WSJ's Take On the Week
Will Dealmaking Boom Under Trump? Lazard CEO Peter Orszag Weighs In
Jan 12, 2025
Peter Orszag, CEO of Lazard and former director of the Office of Management and Budget under Obama, engages in a fascinating discussion about the future of M&A dealmaking, expected to surge by 2025. He shares insights on how potential tariffs and a second Trump administration could reshape the financial landscape. The conversation also highlights an innovative advisory council led by Elon Musk and Vivek Ramaswamy, aimed at enhancing government efficiency. Plus, the hosts dive into rising bond yields and significant trends in the media and banking sectors.
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Quick takeaways
- Rising bond yields, now above 4.7%, reflect strong economic growth expectations and rising inflation concerns impacting investor sentiment.
- Expectations for a deregulated M&A landscape under a potential new administration are driving renewed enthusiasm and strategic shifts in deal-making activities.
Deep dives
Rising Bond Yields and Economic Growth
Recent trends in bond yields have captured the attention of investors, particularly as the benchmark 10-year Treasury yields surpass 4.7%. This sharp increase is considered unusual amidst Federal Reserve interest rate cuts and indicates strong economic growth expectations. Additionally, inflation concerns are contributing to this uptick, especially with rising costs in sectors like insurance amid environmental crises. The relationship between bond prices and stock prices remains complex, yet investor interest in equities remains robust, reflecting confidence in market prospects despite higher yields.
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