Bloomberg Surveillance Single Best Idea with Tom Keene: Neil Dutta & Jeff deGraaf
Oct 23, 2025
Neil Dutta, an economist at Renaissance Macro, discusses the troubling signs in the housing market, indicating weaker construction and potential job losses. He also covers the Fed’s cautious approach to rate cuts. Jeffrey DeGraff contributes a global perspective, sharing his bullish views on equities despite ongoing tariff concerns. Together, they provide insightful analysis on macroeconomic trends and the future of housing and the stock market, making for a compelling conversation on today's financial landscape.
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Housing Weakness As Early Warning
- Neil Dutta notes that falling interest rates haven't meaningfully revived housing demand, signaling a potential yellow flag for the economy.
- He warns that weaker builder margins and less construction could spill into job losses and higher unemployment.
Builders' Margin Pivot Matters
- Neil Dutta argues builders hit a margin pivot that will reduce construction activity going forward.
- He believes construction layoffs amid weak job creation could push the unemployment rate higher.
Global Bull Market Despite Tariff Fears
- Jeff DeGraff observes a broad global bull market that discounts tariff worries and includes frontier markets.
- He cautions gold may be in bubble territory while equities remain generally bullish if consolidation occurs.