Bloomberg Surveillance

Tariffs, Markets, and the Dollar

Apr 14, 2025

Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, discusses the outlook for equities and how President Trump’s tariff pauses have impacted market sentiment. She highlights expected volatility and offers insights into S&P 500 targets. Penny Foley, Portfolio Manager at TCW Emerging Markets, shares her thoughts on the challenges emerging markets face amid uncertain US policies. They delve into the implications of a weaker dollar and how tariffs influence global trade, making for a captivating conversation on economic dynamics.

37:06

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Episode guests

Penny Foley

Lori Calvasina

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Quick takeaways

Recent tariff policies have heightened market volatility, impacting investor sentiment and prompting shifts in the outlook for equities.

The declining Dollar, alongside yen optimism and euro strengthening, reflects a reassessment of its global financial role amidst US policy uncertainties.

Deep dives

Comprehensive Wealth Management Solutions

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Intro

2min

Earnings Insight: Beyond the S&P 500

11min

Market Movements and Financial Solutions

2min

Motivation Meets Market Dynamics

8min

Analyzing Emerging Markets and Investment Risks

3min

U.S. Economic Exceptionalism and Community Resilience

5min

Navigating Wealth Management and Financial Independence

2min

Political Dynamics and Tariff Tensions

8min

Navigating Business Solutions and Podcast Access

2min

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 14th, 2025
Featuring:
1) Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, joins for an extended discussion on the outlook for equities and where her S&P target stands. Stocks jumped once President Trump paused import duties on consumer electronics, boosting sentiment. Despite the reprieve, volatility in markets is expected to continue.
2) Gargi Chaudhuri, Chief Investment Strategist, Americas at BlackRock, discusses the outlook for equities, and whether there's a bull case in the market given the concern. While the Dollar has struggled, yen optimism is spreading and the euro is emerging as a prime beneficiary of greenback weakness as investors reassess the dollar’s role in the global financial system.
3) Penny Foley, Portfolio Manager for the TCW Emerging Markets Group, on what she expects from the emerging markets environment given uncertain US policy. The Bloomberg Dollar Spot index fell for a fifth day, touching the lowest levels since October, on concern over the Trump administration's tariff policy, and its effects are expected to ripple throughout emerging markets.
4) Henrietta Treyz, co-founder at Veda Partners, joins to discuss on again, off again tariffs and newfound urgency for the tax bill. President Trump is prioritizing extending the 2017 Tax Cuts and Jobs Act this year, with Republicans in Congress agreeing on a framework to make the cuts permanent.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including Dubai dethroning Heathrow as the world's busiest international airport and why there may be fewer outdoor dining spots in New York City this year.

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Bloomberg Surveillance

Tariffs, Markets, and the Dollar

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Comprehensive Wealth Management Solutions

The Importance of Earnings Call Transcripts

Market Reactions and Earnings Guidance

Investment Strategies in a Challenging Market

Remember Everything You Learn from Podcasts