Bloomberg Surveillance Bloomberg Surveillance TV: November 20th, 2025
10 snips
Nov 20, 2025 Kelsey Berro, a fixed income portfolio manager at JPMorgan, discusses a softening labor market and the potential implications for the Fed's December decisions. Nela Richardson, Chief Economist at ADP, highlights how rising unemployment complicates Fed policy and the importance of low-income consumer spending. Angelo Zino, a senior equity analyst at CFRA, provides insights on NVIDIA’s earnings, suggesting they alleviate some AI bubble concerns, but financing and geopolitical factors remain critical. Together, they explore the future outlook for tech and labor markets.
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Labor Market Is Gradually Weakening
- The labor market shows a gradual weakening trend despite noisy monthly moves.
- Kelsey Berro says three- and six-month averages reveal the true trajectory more than single prints.
Missing Data Shifts Market Timing Not Bias
- Missing October and November BLS reports lowers December cut odds but doesn't change the easing bias.
- Kelsey notes markets view a likely 'skip' in December with cuts pushed into 2026.
Headline Jobs Beat Hides Deeper Weakness
- The headline payroll beat hides weakness: rising unemployment and higher continuing claims.
- Kelsey highlights concentration in healthcare and education while cyclical hiring lags.
