Bloomberg Surveillance Bloomberg Surveillance TV: September 16th, 2025
Sep 16, 2025
Kelly Ann Shaw is a Partner at Akin Gump and former senior White House trade advisor, while Elyas Galou serves as Senior Investment Strategist at Bank of America, and Steven Ricchiuto is the Chief US Economist at Mizuho. The discussion dives into the Fed's easing cycle and its ramifications for the U.S. economy. They explore trade dynamics between the U.S. and China, the latest findings from the Fund Managers Survey, and the implications for investors as economic indicators shift.
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Buyers Returned To Treasuries
- Auction demand and secondary-market buying removed the earlier buyer-strike fear in Treasuries.
- Tariff pass-through to inflation spread over many months, letting markets refocus on normalization.
Dovish Expectations Clash With Reality
- Markets expect dovish Fed messaging but a 25bp cut still leaves policy restrictive.
- If Powell signals meeting-by-meeting cuts instead of a steady cadence, markets could sell off.
TikTok Talks Are Politically Significant
- The TikTok talks likely form part of a political and commercial deal with U.S.-controlled ownership.
- Terms remain unclear but the readout suggested momentum toward a forward path.