Bloomberg Surveillance Markets Push Higher amid Uncertainty
Oct 7, 2025
Jeffrey Rosenberg, Senior Portfolio Manager at BlackRock, dives into the intricacies of fixed income versus equity returns. He explains how the shift in macro conditions is steering investors towards alternatives like gold and Bitcoin amid political uncertainties. Rosenberg also sheds light on liquid alternatives and defensive alpha strategies, offering insights on risk allocation and market responses to recessions. Additionally, he discusses the implications of the ongoing government shutdown for the economy, making for a compelling conversation on current market dynamics.
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Different Return Mechanics For Bonds Vs Stocks
- Jeff Rosenberg contrasts fixed income's predictable coupon returns with equities' capital appreciation dynamics.
- He says fixed income is more about regression to the mean while equities 'go up and to the right.'
AI Productivity Is Real But Early
- Rosenberg is skeptical that AI-driven productivity is yet visible in macro statistics.
- He acknowledges localized productivity gains but calls economy-wide evidence premature.
Use Liquid Alts As Defensive Bond Replacements
- Rosenberg describes liquid alts as strategies delivering returns without adding equity or fixed income exposure.
- He advises using alternative, market-neutral strategies as defensive, bond-like portfolio replacements.