Bloomberg Surveillance Bloomberg Surveillance TV: October 14th, 2025
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Oct 14, 2025 
Keith Lerner, CIO and Chief Market Strategist at Truist Advisory Services, shares insights on the current market outlook amid rising US-China trade tensions. He discusses whether the market needs a pullback before becoming attractive and reveals his thoughts on bank earnings as indicators of economic health. Meanwhile, Rep. Mike Lawler addresses the ongoing government shutdown, highlighting negotiation challenges and advocating for a clean continuing resolution while stressing the importance of critical economic data during this crisis.
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October Could Be Spookier Than Expected
- Keith Lerner sees October as a potentially "spookier" month with short-term turbulence despite a still-intact bull market.
- He expects a 5–10% pullback would create a better buying opportunity than current elevated levels.
High Valuations Heighten Vulnerability
- Elevated valuations and a huge six-month run raise vulnerability to negative news, especially around US-China tensions and the Fed meeting.
- Lerner expects more downside work before investors refocus on earnings as the bull market's north star.
Wait For A Deeper Pullback To Buy
- Don't aggressively buy the current dip; wait for a deeper pullback or consolidation before increasing exposure.
- Prefer buying more aggressively after a 5–10% correction or longer consolidation period.