Bloomberg Surveillance Bloomberg Surveillance TV: September 9th, 2025
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Sep 9, 2025 
In this discussion, Ed Yardeni, Chief Investment Strategist at Yardeni Research, shares his optimistic outlook on equities and US growth. Henrietta Treyz, co-founder of Veda Partners, provides insight into Washington's political landscape and potential government shutdowns. Oksana Aronov, Head of Market Strategy at JPMorgan Asset Management, highlights bond market dynamics and fixed income opportunities crucial for navigating the economy's challenges. The mix of market strategies and political nuance makes for a captivating listen!
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Earnings-Led Bull Market
- Ed Yardeni argues the market is in a multi-year bull driven by earnings rather than cheap valuations.
- He projects S&P-like targets of ~6,600–6,800 by year-end and ~7,700+ next year if the melt-up continues.
Rate Cuts May Stoke A Melt-Up
- Yardeni warns that rate cuts could fuel a valuation-driven melt-up and higher consumer prices.
- He stresses cutting rates won't replace lost foreign-born labor and could raise inflation and asset prices.
Productivity As The Growth Engine
- Yardeni sees rising productivity from digital and AI shifts offsetting headcount declines.
- He expects higher real wages and consumption driven by productivity gains into the 2020s and 2030s.