Bloomberg Surveillance Single Best Idea with Tom Keene: Russ Brownback & Jay Hatfield
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Nov 12, 2025 Russ Brownback, a fixed-income portfolio manager at BlackRock, shares his insights on potential Fed rate cuts and the impact on cash migrating into longer-duration bonds. He emphasizes strategies for income harvesting in a changing bond market. Tom Keene contextualizes Brownback's ideas within current market trends, while Jay Hatfield from Infrastructure Capital Advisors forecasts an S&P 500 target of 7700 for the upcoming year, stirring discussions on tech valuations and market rotations.
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Fixed-Income Guests Provide Market Window
- Tom notes a string of bond-focused guests and praises Russell Brownback's fixed-income acuity.
- He frames the segment as a useful window into fixed-income markets for non‑Wall Street listeners.
Cash Could Migrate Into Longer Bonds
- As policy rates fall toward neutral, trillions in cash may shift into longer-duration bonds.
- Russ Brownback expects income harvesting rather than big duration bets as investors lock in yields.
7700 SPX Target Fits Trend Extrapolation
- Tom Keene shows how extrapolating the post‑2022 trend makes Jay Hatfield's S&P 7700 target plausible.
- The Bloomberg Terminal regression places a 7700 SPX target beneath the extrapolated bull trend from Oct 2022.