Bloomberg Surveillance Bloomberg Surveillance TV: September 30th, 2025
Sep 30, 2025
Monica Guerra, Head of US Policy at Morgan Stanley Wealth Management, discusses the political risks of a potential U.S. government shutdown, including impacts on defense and healthcare sectors. Phil Orlando, SVP at Federated Hermes, highlights the strengthening labor market and broadening equity market, with promising earnings trends and small-cap opportunities in healthcare. Bruce Van Saun, CEO of Citizens Financial Group, shares insights on consumer resilience and banking strategies amid economic uncertainty, emphasizing growth in wealth management.
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Episode notes
Macro Drivers Supporting Equities
- Mark Haefele sees continued strong earnings, AI investment and eventual Fed cuts as key supports for US equities.
- He believes strong fiscal stance and productivity gains from AI make equities attractive despite potential choppiness.
Quality And Cash Flow Over Hype
- Mark Haefele warns of speculative pockets where naming or narrative alone lifts valuations.
- He recommends focusing on quality and cash flows to separate durable businesses from froth.
Scrutinize Deal Financing
- Watch financing and leverage as IPO and deal activity picks up, especially for below-investment-grade targets.
- Scrutinize debt structures and cash generation before investing in deal-driven names.