Bloomberg Surveillance Bloomberg Surveillance TV: April 7, 2025
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Apr 7, 2025 
Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, discusses the ongoing market selloff and the potential for continued equity meltdowns due to tariffs. She shares insights into how changing economic sentiments, including fears of stagflation and recession, are influencing market behaviors. The conversation also touches on the political pressures affecting corporate communication around tariffs and examines the debt markets' signals regarding rising economic risks.
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Market Selloff and Price Target
- RBC Capital Markets lowered their year-end S&P price target to 5,550 from 6,200.
- Their old bear case is now their base case due to the market selloff.
Growth Scare and Potential Drawdown
- The market is experiencing a growth scare, similar to 2010, 2011, 2015-16, and 2018.
- A 20% drawdown, like in 2018, could take the S&P to around 4,900.
Recession Pricing and Economic Impacts
- A full recession could mean a 27-32% drawdown, taking the S&P to 4,200-4,500.
- Analysts are working to model the economic impacts of tariffs and the resulting uncertainty.