RiskReversal Pod Meshing The Macro & The Micro with Peter Boockvar
Aug 5, 2025
Peter Boockvar, the Chief Investment Officer at Bleakley Financial Group, shares his expertise on macroeconomics and market strategies. He explores the nuanced impact of tariffs on earnings and the importance of remaining unbiased. They discuss declining rig counts and their implications for crude oil prices, alongside the geopolitical tensions surrounding U.S. tariffs on Russian oil. Boockvar also highlights China's dominance in rare earth materials and analyzes current market sentiment driven by AI stocks and a buy-the-dip mentality.
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Jobs Data Revisions Explained
- Government jobs numbers undergo large revisions due to initial estimation methods and delayed data gathering.
- This leads to backward-looking data that may not reflect the current economic situation accurately.
Fed Reliance on Backward Data
- The Fed relies too heavily on backward-looking government data rather than micro-level business feedback.
- The economy shows mixed signals, with some sectors strong but many in recession or weakness.
Tariffs Impact on Margins
- Tariffs are squeezing corporate margins unevenly with some firms raising prices and others absorbing costs.
- This leads companies to carefully test consumer price tolerance while adjusting hiring and expenses.