Bloomberg Surveillance

Jordan Rochester, Head of FICC Strategy at Mizuho EMEA, dives deep into the ramifications of the trade war on consumers and financial markets. He discusses Japan's economic challenges and how a weak dollar influences U.S. investors. With insights on government spending trends and the Fed's upcoming policies, Rochester unveils the complex dynamics that shape consumer prices and goods availability amidst global trade tensions. His analysis provides a compelling look at how these factors will impact investors in the Pacific Rim.

Dive into the world of asset allocation amidst today's political and economic uncertainties. Discover renewed optimism in U.S. markets, particularly in technology investments. The conversation highlights the challenges investors face and the necessity of understanding client risk tolerances. Additionally, there's a thoughtful reflection on the importance of non-partisanship in government service, showcasing the need for effective long-term strategies in a complex investing landscape.

Amanda Lynam, Head of Macro Credit Research at BlackRock, delves into the complex interplay between corporate margins and the labor market. She discusses the cautious optimism within corporations as they prepare for earnings season amid stubbornly high bond yields. Lynam explores how rising student loan delinquencies affect consumer behavior and contrasts the credit ratings of corporations with government debt. Additionally, she highlights potential opportunities in the corporate credit market as executives navigate these financial challenges.

Nicholas Burns, former US ambassador to China, discusses the intricacies of US-China relations, emphasizing China's commitment to its 'Made in China 2025' campaign despite global criticism. He highlights the importance of understanding the divide between the Chinese government and its people. The conversation delves into how geopolitical strategies are evolving in East Asia and the complexities surrounding U.S. global alliances, particularly in light of rising tensions with China and Russia.

Deep insights reveal how President Trump's tweets impact Apple manufacturing and global economics. Experts discuss the shifting perception of the U.S. dollar as a safe haven amidst market turbulence and crypto's influence on finance. The conversation dives into the intriguing disparity between investor sentiment and factual market trends, highlighting strong U.S. earnings versus Europe's challenges. Strategic investment recommendations favor U.S. markets, offering compelling perspectives from a recent industry expert gathering.

Russell Brownback, Head of Global Macro Positioning at BlackRock, shares insights on the shifting dynamics of the fixed income landscape. He discusses the implications of the recent tax bill on bond markets globally. The conversation dives into how tariffs and inflation continue to impact market volatility and trading strategies. In addition, experts explore the decline in luxury goods sales and changing consumer preferences, painting a comprehensive picture of the economic landscape amid uncertainties.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMay 23rd, 2025Featuring:1) Sebastien Page, head of Global Multi-Asset and Chair of the Asset Allocation Steering Committee at T. Rowe Price, joins for an extended discussion on whipsawing markets and where money managers are allocating their money in an increasingly uncertain economic environment. The S&P 500 remains on course for its worst weekly performance since the selloff following President Donald Trump’s tariff announcements at the beginning of the April.2) Barry Eichengreen, professor at University of California-Berkeley, talks about the Trump administration's international economic policies and whether they serve both global and domestic interests. It comes as US businesses are the most worried about the impact of President Donald Trump’s shifting tariff policies on their revenues, with more than half projecting a hit of at least 25% to their revenue, according to a survey by HSBC.3) Emily Roland, Co-Chief Investment Strategist at John Hancock Investment Management, talks about continued signals from global bonds about US debt and whether it's just another warning signal that will pass. Many investors believe Trump has learned his lesson and will implement a more modest tariff plan, which is why they are no longer worried about the impact of tariffs on the market, but the market is still susceptible to macro shocks, and investors are now focusing on fundamentals.4) Joe Lavorgna, Chief Economist at SMBC Nikko Securities, joins to discuss President Trump's tweets on tariffs that would affect Apple and the EU.5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on expensive mocktails and a Bloomberg News story on Tom Cruise receiving an aircraft carrier for one of his missions.See omnystudio.com/listener for privacy information.

Explore unexpected legislative developments that are reshaping the political landscape and influencing the bond market. Gain insights into current bond market dynamics, where high yields pose challenges for institutional investors. Delve into Qatar's significant geopolitical role in energy financing, sparking critical discussions about security and global affiliations. Join in for expert analysis and valuable market perspectives!

Greg Peters, Co-CIO at PGIM Fixed Income, shares his insights on the bond market, highlighting warning signs and implications of rising yields. Nela Richardson, Chief Economist at ADP, analyzes labor market dynamics, addressing stability amidst technological shifts and demographic changes. They also discuss the interplay between equity and bond markets, the impact of governmental policies, and investment strategies tailored to navigate current economic uncertainties. It's a captivating dive into financial trends that could shape the future.

Russ Brownback, Head of Global Macro Positioning for Fixed Income at BlackRock, shares insights on treasury yield warnings and how recent lackluster auctions may signal trouble for markets. Meanwhile, Terry Haines, founder at Pangaea Policy, provides a critical analysis of the tax bill vote, discussing the Senate's approach to the House's changes. The conversation reveals the potential impacts of increased deficits on investor appetite and overall economic growth, while highlighting the legislative maneuvering involved in tax policy.