Bloomberg Surveillance Single Best Idea with Tom Keene: Gershon Distenfeld & Anna Wong
10 snips
Sep 11, 2025 Dive into the dynamic nature of the futures market, where liquidity and flexibility reign supreme. The discussion also reflects on the emotional weight of September 11 anniversaries for finance professionals. Unpack the Federal Reserve’s impact on the economy, especially regarding budget deficits and interest rates. Lastly, explore current investment strategies with expert insights, revealing which sectors are thriving and emphasizing the importance of adaptability in today’s complex financial landscape.
AI Snips
Chapters
Transcript
Episode notes
9/11 Remembrance Shapes The Day's Tone
- Tom Keene recounts the solemn memories of 9/11 and highlights the heavy loss at the Pentagon often less recognized.
- He frames the day as an occasion when discussing politics and markets feels solemn and restrained.
Debt Dynamics Threaten Higher Long Yields
- Gershon Distenfeld warns budget deficits and sovereign demand may push long-term yields much higher in coming years.
- He suggests a potential future where 10-year yields reach the low 3% range and 30-year yields approach 6–7%.
Fiscal Forces Trump Near-Term Fed Signals
- Distenfeld highlights that large budget deficits and shifting foreign demand will ultimately drive longer-end yields regardless of short-term Fed signaling.
- He views this fiscal dynamic as a latent risk that will force a future 'reckoning' in bond markets.