt by global reserve managers, with some predicting the Federal Reserve may need to step in to stabilize the bond market.3) Greg Peters, Co-CIO at PGIM Fixed Income, discusses the bond market rout this morning. China retaliated to US tariffs with new levies of its own, causing a global market selloff, with US equity futures falling over 2% and European stocks plunging 4%. The selloff has affected various markets, including currencies, cryptocurrencies, bonds, and commodities, with oil prices falling to around $55 a barrel and the dollar weakening.4) Ernie Tedeschi, Director of Economics at Yale Budget Lab, talks about their latest report on tariffs now that they've been implemented. Trump's reciprocal tariffs are now in place, imposing levies on China and 60 other trading partners with trade surpluses with the US. The tariffs have raised concerns about a full-blown trade war, with Asian countries bearing the brunt, and have led to a selloff in Treasuries and a decline in Asian and European shares.5) Amanda Agati, CIO: Asset Allocation at PNC, on her equity outlook given tariffs and cracks emerging in the credit market. The US stock index has plunged nearly 19% since its February peak and is flirting with bear market levels, with the benchmark closing below the 5,000 level for the first time in nearly a year.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Dr. Paul Krugman & Libby Cantrill. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Stephen Miran, Chair of the Council of Economic Advisers- Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI- Skylar Montgomery-Koning, FX Strategist at Barclays- Nancy Lazar, Chief Global Economist at Piper Sandler & Co.Stephen Miran, Chair of the Council of Economic Advisers at The White House, joins to discuss President Trump's tariff strategy. Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins for a discussion on the outlook for US equities and whether the market will rebound should it get clarity on tariff policy. Skylar Montgomery-Koning, FX Strategist at Barclays, discusses a weakening US dollar and how currencies are being reshaped by President Trump's economic policy. Nancy Lazar, Chief Global Economist at Piper Sandler & Co., joins to discuss whether the US could enter a recession in 2025 and risks to the market.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 8th, 2025Featuring:1) Dr. Paul Krugman, economist and long time NY Times columnist, joins for an extended discussion about tariffs, trade wars, and DOGE. Investors remain on edge over tariff policy, inflation, and potential labor disruptions, as President Trump recently threatened to impose an additional 50% import tax on China if it doesn't pull back from its plan to impose retaliatory levies on American goods.2) John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., joins to discuss lowering his highest-on-Wall Street S&P target and whether he believes equities will bounce back in 2025. Investors remain flummoxed after President Trump's recent remarks and those of his advisers have created confusion and volatility in markets, with investors struggling to understand his negotiating criteria and the lack of a streamlined process for considering exceptions to the tariffs.3) Ellen Wald, Senior Fellow - Atlantic Council, discusses oil dropping below $60 a barrel, hitting a four-year-low, and outlook for global energy. Goldman Sachs analysts recently estimated that Brent oil could fall below $40 a barrel in late 2026 under "extreme" outcomes, including a global GDP slowdown and a full unwind of OPEC+ cuts.4) Libby Cantrill, Managing Director: Public Policy at PIMCO, discusses the Trump administration's tariff policies and the components that are here to stay. Anxiety is growing on Wall Street that Donald Trump's actions might break the economy and key parts of the financial markets. Despite a slight easing of the US stock selloff, there are few signs of optimism, and investors are desperate for any sign of tariff relief.5) James Steel, Chief Commodities Analyst at HSBC, joins for an extended discussion on gold's record rise and whether it will be the safe haven amid tariff uncertainty. With volatility surging as $10 trillion wiped off global equities after the US unveiled sweeping tariffs last week, gold pushed higher yesterday.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Damian Sassower & Lori Calvasina. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets- Justin Wolfers, University of Michigan Professor of Public Policy- Ed Mills, Washington Policy Analyst at Raymond James- Meghan Graper, Global Co-Head: Debt Capital Markets at Barclays Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, talks about the market selloff and whether the meltdown in equities is set to continue as long as tariffs stay in place. Justin Wolfers with the University of Michigan talks about whether negotiating with other countries on tariffs would be an effective economic strategy. Ed Wills of Raymond James discusses President Trump's commitment to tariffs. Meghan Graper, Global Co-Head: Debt Capital Markets at Barclays, discusses what debt markets are telling investors about rising risks in the economy.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 7th, 2025Featuring:1) Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, discusses her note this morning on why full recession pricing could send the S&P to 4,200. The RBC team led by Calvasina writes in note that the concern of many financial market participants seemed to rapidly swing from stagflation to recession on Thursday and Friday. They add that the value/growth ratio within the Russell 1000 has gotten close to the 2024 lows, “making us wonder whether that trade may soon get to a potential inflection point.”2) Michael Purves, CEO at Tallbacken Capital Advisors, discusses his recent note "The Express Train to 4,800" and why he believes the S&P could fall as low as 4,000. Traders have increased expectations for the Federal Reserve to cut interest rates this year, with markets pricing 125 basis points of easing by year end. Economists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. expect the US economy to fall into a recession this year, with the Fed cutting interest rates in response.3) Henrietta Treyz, co-founder at Veda Partners, talks about tariff policy, where the GOP stands on tax cuts, and how policy could change in the coming days and months. President Trump's tariff hikes increase the urgency of the Republican tax-cut package, but threaten to undermine its boost to business and consumer confidence. The tariffs could tip the economy into a downward spiral, making it tough for tax cuts and deregulation to reverse, and may lead to a recession this year.4) Keith Lerner, Co-CIO at Truist, talks about investors being on the defensive as stocks have more room to decline. As President Trump remains defiant on tariffs, markets were set for another tough week, with US equity futures plunging Sunday, following a 10% drop in the underlying index in two days, and economists predicting a recession this year.5) Sonali Basak, Wall Street reporter with Bloomberg News, on JPMorgan CEO Jamie Dimon and the JPMorgan annual shareholder letter. Dimon urged a quick resolution to the uncertainties sparked by President Donald Trump's tariffs, warning against a potentially "disastrous" fragmentation of America's long-term economic alliances.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Neil Dutta & Kate Moore. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Mohamed El-Erian, President of Queens' College, Cambridge- Stephanie Roth, Chief Economist at Wolfe Research- Jeffrey Rosenberg, Portfolio Manager - Systematic Multi-Strategy Fund at BlackRock- Michael Zezas, Global Head: Public Policy and Fixed Income at Morgan StanleyMohamed El-Erian, President of Queens' College, Cambridge and Bloomberg Opinion columnist, Jeffrey Rosenberg with BlackRock, and Wolfe Research's Stephanie Roth react to the March jobs report. Michael Zezas, Global Head: Public Policy and Fixed Income at Morgan Stanley, discusses the Trump administration's tariff plan as the GOP weighs how it will extend tax cuts this year.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 4th, 2025Featuring:1) Claudia Sahm, Chief Economist at New Century Advisors, Neil Dutta, Head: US Research at Renaissance Macro Research, and Jamie Patton, Co-Head of Global Rates at TCW, react to today's jobs figures and discuss the outlook for the Fed and Jay Powell. Traders have increased their expectations for the Federal Reserve to cut interest rates this year, with money markets now showing 100 basis points of reductions by year-end.2) Dan Ives, Global Head of Technology at Wedbush Securities, discusses the "worse than worse case scenario" tariff announcement as it relates to tech. President Trump announced sweeping tariffs on imports from virtually every US trading partner, affecting tech companies like Dell, Apple, Sonos, and HP. The tariffs will increase costs, slow demand, and strain global supply chains, with levies ranging from 10% to 46% on imports from countries like China, Taiwan, and South Korea.3) David Blanchflower, economics professor and labor economist at Dartmouth University, on labor and wages in a high tariff America. As tariffs set into the American economy, it's unclear how they will affect wages and the labor market. It comes as Republicans are considering creating a new tax bracket for those earning $1 million or more, with a top rate of around 39% to 40%, to offset the costs of their tax bill.4) Gautam Mukunda, professor at Yale University School of Management and Bloomberg Opinion columnist, on the short and long-term political impact of tariffs. It comes as a new poll shows President Trump's approval rating slipping ahead of his tariff announcement.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including the Wall Street Journal story on the domino affect from the trade war and the New York Times' look at the grocery aisle and the impact of tariffsSee omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Holger Schmieding & Ed Yardeni. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Howard Lutnick, US Commerce Secretary- Jim Zelter, President at Apollo Global Management- Terry Haines, founder at Pangaea Policy US Commerce Secretary Howard Lutnick joins for an extended discussion on President Trump's tariff announcement. Jim Zelter, President at Apollo Global Management, talks about how markets will react to President Trump's tariffs. Terry Haines, founder at Pangaea Policy, discusses the political calculations behind President Trump's tariff decision.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 3rd, 2025Featuring:1) Doug Irwin, professor at Dartmouth University, on the reset of the global trade order and whether countries will just move on without the US. The tariffs are expected to have significant economic implications, including higher US prices, slower growth, and possibly even a recession, with many countries likely to end up in a recession if the tariff rate stays on for an extended period of time. Ed Yardeni, president at Yardeni Research, talks about lowering his S&P target yet again and whether there's more even more market risks now that tariffs have been announced. Global financial markets experienced a sweeping selloff after President Trump's bid to remake the world trading order proved more aggressive than expected. The tariff announcements threaten to extend the S&P 500's recent weakness.2) Bob Michele, CIO: Fixed Income at JPMorgan Asset Management, on signals from the bond market in the US and whether a recession is now likely. Gold hit new highs amid investors’ flight to haven assets on the tariff announcement, while 10-year Treasury yields dropped to the lowest level in more than five months and the yen strengthened. 3) Tina Fordham, founder at Fordham Global Foresight, discusses President's Trump's geopolitical reset and America "going it alone." President Trump's move marks a dramatic escalation in Trump's trade war, sparking threats of retaliation from other countries and causing a selloff in global financial markets.4) Elizabeth Economy, professor at Stanford University, talks about China getting hit hard by Trump's tariffs and whether they affect China's geopolitical strategy is being reshaped by Trump's approach. China has vowed to retaliate against Donald Trump's tariffs, which have increased by 34%, putting the world's largest economies on a collision course that risks decimating bilateral trade and upending supply chains.See omnystudio.com/listener for privacy information.

This is a special edition of the Bloomberg Daybreak: US Edition podcast.     Subscribe to the show:     on Apple: http://bit.ly/3DWYoAN     on Spotify: http://bit.ly/3jGRYiB     Anywhere: http://bit.ly/3J1bct9On today's episode:     President Donald Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy, sparking threats of retaliation and a selloff in markets around the world.Trump announced Wednesday he will apply at least a 10% tariff on all exporters to the US, with even higher duties on some 60 nations, to counter large trade imbalances with the US. That includes some of the country’s biggest trading partners, such as China — which now faces a tariff of well above 50% on many goods — as well as the European Union, Japan and Vietnam.“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense,” Trump said during an event in the White House Rose Garden to unveil the so-called reciprocal tariffs. “Now it’s our turn to prosper.”The move marks a dramatic escalation in Trump’s trade war, one that risks triggering retaliation from other countries and upends calculations for businesses and consumers at home. China and the EU, America’s largest trading partner, both said they were preparing to take countermeasures in response.The US president has embraced tariffs as a tool to assert US power, revive manufacturing at home and exact geopolitical concessions — counter to the decades-old consensus that lower trade barriers help to foster ties among nations and prevent conflicts. Economists say the near-term result of his measures will likely be higher US prices and slower growth — or perhaps even a recession.Global financial markets were hit by a sweeping selloff after Trump’s announcement, with US equity futures slumping as much as 4%.Gold hit an all-time high and the traditional haven Japanese yen soared, while China maintained its daily support of the yuan. Ten-year Treasury yields fell toward the closely-watched 4% level, their lowest since October.Read More: Fear Grips Markets as Trump Tariffs Raise Risks to Global GrowthLess than three months after returning to the White House, Trump has already erected trade barriers that are bigger by some measures than those imposed in the notoriously protectionist 1930s. Bloomberg Economics calculates that the effective tax rate the US now charges on more than $3 trillion of imported goods may climb to around 23% — higher than any point in more than a century.A statement published Wednesday by the United States Trade Representative explained the Trump administration calculated its raft of new tariffs primarily based on existing trade balances. Countries running a trade surplus with the US faced a flat 10% rate regardless, as did nations where trade was roughly even.There’s a small difference in the tariff rates first announced by Trump and more than a dozen of those listed in the annex that accompanied the White House executive order. For countries like South Korea, Myanmar, Pakistan and India, the rates in the annex are about 1 percentage point higher than the initial announcement.The 10% baseline charge on everyone takes effect after midnight Saturday. The higher duties on targeted countries — which replace, rather than add on top of the 10% rate — are due to kick in on April 9, the White House said.Read More: List of Reciprocal Tariffs by CountryFor now, the new measures don’t include Canada and Mexico, which are embroiled in a separate on-and-off tariff dispute with the US. They also won’t apply to some products that are subject to separate duties tied to so-called Sec. 232 investigations such as autos, semiconductors and lumber.The reciprocal tariffs were “much worse than we feared,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics. There’ll be “huge implications for rerouting of trade,” she said.The president, who’s sought to frame his trade plans as a boost for his blue-collar voters, was joined in the Rose Garden by union members and workers from various industries — including a retired autoworker who spoke on stage. Later, Trump brandished large boards during his 48-minute address to display each nation’s new rate.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Jason Furman & Justin Wolfers. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Kelly Ann Shaw, Partner at Hogan Lovells US- Binky Chadha, Chief US Equity Strategist at Deutsche Bank- Seth Carpenter, Chief Global Economist at Morgan Stanley- Julia Coronado, founder and President at Macropolicy Perspectives Kelly Ann Shaw of Hogan Lovells discusses the potential market reaction and economic impact of President Trump's tariff plan, which will be unveiled late Wednesday afternoon. Deutsche Bank's Binky Chadha talks about whether equities could rebound from correction territory despite an uncertain incoming tariff announcement. Seth Carpenter with Morgan Stanley talks about how tariffs are being priced in to the US economy. Julia Coronado, founder and President at Macropolicy Perspectives, discusses the outlook for the US economy and inflation as the Trump administration's tariff plan is unveiled today.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 2nd, 2025Featuring: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.See omnystudio.com/listener for privacy information.

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. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- 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.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 1st, 2025Featuring: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.See omnystudio.com/listener for privacy information.

Check out the new Stock Movers Podcast from Bloomberg. Subscribe for five-minute episodes on today's winners and losers in the stock market.Listen on Apple: https://apple.co/4kJ43ONListen on Spotify: https://tinyurl.com/mr385jv6Listen on other platforms: https://link.podtrac.com/h0zn7xirSee omnystudio.com/listener for privacy information.

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. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- 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 SecuritiesMorgan 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.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 31st, 2025Featuring: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.See omnystudio.com/listener for privacy information.

- 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 SchoolVictoria 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.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 28th, 2025Featuring: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.See omnystudio.com/listener for privacy information.

- Monica DiCenso, Head: Global Investment Opportunities at JP Morgan Private Bank- Donald Schneider, Deputy Head: US Policy at Piper Sandler- Dan Ives, Head: Global Technology at Wedbush Securities- Amanda Lynam, Head: Macro Credit Research at BlackRock Monica DiCenso with JP Morgan Private Bank talks about concerns over US growth as traders await PCE data and weigh tariff uncertainty. Donald Schneider, Deputy Head: US Policy at Piper Sandler, offers his analysis of President Trump's 25% auto tariffs and looks ahead to the April 2nd tariff announcement. Dan Ives of Wedbush Securities on Elon Musk's impact on Tesla stock and whether he remains bullish on the company and Big Tech. Amanda Lynam, Head: Macro Credit Research at BlackRock, talks about credit spreads and confidence in US corporate credit amid tariff policy uncertainty.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney March 27th, 2025Featuring:1) Julia Pollak, Chief Economist at ZipRecruiter, reacts to US jobless claims and President Trump's 25% auto tariffs announcement and looks ahead to PCE. The 25% auto tariffs will come into effect on April 3, initially targeting fully assembled vehicles, and will expand to include major automobile parts by May 3. Meanwhile, traders await February PCE data, with Bloomberg Economics writing that Core PCE is expected to show accelerated inflation. 2) Wendy Schiller, professor at Brown University, reacts to President Trump's auto tariffs announcement and how Washington will or will not push back, as well as the Signal text controversy. The EU, Canada, and other countries have criticized the 25% auto tariff implementation, coming April 3. President Trump and top allies are struggling to defend against criticism over the inclusion of a journalist in a Signal chat discussing military attacks in Yemen, after texts showed Defense Secretary Pete Hegseth revealing specific operational details.3) Melissa Otto, Head of TMT Research at Visible Alpha, on recent Mag 7 slides and yesterday's NASDAQ drop, and discusses whether big tech is actually "tariff-proof" or if they'll feel their effects. Tesla inched higher on the news as the Elon Musk-led electric vehicle company could avoid some of the tariff costs due to its US production.4) Leslie Palti-Guzman, senior non-resident fellow at CSIS and NY University SPS Center for global affairs, joins for a discussion on energy and Russian gas flows as the Trump administration negotiates an end to the war in Ukraine, as well as how Houthi shipping disruptions could change after the Signal text controversy.5) Ben McMillan, CIO at IDX Advisors, on how equities are reacting this morning to yesterday's tariff announcement and "uncertainty paralysis" in markets. The S&P 500 and other major stock benchmarks fell yesterday as concerns about the impact of a trade war on the economy and inflation resurfaced, driven in part by President Trump's 25% tariff announcement on auto imports.See omnystudio.com/listener for privacy information.

- Chris Maher, Chairman and CEO at Oceanfirst Bank- Jeannette Lowe, Director of Policy Research at Strategas Securities- Amrita Sen, Director of Research and Founder at Energy Aspects- Subadra Rajappa, Head: US Rates Strategy at Societe Generale Chris Maher of Oceanfirst Bank joins for a discussion on how tariffs could impact his business and the outlook for clients and US consumers. Jeannette Lowe with Strategas Securities joins to discuss the latest on policy clarity from the Trump administration. Energy Aspects founder Amrita Sen talks about uncertainty surrounding global energy prices in the coming months. Subadra Rajappa, Head: US Rates Strategy at Societe Generale, talks about the interest rate path in the US as the Fed awaits policy clarity from the White House.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 26th, 2025Featuring:1) Danielle DiMartino Booth, CEO & Chief Strategist at QI Research, on the Fed, outlook for rates, and a struggling US consumer. US consumer confidence fell in March to the lowest level in four years due to concerns about higher prices and the economic outlook amid the Trump administration's escalating tariffs.2) Skyler Weinand, CIO at Regan Capital, brings us into the market open and talks about why the Fed's next move might be a hike. It comes as Federal Reserve Governor Adriana Kugler supports holding interest rates steady for "some time" amid rising inflation expectations and recent uptick in goods inflation. Kugler notes that University of Michigan survey data shows consumers expect prices to increase at an annual rate of 3.9% over the next five to 10 years, the highest in more than three decades.3) Joy Yang, Head of Index Product Management at MarketVector Indexes, talks about market trends amid rising uncertainty and a declining VIX. Worries over the economic effects of the global trade war are further reducing liquidity in US stocks, creating a headache for institutional investors. Current conditions could ease if tariffs prove less severe than feared or economic worries dissipate, but until then, it's going to be challenging for traders.4) Ayesha Kiani, professor at NYU and COO at MNNC Group, talks about the major asset managers intensifying their crypto offerings, tokenization projects, and the outlook for Bitcoin. Bitcoin's recent rally is at risk of being short-lived due to broader market uncertainty, lack of bullish momentum, and low volumes. The market remains fragile, with low retail activity, thin volume, and cautious sentiment, making it susceptible to volatility and potential "bull traps".5) Lisa Mateo joins with the latest headlines in newspapers across the US, including Federal workers responding to Elon Musk's latest request and new alternatives to building homes.See omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Michael Darda & Cam Dawson. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Cam Dawson, CIO at NewEdge Wealth- Claudio Irigoyen, Head: Global Economics Research at Bank of America Securities- Libby Cantrill, Head of US Public Policy at PIMCO- Sonal Desai, CIO: Fixed Income at Franklin Templeton Cam Dawson, CIO at NewEdge Wealth, discusses the outlook for equities and whether rotation will continue out of US stocks. Bank of America's Claudio Irigoyen discusses how tariffs will impact the US and global economies. Libby Cantrill of PIMCO talks about whether traders could or should expect more policy clarity in the coming weeks leading up to April 2. Sonal Desai, CIO: Fixed Income at Franklin Templeton, on the signals about the US economy coming from the bond market.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney March 25th, 2025Featuring:1) Sophia Drossos, Economist at Point72 Asset Management, discusses a cloudy market and compounding uncertainty and where the Fed goes from here. It comes as tariffs have been dominating the news flow this week, with US stocks soaring on Monday on signs that trade sanctions will be narrower than feared. However, signs of "secondary tariffs" could add another layer of uncertainty in markets. 2) Cam Dawson, CIO at NewEdge Wealth, on US equities and whether US exceptionalism is alive and well. It follows stocks having a strong session, with the Nasdaq 100 adding 2.2%, amid signs US trade sanctions will be narrower than feared. 3) Michael Darda, Chief Economist at Roth Capital Partners, joins for an extended discussion on US stagflation, productivity growth, and whether the Fed will have no choice but to cut rates. In a Bloomberg exclusive yesterday, Federal Reserve Bank of Atlanta President Raphael Bostic said he now sees just one interest-rate cut as likely this year, rather than two, with tariff hikes impeding progress on disinflation. 4) Phil Toews, CEO at Toews Asset Management, on his new book "The Behavioral Portfolio" and how portfolios have shifted as the US economy changes. Rising uncertainty on policy and geopolitics could lead traders to look for cheap assets and avoid expensive ones. It makes the future profits that contributed to the expensive stocks being expensive in the first place, look less certain. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including US retailers bulking up their inventories to get ahead of President Trump's new tariffs and British Airways launching a new first-class seat.See omnystudio.com/listener for privacy information.

Stock Movers is a new, five-minute report on today's winners and losers in the stock market. Listen for analysis on the companies making news in markets.      Listen on Apple: https://podcasts.apple.com/us/podcast/stock-movers/id1803209456      Listen on Spotify: https://open.spotify.com/show/1LhpIazkwQ9bSkxHsjknI8?si=1233c9c58f1e4e16&nd=1&dlsi=b25af9cebbca4895      Listen Anywhere: https://link.podtrac.com/h0zn7xirSee omnystudio.com/listener for privacy information.

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio. In this episode, we feature conversations with Liz Ann Sonders & Joe Lavorgna. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- Jean Boivin, Global Head: Research & Investment Institute at BlackRock- Kathy Bostjancic, Chief Economist at Nationwide- Sharon Miller, Co-President: Business Banking at Bank of America- Dana Telsey, CEO and founder at Telsey Advisory GroupJean Boivin with BlackRock joins for a discussion on risks weighing down US equities and whether recent news about tariffs will lead to an equity boost. Sharon Miller, Co-President: Business Banking at Bank of America, on small business in the US and what types of pressure business owners could face from tariffs. Dana Telsey of Telsey Advisory Group offers her outlook on retail and the health of the US consumer. Kathy Bostjancic, Chief Economist at Nationwide, talks about recent eco data and US growth concerns.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 24th, 2025Featuring: 1) Joe Lavorgna, Chief Economist at SMBC Nikko Securities and former Trump economic advisor, on why he believes Trump's tariff initiatives will ultimately prove bullish for the US economy, won't be inflationary, and could usher in a new economic "Golden Age" in the US. President Trump is preparing to announce "reciprocal tariffs" on April 2, targeting countries that have tariffs or barriers on US goods, but excluding some nations and blocs. The tariffs are expected to take effect immediately and may strain ties with allied nations, but the administration is not planning separate sectoral-specific tariffs at the same event. 2) Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins for an extended discussion on fears of a US recession and the outlook for equities. Markets are still on edge ahead of Trump’s April 2 deadline to impose reciprocal tariffs on a raft of other countries, but officials familiar with the matter said the announcement is shaping up to be more targeted than previously thought. 3) Henrietta Treyz, co-founder at Veda Partners, on the latest DC headlines and Congress' role in US trade policy amid looming tariffs and updates on negotiations over the war in Ukraine. US and Russian officials met in Saudi Arabia for closed-door talks, following American and Ukrainian teams' discussions the previous day. The talks aim to achieve a ceasefire in the war 4) Stephen Trent, Analyst at Citi, discusses the outlook for individual US airlines in 2025 after recent poor guidance. American Airlines and Delta Air Lines have slashed their financial forecasts, citing a rapid reversal of demand trends and a broad weakness in consumer spending. Poor recent updates from airlines and retailers have added to market sentiment. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including young investors' favorite retirement vehicle and the advantage Duke has in the NCAA tournament.See omnystudio.com/listener for privacy information.

- Nouriel Roubini, NYU Professor Emeritus and Senior Advisor at Hudson Bay Capital- Seema Shah, Chief Global Strategist at Principal Asset Management- Jeetendra Patel, Chief Product Officer at Cisco- Kate Moore, CIO: Citi Wealth NYU Professor Emeritus and Hudson Bay Capital's Nouriel Roubini discusses risks to the US economy and potential for stagflation amid incoming tariffs on April 2. Seema Shah of Principal Asset Management talks about portfolio positioning as the S&P looks to snap its weekly losing streak. Cisco's Chief Product Officer Jeetendra Patel talks about the impact of artificial intelligence on the broader US labor market and how Cisco is addressing those challenges in its own operations. Kate Moore, CIO at Citi Wealth, discusses her new role and how she's investing amid market volatility and policy uncertainty.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 21st, 2025Featuring: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.See omnystudio.com/listener for privacy information.

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. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.

- 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.See omnystudio.com/listener for privacy information.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 20th, 2025Featuring: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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACFSee omnystudio.com/listener for privacy information.