Bloomberg Surveillance Single Best Idea with Tom Keene: Kit Juckes & Jordan Rochester
Oct 24, 2025
Kit Juckes, an FX and macro strategist at Société Générale, shares insights on U.S. economic resilience while questioning the market's expectations for rate cuts. Meanwhile, Jordan Rochester, a Bloomberg journalist focused on U.K. politics, compares the political brands of Nigel Farage and Donald Trump, delving into their differing personas and approaches. Together, they navigate the complex dynamics of market volatility, Japan's weakening yen, and the implications of AI in corporate strategies, providing a fascinating look at current financial landscapes.
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Confusing Mix: Rate Cut Bets With Growth Optimism
- The market shows low volatility as investors price both rate cuts and resilient growth simultaneously.
- Kit Juckes finds this combination confusing because it implies optimism about growth alongside easing policy.
Reassess Positions On U.S. Data Surprises
- Watch incoming U.S. data closely because soft prints will encourage rate-cut expectations.
- Use labor-market and CPI surprises to reassess positioning rather than relying on distant forecasts.
U.S.-Centric Cycle And Exceptionalism
- The current cycle is unusually U.S.-centric with more uncertainty around U.S. data than Europe or Asia.
- Juckes says U.S. exceptionalism and productivity gains support optimistic GDP views despite softer labor signals.