Bloomberg Surveillance
Bloomberg Surveillance TV: January 3, 2025
Jan 3, 2025
Ed Yardeni, President of Yardeni Research, shares his insights on the sustainability of the equity bull run. He discusses market trends and the implications of new executive orders impacting national ownership in key industries. Mark Cabana, Head of US Rates Strategy at Bank of America, analyzes the complexities of interest rates in today’s volatile economic landscape. The duo also explores how fiscal policies could shape the future of the US economy, alongside perspectives on employment trends and technological advancements driving resilience.
28:50
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Quick takeaways
- The S&P 500 is expected to achieve double-digit gains despite a more volatile market landscape, influenced by uncertain monetary and fiscal policies.
- Current labor market conditions present a complexity of strengths and vulnerabilities that challenge the Federal Reserve's reliance on real-time economic data for policy decisions.
Deep dives
Market Expectations and Uncertainty
There is an expectation for the S&P 500 to see double-digit gains of around 19% in the upcoming year, despite an anticipated bumpier market compared to previous years. Uncertainty regarding monetary and fiscal policies is highlighted, stemming from potential implications of various executive orders from the incoming administration and how they could affect the economy. The potential interactions between deregulation, tax cuts, and increased tariffs create a complex environment that market observers find difficult to navigate. This unpredictability raises concerns about how these mixed signals may impact investor confidence and market stability.
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