Bloomberg Surveillance Bloomberg Surveillance TV: January 20th, 2026
Jan 20, 2026
Gary Cohn, IBM Vice Chairman and former White House economic advisor, discusses the impacts of geopolitical risks and the significance of U.S. fundamentals in market dynamics. Paul Ryan, former Speaker of the House, critiques current populism and emphasizes the dangers of state capitalism while assessing CEO sentiments amid prevailing uncertainties. Alexander Stubb, President of Finland, suggests creating an Arctic security structure involving NATO and urges caution regarding Russian maneuvers, all while touching on the evolving situation in Ukraine.
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Greenland As A Strategic Bargaining Chip
- Gary Cohn says Greenland interest could be a negotiating posture tied to security and rare earths.
- He suggests the move may aim to secure military position and resources rather than immediate annexation.
Geopolitics Drives Short-Term Outflows
- Cohn notes a partial 'sell America' rotation as funds repatriate and trim U.S. exposure amid geopolitical risk.
- He expects markets to rebound once geopolitical tension eases because U.S. fundamentals remain strong.
Factor Long-Term Yields Into AI Capex
- Cohn warns that interest rates affect AI data center economics and financing costs materially.
- He advises investors to watch long-term yields, not just Fed funds, when assessing AI capex viability.