Bloomberg Surveillance Bloomberg Surveillance TV: August 15th, 2025
Aug 15, 2025
Marc Sumerlin, Managing Partner at Evenflow Macro and former economic advisor to President George W. Bush, delves into critical insights on the Fed and potential chair candidates, shedding light on future monetary policy. He discusses the interplay between U.S.-Russia relations and economic sanctions, revealing how these factors impact global stability. Additionally, the effects of tariffs on inflation and consumer prices are explored, offering a candid look at the current economic climate and its implications for investors.
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S&P Recovered Despite Tariff Fears
- Binky Chadha argues the S&P 500 retraced back to the bottom of a steep multi-year trend after tariff-driven volatility.
- Company earnings and aggregate growth do not show the large negative hit tariffs were expected to cause.
Tariff Pass-Through Has Been Limited
- Chadha says tariff pass-through to inflation has been less than feared and direct impact is roughly two percentage points on core goods.
- He highlights that directly impacted companies are under 20% of S&P 500 earnings and Apple dominates that subset.
Sanctions Can Shift Putin's Incentives
- Eddie Fishman warns Putin needs to believe Trump is serious about peace to change behavior.
- He argues that crushing Russian oil exports via sanctions could push Russia into a crisis that changes incentives.
