Bloomberg Surveillance Bloomberg Surveillance TV: October 29th, 2025
8 snips
Oct 29, 2025 
Blake Gwinn from RBC Capital Markets offers insights on upcoming Fed rate cuts and their implications for U.S. Treasuries. Gargi Chaudhuri of BlackRock discusses record-high equity markets and the dominance of AI hyperscalers in earnings growth. Pierre Ferragu from New Street Research analyzes NVIDIA's future in the competitive U.S.-China AI landscape. Mary Lovely of the Peterson Institute highlights key issues in U.S.-China trade relations while pondering the effects of potential tariff reductions on economic tension.
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Fed Outlook Unchanged, Cut Expected
- Blake Gwinn says the Fed's outlook hasn't materially changed since September and risks remain similar.
- He expects a 25bp cut but no clear guidance toward December without new data.
Watch Fed Balance Sheet Moves
- Gargi Chaudhuri urges watching how the Fed handles balance sheet runoff alongside a 25bp cut.
- Monitor where reinvestments go because that affects demand across the curve.
Earnings Concentration Fuels Market Rallies
- Gargi Chaudhuri notes S&P gains are driven by concentrated earnings growth in hyperscaler AI names.
- The market is top-heavy because earnings growth is concentrated, which she calls a feature not a bug.