Squawk on the Street SOTS 2nd Hour: The Disney Breakdown: Plus CFO Hugh Johnston, Pharma Risks Loom, and Taylor Morrison CEO 5/7/25
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May 7, 2025 
Jonny Fine, Global Head of Investment Grade Credit Strategy at Goldman Sachs, shares insights on the shifting corporate financing landscape. Meanwhile, Hugh Johnston, CFO of Disney, reveals impressive earnings and the company’s future plans for Abu Dhabi amidst fluctuating demand in China. The discussion also touches on the pharmaceutical industry's challenges due to tariffs and the current housing market dynamics, highlighting market tensions and emerging opportunities in a rapidly changing economic environment.
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Corporate Bond Market Liquidity Surge
- Corporate bond market liquidity is the best in Jonny Fine's career, thanks to electronification and ETF growth.
- ETFs and portfolio trading lift volumes especially in market stress, enabling greater liquidity despite regulatory changes.
Fed's Dilemma on Rates
- Fed Chair Powell likely to maintain wait-and-see, balancing inflation and growth risks amid policy uncertainty.
- Economic growth may deteriorate but hard data needed to confirm impacts before policy shifts.
Pharma Sector Faces Regulatory Scrutiny
- New FDA vaccine chief Vinay Prasad criticizes accelerated approvals and calls for stricter evidence from drug makers.
- Pharma faces heightened regulatory uncertainty amidst drug pricing and tariff challenges.