Bloomberg Surveillance Bloomberg Surveillance TV: January 5th, 2026
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Jan 5, 2026 
In this insightful discussion, Ed Yardeni, a seasoned market strategist, predicts a positive trajectory for the S&P 500, suggesting it could hit 10,000 by 2030. Norman Roule, a former U.S. intelligence official, analyzes the successful operation to capture Venezuelan President Maduro and the implications for U.S. regional strategy. Bob McNally, an energy expert, discusses the long road ahead for Venezuelan oil production recovery. Jim Bianco highlights the recent trends in fixed income markets, addressing potential political pressures on the Fed and ongoing inflation risks.
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Bull Market Longevity From Productivity
- Ed Yardeni expects the S&P to keep rising driven by resilient GDP and stronger productivity gains.
- He forecasts productivity moving from ~2% toward 3%, supporting growth and capping inflation.
Rebalance Away From Tech Concentration
- Yardeni recommends rebalancing away from the huge tech concentration toward financials, industrials and healthcare.
- He suggests overweighting the '493' stocks that apply technology to boost productivity.
Refunds Add Fiscal Sting To Easy Policy
- Yardeni flags fiscal refunds from tax changes as a stimulative force layered on already-easier monetary policy.
- He worries this fiscal plus monetary mix could lift inflation above the Fed's 2% goal.