Bloomberg Surveillance

Bloomberg Surveillance TV: May 1, 2024

May 1, 2024

Guests Tony DeSpirito, Earl Davis, and Jonathan Pingle discuss stock picking opportunities, potential rise in US 10-yr yields, reactions to strong ADP labor data, and Fed rate decision preview. Topics include earnings estimates, treasury market impact, and economic outlook post Fed decision

26:05

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Episode guests

Jonathan Pingle

Earl Davis

Tony DeSpirito

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Episode notes

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Quick takeaways

Stock pickers have an opportunity with normalized earnings estimates across mega-cap and other stocks.

US 10-yr yields may retest 5% and Fed decisions could impact the treasury market.

Deep dives

Impacts of Treasury and Fiscal Policy on 2023 Growth

The podcast discusses the significant impacts of fiscal policy and Treasury actions on the 2023 economic growth projections. It highlights how investments in chip plant manufacturing and other related sectors have influenced GDP growth, with government spending and investment contributing to a third of this growth. The discussion emphasizes the potential effects of deficit widening and the role of interest rates in shaping economic trends. There are insights into the sustainability of these impacts leading into 2024, with considerations about distribution of funds.

Introduction

3min

Economic Outlook and Fiscal Policy Debate

9min

Debate on Federal Reserve Independence and Tariffs' Inflationary Impact

3min

Analyzing the Potential for 10-Year Yields to Reach 5%

6min

Insights on Market Optimism and Active Management Opportunities

3min

In-depth Analysis of Market Movements, Sector Rotation, Consumer Behavior, and Election Impact

6min

-Tony DeSpirito, BlackRock Global CIO of Fundamental Equities
-Earl Davis, BMO Global Asset Management Head of Fixed Income & Money Markets
-Jonathan Pingle, UBS Chief US Economist

BlackRock's Tony DeSpirito sees 'an opportunity for stock pickers' ahead with earnings estimates normalizing between mega-cap stocks and the rest of the market. BMO's Earl Davis says US 10-yr yields could retest 5% and previews the Fed decision's impact on the treasury market. Jonathan Pingle of UBS reacts to stronger-than-expected ADP labor market data for April and looks ahead to the Fed's rate decision.

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