Bloomberg Surveillance Bloomberg Surveillance TV: December 16, 2024
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Dec 16, 2024 Steve Chiavarone, Head of Multi-Asset Solutions at Federated Hermes, shares insights on underestimating economic growth and inflation trends. He emphasizes the potential impact of the upcoming Trump administration's policies. Lydia Boussour, Senior Economist at EY, discusses the expectation of a more business-friendly environment and analyzes macroeconomic trends, including inflation and government policies. Together, they navigate the complexities of the current economic landscape, focusing on market dynamics, labor issues, and projections for future growth.
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Equity Market Rip
- The equity market rally is focused on big tech and the Nasdaq, not the S&P 500 or small caps.
- This differs from post-election expectations.
Upside Growth Surprise
- Steve Chiavarone believes growth has surprised to the upside since the election.
- He suggests capital is flowing into the U.S. due to political and economic instability in other developed markets.
Trump Policy Impact
- Steve Chiavarone thinks markets underestimate Trump's pro-growth policies and overestimate their inflationary impact.
- He believes tariffs can't be both a tax and inflationary.