Bloomberg Surveillance Bloomberg Surveillance TV: October 22nd, 2025
22 snips
Oct 22, 2025 
In this engaging discussion, Darrell Cronk, Chief Investment Officer at Wells Fargo, shares his optimistic outlook for the S&P 500 through 2026, citing easing fiscal policies and a favorable yield curve. Virginia Governor Glenn Youngkin highlights his state's successful strategies for attracting $13 billion in investments, focusing on workforce development and energy policies. They also touch on the implications of rising gold prices and workforce readiness for AI, painting a vivid picture of today's economic landscape.
AI Snips
Chapters
Transcript
Episode notes
U.S. Equities Poised For A Multi-Quarter Run
- Darrell Cronk argues the next 12–15 months favor U.S. equities due to easing monetary policy and fiscal clarity.
- He expects accelerated earnings driven by tax refunds, corporate stimulus, and secular trends like reshoring and AI.
Steepening Curve Favors Financials
- Cronk expects a steeper yield curve whether the Fed cuts or growth surprises, which should benefit financials.
- Steepening term premia and return of M&A/CapEx underpin a bullish case for bank earnings.
Watch Credit, Reserves And QT Closely
- Monitor consumer health and regional bank loan portfolios as indicators of systemic risk before leaning into financials.
- Watch QT, reserves, and Fed messaging for signals that illiquidity could unsettle markets.