Bloomberg Surveillance Stocks Get Tech Lift as US Yields Fall on Soft CPI
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Dec 18, 2025 
Stephanie Roth, Chief Economist at Wolfe Research, breaks down the surprising November CPI report, hinting that inflation may bounce back sooner than expected. Emily Rowland, Co-Chief Investment Strategist at Manulife/John Hancock, advocates for a bullish outlook on U.S. equities, driven by AI adoption and strong earnings. Dan Ives, Global Head of Tech Research at Wedbush, discusses the implications of the Trump Media-TAE fusion deal, emphasizing its potential to accelerate fusion technology and AI monetization.
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CPI Print Likely Understates Inflation
- The November CPI print contains substantial sampling and timing errors that likely made inflation look artificially weak.
- Stephanie Roth expects a bounce back in December and cautions against treating this print as definitive disinflation.
Labor Market Showing Hidden Strength
- The labor market is holding up and may be inflecting higher despite headline noise from government programs.
- Private payrolls show decent gains, suggesting underlying resilience that could keep the Fed on hold early next year.
Rotate Back Toward Quality And Income
- Participate in quality US stocks because profits drive long-term returns even after momentum-driven years.
- Lean into dividend growers and high-quality bonds as income becomes more attractive relative to low S&P yields.