Bloomberg Surveillance Bloomberg Surveillance TV: November 4th, 2025
22 snips
Nov 4, 2025 
In this discussion, Torsten Slok, Chief Economist at Apollo Global Management, highlights the rift among Fed policymakers on inflation and rate cuts. Henrietta Treyz, co-founder at Veda Partners, analyzes the potential impact of NYC's mayoral race on national voter sentiment and turnout amid affordability concerns. Meanwhile, Henry Allen from Deutsche Bank examines how current market pullbacks might reflect normal behavior despite underlying strengths. Finally, Whitney Tilson, former hedge fund manager, shares insights on the NYC election's stakes, emphasizing public safety and affordability as key voter issues.
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Fed Split: Framework Versus Data
- The Fed debate centers on whether to follow a framework like R-star or remain strictly data dependent.
- Torsten Slok says incoming labor and CPI data argue against immediate cuts from a data-dependent view.
Easy Financial Conditions Fuel A K-Shaped Recovery
- Financial conditions are still easy and equity gains are fueling hiring and investment despite high policy rates.
- Slok warns rate cuts could widen the K-shaped recovery by inflating asset-rich sectors more than others.
Wealth Concentration Shapes Consumption
- The top 20% account for roughly 40% of consumption while the bottom 20% are about 8%, amplifying wealth-driven consumption effects.
- Slok connects rising equity and home prices to persistent consumer strength concentrated at the top.