Bloomberg Daybreak: US Edition Daybreak Holiday: Stock Market Records, Fed Independence, The Future of DEI
9 snips
Jan 19, 2026 
Cameron Dawson, Chief Investment Officer at NewEdge Wealth, and Lori Calvasina, Head of U.S. Equity Strategy at RBC Capital Markets, dive into market volatility and the implications of potential economic shifts by 2026. Michael McKee, an international economics correspondent, discusses challenges facing the Fed and potential threats to its independence. Meanwhile, Jeff Green and Heather Landy shed light on the current state of diversity, equity, and inclusion initiatives, clarifying the setbacks and successes in corporate DEI efforts.
AI Snips
Chapters
Transcript
Episode notes
High Valuations Raise Volatility Risk
- Stocks enter 2026 with high valuations and elevated earnings expectations, raising the bar for returns.
- Cameron Dawson warns this creates volatility and a 50-50 chance the bull market continues into a fourth year.
Geopolitics And Fed Pressure Add Market Uncertainty
- Geopolitical risk and pressure on the Fed are new, material sources of market volatility in 2026.
- Lori Calvasina says these factors complicate geographic diversification and investor sentiment.
Crowded Dollar Trade Risks Surprising Moves
- Consensus positioning around a weaker dollar and 'sell America' trade is already reflected and not extreme.
- Dawson cautions that crowded consensus trades often produce surprises.