Bloomberg Surveillance

Stephen Miran, Federal Reserve Governor, dives into why recent economic data suggests a dovish Fed stance, highlighting nuances in inflation measurement. Gil Luria, Head of Technology Research at DA Davidson, provides insights on NVIDIA's strong demand amid startup risks. Claudia Sahm, Chief Economist at New Century Advisors, cautions against delaying Fed cuts, fearing job losses. Ulrike Hoffman-Burchardi, CIO at UBS Global Wealth Management, forecasts a 2026 market bounce driven by AI and sector rotation, emphasizing the need for strategic investment in healthcare and AI adopters.

Cameron Dawson, Chief Investment Officer at NewEdge Wealth, discusses the Fed's tricky policy choices amid market volatility. Yelena Shulyatyeva, Senior U.S. economist at the Conference Board, analyzes September’s delayed jobs report and its inflation implications. Jeff Krumpelman, Chief Investment Strategist at Mariner Wealth Advisors, shares insights on the robustness of current market valuations and sector strategies. Rich Hill, Global Head of Real Estate Strategy, explores trends in commercial real estate and the complexities of office-to-residential conversions.

In an engaging discussion, experts tackle the pressing issue of income inequality and its impact on job growth. They emphasize the importance of median income in shaping effective policies. The conversation shifts to recent market dynamics, including the implications of NVIDIA's earnings and upcoming economic data. The experts also dissect the Federal Reserve's reactive stance on rate cuts, presenting varying market perspectives. This depth of analysis offers listeners valuable insights into current economic trends.

Kelsey Berro, a fixed income portfolio manager at JPMorgan, discusses a softening labor market and the potential implications for the Fed's December decisions. Nela Richardson, Chief Economist at ADP, highlights how rising unemployment complicates Fed policy and the importance of low-income consumer spending. Angelo Zino, a senior equity analyst at CFRA, provides insights on NVIDIA’s earnings, suggesting they alleviate some AI bubble concerns, but financing and geopolitical factors remain critical. Together, they explore the future outlook for tech and labor markets.

Jeffrey Cleveland, Chief Economist at Payden & Rygel, analyzes the September jobs report, discussing wage growth and the implications for Fed policy amid rising unemployment risks. David Malpass, former President of the World Bank, addresses income inequality and proposes policy reforms to boost growth. Marta Norton, Chief Investment Strategist at Empower, shares insights on AI-driven market trends and the importance of fixed income. Together, they provide a deep dive into economic dynamics and investment strategies.

Listeners dive into how AI investments could be hiding cracks in consumer and labor markets, a topic explored by Win Thin. Mandeep Singh highlights the transformative impact of AI on productivity software, evolving tools into workflow agents. The discussion also touches on the competitive landscape, specifically the implications of Gemini 3 potentially challenging NVIDIA's dominance. With a mix of insightful analysis and lighthearted banter, the conversation reveals the intricacies of AI in today's market.

Alicia Levine, Head of Investment Strategy at BNY Wealth, predicts a market rally as recent pullbacks clear the way for growth, emphasizing tech shifts and earnings outlooks. Julian Emanuel, Chief Equity Strategist at Evercore ISI, discusses his bullish S&P 7750 target, citing macro conditions and data normalization. Libby Cantrill from PIMCO expresses skepticism about tariff dividend checks while exploring policies aimed at affordability and housing supply. Together, they unpack the current investment landscape and its implications for future markets.

Win Thin, Chief Economist at Bank of Nassau, offers insights on labor market trends and the potential for Fed easing, suggesting it could boost equities. Scott Diamond, Co-Head of Goldman Sachs' Municipal Bond Team, discusses the heavy issuance in the muni market, explaining strategies for accessing these bonds and predicting sustained issuance into 2026. Together, they dive into the macroeconomic landscape, including the impact of AI on capital expenditure and the evolving dynamics of the municipal bond market.

Tony Crescenzi, a fixed-income portfolio manager at PIMCO, shares insightful views on the current bond market, emphasizing the appeal of AA- yields in the 5-7% range. He delves into the historical significance of price stability for markets and discusses how it plays a crucial role in future forecasts. The conversation also touches on concerns surrounding weaker consumer earnings, providing a well-rounded perspective on economic trends. This thoughtful exchange offers a fresh lens on fixed-income investing strategies.

Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, analyzes the resilience of the U.S. consumer amidst rising credit stress and discusses the optimistic projections for AI's impact on earnings. Stephanie Roth, Chief Economist at Wolfe Research, forecasts payroll dynamics and explores the delicate balance between growth and inflation concerns. Kay Herr, CIO at J.P. Morgan, offers insights on long-dated corporate debt and Fed policy expectations. Lastly, Rep. French Hill talks about tariff dividend checks and congressional priorities on housing affordability.