Bloomberg Surveillance Bloomberg Surveillance TV: January 21st, 2026
Jan 21, 2026
David McKay, President of the Royal Bank of Canada, discusses the intense transactional vibe of Davos and the benefits of USMCA for trade. Ted Pick, CEO of Morgan Stanley, shares insights on the optimism surrounding AI and potential mega IPOs. Senator Thom Tillis addresses Federal Reserve oversight, the complexities of congressional processes, and concerns about rising debt. Each guest offers a unique perspective on global market dynamics and the interplay between economics, policy, and geopolitics.
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Davos Is Transactional And Opportunity-Rich
- David McKay says Davos feels more transactional with leaders pursuing co-investment and manufacturing deals.
- He sees opportunity as countries use defense and trade to attract manufacturing and energy investment.
USMCA's Core Value Anchors Trade
- McKay argues USMCA core benefits remain: Canada supplies lower-cost inputs that help U.S. affordability.
- He expects trade arrangements to evolve but believes mutual value makes continued trade likely.
Follow Clients Into Growing Markets
- McKay says RBC will keep investing in the U.S. and expand where clients go, like the Middle East.
- He advises banks to follow corporate clients into growing markets rather than rush into China without diplomatic clarity.