Bloomberg Surveillance Bloomberg Surveillance TV: November 13th, 2025
Nov 13, 2025
Keith Lerner, CIO at Truist Advisory Services, discusses the bullish outlook for the remainder of 2025, linking it to strong profit trends despite weaker job data. Lisa Hornby, Head of US Fixed Income at Schroders, predicts a potential Fed rate cut in December, emphasizing the implications for corporate credit and municipal bonds. Kristina Campmany from Invesco highlights the noisy economic data post-shutdown, along with opportunities from yield curve steepening, and the intertwined nature of global rates and corporate issuance.
AI Snips
Chapters
Transcript
Episode notes
Profits Driving A Global Bull Market
- Profits are the "north star" driving the current bull market and forward 12-month estimates are rising.
- Global market breadth is strong with 90% of markets in uptrends and emerging markets hitting 52-week highs.
Two-Speed Economy, Two-Speed Market
- A two-speed economy is producing a two-speed stock market where large-cap tech leads despite consumer weakness.
- Company-level profit trends and credit data still show resilience even as sentiment falls.
Position For A Modest Early‑2026 Uptick
- Expect modest economic uplift in early 2026 from tax refunds and potential tariff clarity.
- Position portfolios for a mild uptick while monitoring inflation signals and Fed moves toward ~3% funds rate.