Bloomberg Surveillance Bloomberg Surveillance TV: December 12th, 2025
8 snips
Dec 12, 2025 
Peter Tchir, Head of Macro Strategy at Academy Securities, analyzes the global stock selloff in tech and its implications for the market. Yelena Shulyatyeva, Senior US Economist at The Conference Board, reveals shifts in consumer spending towards value retailers as tariffs impact sentiment. Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, discusses a K-shaped recovery in earnings and the concept of 'vibe-pression,' where weak surveys contrast with strong economic data. The trio examines the Disney-OpenAI deal and its significance for the entertainment landscape.
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Episode notes
AI Spend Has Limits; Leadership May Shift
- AI-driven spending has powered market leadership but now faces questions about value and electricity constraints.
- As rates fall, small caps and equal-weight indexes may outperform concentrated mega-cap tech.
Subtle Labor Weakness Masks Risks
- Labor market signals look sketchier than headline data suggests, with quit rates back to 2015 levels.
- That underlying weakness makes the economy vulnerable if AI spend drops and tariffs rise.
Position For Faster Fed Cuts
- Monitor Fed timing and price-in faster moves: markets could reach 3% on Fed funds sooner than expected.
- Position for an aggressive easing cycle as Powell may need to cut sooner if jobs soften.