Philip Blancato, Chief Market Strategist at Osaic and CEO of Ladenburg Thalmann Asset Management, joins macro strategist Samuel Rines to dive into financial trends. They discuss the recent improvement in the U.S. trade deficit and its implications for GDP growth. The chat covers the resilience of U.S. consumers amidst geopolitical tensions and tariffs, along with opportunities in small and mid-cap stocks. Insights into the evolving European market and the transformative potential of AI and cryptocurrencies round out their engaging analysis.
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insights INSIGHT
Trade Deficit Signals Higher GDP
The recent dramatic drop in the U.S. trade deficit suggests a sharp upward revision in the GDP growth rate, potentially around 4%.
This is likely a correction for measurement errors that caused an underestimated GDP in the first quarter.
insights INSIGHT
Fed Defends Independence Amid Pressure
Fed Chair Jay Powell strongly defends the independence of the Federal Reserve amid political pressure from President Trump.
Political calls to lower interest rates despite inflation data pose a risk to Fed autonomy.
insights INSIGHT
Markets Intolerant of Escalating Tariffs
The market reacts negatively when trade tensions with China escalate, showing intolerance for prolonged tariff conflicts.
Markets can tolerate tariffs around 10-30% but not expansion beyond that range.
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Show from 04/30/25
Host Jeremy Schwartz and Professor Siegel break down the market’s reaction to a dramatically improving trade deficit, discuss expected upward revisions to GDP, and reflect on the latest PCE inflation data. Professor Siegel also shares his views on the Fed’s independence in light of political pressure, tensions with China, and the AI-driven productivity surge. (19:05) Jeremy is joined by Phil Blancato for an in-depth discussion on market positioning, international equities, and the impact of tariffs. They explore bond opportunities, fiscal shifts in Europe, and why small and mid-cap U.S. stocks could see renewed growth. The conversation also covers structural advantages of U.S. consumers and how global trade deals may reshape earnings forecasts.
Guest: Philip Blancato is Chief Market Strategist at Osaic, one of the nation's largest providers of wealth management solutions, President and CEO of Ladenburg Thalmann Asset Management, and Chairman of the Ladenburg Investment Policy Committee. As a financial services industry veteran of over 30 years, Philip possesses a specialized knowledge of portfolio and risk management, asset allocation, macroeconomic theory, and constructing and implementing seamlessly integrated platforms of fee-based solutions. Before Ladenburg Thalmann and Osaic, Philip was Managing Director of Advisory Services at PowellJohnson, where he directed the creation and implementation of a suite of fee-based platforms. He also worked for Prudential Securities where he held various positions within the Investment Management Services division before becoming First Vice President and Director of Portfolio Management Programs. During his tenure, Portfolio Management became one of the most successful divisions within Prudential Securities, with assets in excess of $16 billion. Philip regularly appears in national media outlets including the Wall Street Journal, Reuters, CNBC, and Fox Business, and speaks at industry events. He has a Bachelor of Science in Finance from Kean University, and a Marketing Continuing Education degree from New York University. Philip is also an Accredited Investment Fiduciary and has completed the Securities Industry Association accredited program at Wharton Business School.
Follow Philp on X: https://x.com/philblancato?lang=en
Weekly Market Impact: https://open.spotify.com/episode/78DYJPnxKxNJXZkiINVjpP
Wisdom Tree: https://www.wisdomtree.com/investments
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