Bloomberg Surveillance

Bloomberg Surveillance TV: September 5, 2024

Sep 5, 2024

In this engaging discussion, Kate El-Hillow, Co-President of Russell Investments, emphasizes the ongoing search for market stability amidst volatility. Ed Al-Hussainy from Columbia Threadneedle explores the unpredictable outcomes of the Fed's interest rate plans. Jay Bryson, Chief Economist at Wells Fargo, reacts to recent employment data, highlighting implications for economic health. Shaun Donovan, former HUD Secretary, delves into the urgent housing affordability crisis, advocating for balanced policies to tackle the pressing supply and cost challenges.

25:26

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Quick takeaways

The intensifying global housing affordability crisis is limiting financial flexibility for renters and significantly impacting economic growth.

Political shifts indicate a growing bipartisan consensus to address housing issues, stressing the need for policy changes and increased construction supply.

Deep dives

The Widespread Housing Affordability Crisis

The housing affordability crisis has intensified globally, affecting areas previously considered stable, including cities like Boise, Idaho. Rent and home prices have skyrocketed, with many renters now spending over 30% of their income on housing, which significantly limits their financial flexibility in other areas. This crisis is interconnected with broader economic challenges, contributing to lower economic growth as companies struggle to attract workers due to high housing costs. Despite some national discussions around assistance and policy changes, the underlying supply issue remains pressing, with an estimated seven million housing units needed to meet demand.

Intro

2min

Addressing the Housing Crisis

7min

Housing Affordability Crisis: Challenges and Solutions

3min

Inflation Insights and Labor Market Implications

2min

Navigating Market Volatility and Strategic Allocations

2min

Navigating Federal Reserve Signals

7min

Analyzing the Balance of America's Labor Market

2min

Economic Stability Amidst Uncertainty

2min

Navigating Economic Uncertainty: Key Indicators and Concerns

3min

-Kate El-Hillow, Russell Investments Co-President & Co-Chief Investment Officer
-Ed Al-Hussainy, Columbia Threadneedle Global Rates Strategist
-Jay Bryson, Wells Fargo Chief Economist
-Shaun Donovan, Fmr. Housing & Urban Development Secretary & Enterprise Community Partners President & CEO

Kate El-Hillow of Russell Investments says markets are still trying to find the prevailing narrative, pointing to recent volatility as a healthy return to normal. Columbia Threadneedle's Ed Al-Hussainy describes the 'fantastically broad' distribution of outcomes with the Fed's path forward on interest rates. Jay Bryson of Wells Fargo reacts to a weaker-than-expected ADP employment report and as well as US initial jobless claims. Former HUD Secretary Shaun Donovan walks through the issues facing the US housing market.

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