Bloomberg Surveillance Market Sentiment and Rate Cut Outlook
4 snips
Sep 22, 2025 Wei Lei, Global Chief Investment Strategist at BlackRock, discusses the current outlook for US equities and the importance of sticking with the AI theme. Jens Nordvig, founder of Exante Data, dives into dollar hedging strategies and the rising allure of gold amid concerns over Fed independence. Gautum Mukunda from Yale examines how H-1B visa changes might affect the U.S. job market and the implications for American companies. The conversation is a rich mix of market insights and geopolitical implications.
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Valuations Don’t Kill This Bull Market
- Wei Lei argues that bull markets don't die from valuation alone and current tech multiples are supported by earnings growth.
- She notes U.S. tech could sustain 15–20% earnings growth, which historically occurs about 25% of the time.
Stay Risk-On But Be Selective
- Wei Lei recommends staying risk-on while being selective about fundamentals and pricing power in large companies.
- She also suggests extending duration exposure modestly to lock in attractive long-duration rewards given expected Fed cuts.
AI CapEx Is Hard To Measure
- Wei Lei warns capex for AI is hard to quantify and markets are giving tech firms leeway to overspend to stay competitive.
- She emphasizes monitoring free cash flow and return on invested capital as deployment scales.
