Bloomberg Surveillance

Bloomberg Surveillance TV: October 22, 2024

Oct 22, 2024

Torsten Slok, Chief Economist at Apollo Management, shares insights on the ‘no landing scenario’ in the U.S. economy. Brent Schutte, Chief Investment Officer at Northwestern Mutual, warns that investors might be overly optimistic about future Fed rate cuts. Kurt Reiman, Head of Fixed Income at UBS, explains the link between soaring U.S. treasury yields and strong economic growth, rather than political factors. Together, they dissect the impact of monetary policies, corporate earnings in a rising interest rate climate, and the complexities of navigating economic uncertainty.

24:40

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Episode guests

Kurt Reiman

Brent Schutte

Torsten Slok

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The resilience of the labor market, indicated by low job cuts and jobless claims, suggests ongoing consumer spending and economic stability.

Investors may need to reconsider their strategies as the housing market's resurgence could lead to inflationary pressures amid rising interest rates.

Deep dives

Tailwinds for the Federal Reserve

Several key factors are indicating that the Federal Reserve may need to pause its monetary policy tightening in the upcoming meeting. Important tailwinds have emerged, including robust financial conditions and strong consumer spending, despite increased interest rates. Legislative measures like the CHIPS Act and the Infrastructure Act are also seen as supportive for economic growth, contributing to job creation and manufacturing development. Overall, current data suggests a lack of slowdown in the economy, challenging the notion that the Fed's policies are overly restrictive.

Intro

1min

Monetary Policy and Economic Resilience

8min

Navigating Corporate Earnings in a Rising Interest Rate Environment

3min

Navigating Economic Uncertainty

6min

Investment Strategies Amid Changing Markets

4min

Polling Trends and Market Impacts

4min

Economic Insights on the Dollar and Bond Market Dynamics

3min

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- Kurt Reiman, UBS Head of Fixed Income for the Chief Investment Office & UBS ElectionWatch Lead
- Torsten Slok, Apollo Management Chief Economist
- Brent Schutte, Northwestern Mutual Life Insurance Chief Investment Officer

Kurt Reiman of UBS says the recent surge in US treasury yields pertain to strong growth as opposed to 'Trump trade.' Apollo's Torsten Slok says that the totality of US economic data points to the 'no landing scenario.' Brent Schutte of Northwest Mutual says 'investors are way too optimistic the Fed will cut rates in a neat and tidy way.'

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