Amy Wu Silverman, Head of Derivatives Strategy at RBC Capital Markets, shares her insights on U.S. stock volatility and the nuances between expectations and actual volatility. Abby Joseph Cohen, a Columbia University professor and former Goldman Sachs strategist, discusses the Federal Reserve's approach to maintaining steady interest rates amid external pressures and the complexities of trade policy. Their conversation highlights the mix of market dynamics and geopolitical influences shaping today's economic landscape.
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insights INSIGHT
Productivity Threatened by Funding Cuts
Long-term economic growth depends heavily on productivity and national investment in science and technology.
Current cutbacks in NIH, NSF, and NASA funding threaten future productivity and technological leadership.
insights INSIGHT
Markets Snap Back Amid Trade Uncertainty
Equity markets have rebounded despite trade policy uncertainty due to decent economic data and robust corporate profits.
The real test will come in the second half as companies adjust to uncertain tariff policies.
volunteer_activism ADVICE
Exercise Caution in Concentrated Bull Market
Investors should be cautious in a bull market concentrated in a few stocks with high valuations.
Beware volatility spikes when markets are priced for perfection and geopolitical uncertainties are high.
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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 28th, 2025 Featuring: 1) Abby Joseph Cohen, professor at Columbia University and former Chief Investment Strategist at Goldman Sachs, brings us into the market open and talks about Fed and trade policy. Fed policymakers are largely expected to hold rates steady for a fifth consecutive meeting in the face of sustained pressure from President Trump on Powell to lower borrowing costs. 2) Amy Wu Silverman, Head of Derivatives Strategy at RBC Capital Markets, joins for an extended discussion on US stock volatility and why expectations are volatile but not volatility itself. S&P 500 contracts were little changed in the lead-up to the Federal Reserve interest-rate decision, which have become a cause of contention between the White House and Fed Chair Jerome Powell. 3) Ryan Majerus, former Assistant General Counsel at the Office of the U.S. Trade Representative during the first Trump Administration, talks about who's driving the Trump administration's trade policy and what tariffs will look like August 1st. President Trump's recent trade deal announcements are light on detail, with key aspects still under negotiation and partners giving mixed signals about what they signed up for. 4) Mark Howard, Managing Director and Senior Multi-Asset Specialist at BNP Paribas, joins to discuss why today will either prove to be a "trifecta" of economic news, or a "trilemma." As the Fed meeting comes into focus in the afternoon, investors will watch for any signs of a greater openness from the Fed to easing when it next gathers in September. 5) Ari Wald, Head of Technical Analysis for Oppenheimer, talks about why the bull market is just overbought but not over. Before the Fed, GDP figures this week will offer an update on the health of the American economy in the buildup to Friday’s key payrolls report. The relentless rush of big earnings continues in the US later, with Microsoft and Meta both reporting.
Bloomberg Surveillance 