Bloomberg Surveillance Bloomberg Surveillance TV: June 26, 2025
6 snips
Jun 26, 2025 Jim Zelter, President at Apollo Global Management, shares insights on the markets and US economy amid inflation and geopolitical concerns. Mary Daly, President of the San Francisco Federal Reserve, discusses the balance between interest rates and economic stability. Mike Schumacher from Wells Fargo elaborates on the US rate path, while Nela Richardson, Chief Economist at ADP, reacts to fluctuating jobless claims. The conversation navigates the complexities of national security, labor market trends, and evolving investment strategies in a turbulent economic landscape.
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Dollar Decline Is Technical
- Global investors have rushed to hedge their unhedged dollar exposure, causing significant profits for big banks.
- The recent decline in the dollar is more technical than a sign of long-term U.S. economic weakness.
Fed Rate Cuts May Be Overstated
- The U.S. economy is showing mixed signals with inflation near 3-3.5% and some consumer slowing.
- Fed rate cuts expected by markets may be overstated; Zelter anticipates rates to remain stickier and higher than many expect.
AI's Long-Term Deflationary Impact
- AI and technology have vast deflationary impacts poised to lower rates long term.
- However, these effects are not immediate and do not currently dominate market focus within 6 to 9 months.