Bloomberg Surveillance Bloomberg Surveillance: Markets, Metals & Macro Moves
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Oct 14, 2025 Karen Manna, a Vice President at Federated Hermes, sheds light on front-end fixed income opportunities while navigating market uncertainties due to data delays. She also discusses the impact of bank earnings on bond markets and shares insights on credit selection. Joining her is Shana Sissel, founder of Banrion Capital Management, who explores the democratization of private investment strategies and the challenges of product quality and investor education. Together, they tackle the complexities of today's financial landscape, offering valuable perspectives.
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Gold As Currency Insurance
- Gold's rally may reflect worries about fiat currencies and a move to collateralize stablecoins and crypto with gold.
- Some players could be building gold reserves to back parts of the crypto ecosystem.
Liquidity Inflates Financial Assets
- Correlations across assets are breaking down, suggesting excess liquidity is inflating financial assets rather than the real economy.
- The 'everything rally' means investors buy gold, stocks, bonds and currencies simultaneously seeking places for liquidity to go.
AI Dealmaking Looks Like A Bubble
- Rapid, circular AI-related dealmaking looks frothy and reminiscent of past internet-era hype cycles.
- Firms must map what is real versus promises as interconnected deals accelerate quickly.