Bloomberg Surveillance Bloomberg Surveillance TV: October 27th, 2025
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Oct 27, 2025 In this discussion, Greg Peters, Co-CIO at PGIM Fixed Income, delves into the dynamics of Treasury markets and the implications of rising non-shelter inflation. Vito Sperduto, from RBC Capital Markets, shares insights on a surge in M&A activity, highlighting technology and healthcare sectors driving the deals. Terry Haines, of Pangaea Policy, addresses the ongoing government shutdown and its potential political fallout, predicting a resolution before Thanksgiving. Together, they explore crucial intersections of finance and policy that shape today's economy.
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Shelter Masking Broader Inflation Risks
- Shelter disinflation has masked rising inflation pressures outside rents and OER.
- Greg Peters warns that goods and tariff effects could push inflation and change the bond-market narrative next year.
Markets Underpricing Long-Term Inflation
- Long-term inflation breakevens have fallen sharply, puzzling fixed-income investors.
- Greg Peters thinks markets underprice longer-run inflation and would expect higher break-even rates.
Favor Twos-Tens Over Far Back End Bets
- Be cautious leaning into long-dated curve steepeners because of supply, legal and buyback uncertainties.
- Greg Peters prefers tactical positions in the two-to-ten part of the curve rather than the far back end.