Bloomberg Surveillance Bloomberg Surveillance TV: October 21st, 2025
Oct 21, 2025
Drew Matus, Chief Market Strategist at MetLife, discusses how investors are relying on earnings, adapting to a lack of economic data. Paul Jacobson, CFO of General Motors, shares insights on GM's resilience amid supply chain challenges and strategic shifts in manufacturing. Monica Guerra, Head of U.S. Policy at Morgan Stanley, explores U.S.-China trade negotiations, the impacts of tariffs, and the uncertain future for tariffs in fiscal policy. Together, they provide a comprehensive analysis of current market dynamics.
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Earnings Fill The Data Void
- Earnings are the primary information source for investors when official economic data is thin.
- Drew Matus warns markets may adjust before the economy does because markets are easier to move.
Pressure Is Spreading Upwards
- Upper-income consumers are beginning to feel pressure from rising costs and changing expectations.
- Drew Matus says that shifts in spending and declining savings rates signal growing strain at the top.
Spending Habits Are Shifting
- Consumers are shifting from services to goods and downgrading choices as prices rise.
- Matus notes these habit changes are meaningful because people are creatures of habit and only change consumption for a reason.