Bloomberg Surveillance Bloomberg Surveillance TV: July 9th, 2025
Jul 9, 2025
Jean Boivin, Global Head of Research at BlackRock Investment Institute, shares insights on how President Trump's tariff deadline is being priced into the markets. Ed Mills, Washington Policy Analyst at Raymond James, discusses the administration's economic priorities. Nancy Lazar, Chief Global Economist at Piper Sandler, examines expectations for U.S. and global economic growth and the complexities tariffs bring to inflation and trade negotiations. The conversation highlights the intersection of political strategies and market dynamics.
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Near-term Certainty in US Markets
- Near-term market certainty is greater than long-term despite ongoing uncertainty in 2025.
- US equities are favored due to mega forces like AI, while bonds face pressure from higher yields and term premiums.
US vs Europe Bond Market Outlook
- Inflation outlook is diverging: Europe expects declining inflation while US inflation and yields may rise.
- ECB has room to cut rates, supporting European bonds more than US government bonds.
Trump's Trade Strategy: MOUs First
- President Trump aims to sign MOUs with many countries by August 1 to claim extensive trade deals.
- True detailed negotiations will occur later; initial agreements serve political and market confidence goals.