Jeff DeGraff, Chairman at Renaissance Macro Research, and Brian Belski, Chief Investment Strategist at BMO Capital Markets, discuss the tension between President Trump and Fed Chair Jerome Powell over interest rates. They analyze the implications of U.S.-Asia trade tensions on market dynamics and delve into the dollar’s role as the world's reserve currency. Market sentiment is explored, particularly with gold's rising value and the impact of tariffs on investor psychology. The conversation highlights strategies for navigating this uncertain financial landscape.
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insights INSIGHT
Link Between Economics and Markets
Market economics and market calls are related but distinct; markets often price in economic outlooks early.
Policy uncertainty influences market sentiment and can trigger reactions that create trading opportunities.
volunteer_activism ADVICE
Dynamic Asset Allocation Advice
Stay flexible with your asset allocations to respond to market uncertainty effectively.
Current allocations suggest balanced portfolios with significant cash positions to manage risk.
insights INSIGHT
US Dollar and Capital Preference
Despite current volatility, the U.S. remains the most attractive place for investment capital.
The dollar and treasury remain foundational but face unusual pressures reminiscent of 1971 scenarios.
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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney April 22nd, 2025 Featuring: 1) Jeff deGraaf, Chairman and Head: Technical Research at Renaissance Macro Research, joins for a discussion on Jay Powell, market risks, and tariffs. US stocks were higher in futures trading this morning as equities are set to bounce back from Monday's losses as investors weigh progress on trade talks with India and Tesla's upcoming earnings. 2) Brian Belski, Chief Investment Strategist at BMO Capital Markets, brings us into the market open and discusses whether he remains a US equity bull. President Trump's demands on Jerome Powell to cut rates have raised concerns about the president's willingness to meddle with central bank policy and the impact on the economy. 3) Alicia Garcia-Herrero, Chief Economist for Asia Pacific at Natixis, joins for a discussion on the dollar as the globe's reserve currency and how the trade war will harm China and the US. This morning, gold topped $3,500 for the first time, and other markets such as stocks, currencies, and commodities experienced mixed movements amid ongoing trade tensions and uncertainty. 4) Warwick McKibbin, non resident Senior Fellow at the Peterson Institute for International Economics, talks about his piece from the fall outlining the costs of Trump's tariff and deportation policies as well as his newest analysis released today on the US revenue implications of Trump's tariff plan. 5) Margaret Franklin, CEO of the CFA Institute, joins from our DC studio to discuss the CFA program, how it's evolving, and the impact of AI on the investing profession. 6) Lisa Mateo joins with the latest headlines in newspapers across the US, including a Financial Times report on the marketing campaign of plant-based eggs and the Washington Post's look into the changing economics of college football and how it's affecting the NFL draft.
Bloomberg Surveillance