Bloomberg Surveillance

In this engaging discussion, Russ Brownback, Deputy CIO of Global Fixed Income at BlackRock, highlights the nuances of fixed-income markets and the current affordability crisis in the U.S. He shares insights on credit quality and income-harvesting strategies. Rohit Chopra, an emerging markets equity portfolio manager at Lazard, captivates listeners with his analysis of the evolving economic landscapes in China and India. He underscores the compelling long-term investor opportunities in emerging markets and the structural innovations shaping their futures.

Tom delves into the intriguing clash between value and growth investing with experts Chuck Clough and John Stoltzfus. They discuss the pivotal role of free cash flow in mature industries and whether value investing shines solely in bear markets. Chuck also highlights AI capital expenditure trends, comparing today’s landscape with the dot-com bubble. Meanwhile, Stoltzfus shares his bullish outlook on the S&P 500, fueled by strong earnings and sector growth. This conversation offers insightful perspectives on the current market dynamics.

Omar Aguilar, CEO & CIO at Schwab Asset Management, highlights the need to trim momentum stock exposure amidst inflation uncertainty. Henrietta Treyz, Director of Economic Policy Research at Veda Partners, analyzes the political landscape post-shutdown, discussing voter concerns and midterm implications. Dan Skelly from Morgan Stanley shares insights on market valuations and the healthy rotation in stocks. Finally, Venu Krishna, Head of US Equity Strategy at Barclays, presents an optimistic year-end target for the S&P 500, fueled by AI advancements and improving earnings.

Huw van Steenis, a Partner at Oliver Wyman with a focus on global finance, and John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., delve into the current economic climate. Huw discusses late-cycle credit risks and the impact of UK political instability on investments. John highlights robust earnings that support the market rally and explains why AI is a game-changer rather than a bubble, contrasting it with the volatile nature of meme stocks and crypto. Their insights provide a comprehensive view of market dynamics as we approach 2026.

Amanda Lynam from BlackRock delves into why tech giants are issuing debt despite holding hefty cash reserves, examining the nuances of capital structure. Greg Boutle of BNP Paribas dissects recent equity volatility, attributing it to market positioning while noting a rise in next-year earnings forecasts. Their insights shed light on the intriguing dynamics of corporate finance and market behavior, making for a compelling dialogue on the current economic landscape.

Mary Daly, President of the Federal Reserve Bank of San Francisco, dives into the complexities of Fed policy amid a government shutdown. She assesses how productivity and inflation trends shape future decisions, reaffirms the Fed's focus on inflation, and examines market impacts from ongoing economic fluctuations. Sarah Hunt, Chief Market Strategist at Alpine Saxon Woods, shares insights on investor preferences for financially resilient companies amidst AI excitement, market pullbacks, and the implications of tech spending dynamics. A lively discussion on whether current trends are cyclical or secular ensues.

Tali Leger, Chief Market Strategist at Wealth Consulting Group, discusses how easing inflation and rising profit margins bolster the bull market narrative. Amanda Lynam from BlackRock highlights a surge in big tech debt issuance and its strategic implications. Greg Boutle of BNP Paribas analyzes market sentiment, pinpointing recent turbulence as a strong earnings season enhances analyst forecasts. Together, they explore credit quality, sector strategies, and the impact of AI on investment trends, offering insights into the evolving market landscape.

Troy Gayeski, Chief Market Strategist at Future Standard, shares his insights on market dynamics and AI-related investments. He discusses the tension between hefty AI spending, which benefits companies like NVIDIA, and the sustainability of future cash flows. Gayeski forecasts a near-term market consolidation, expecting fundamentals to regain importance after recent earnings reports. He also adds a personal touch by recounting his struggles with thermodynamics during his early days at MIT, making for an engaging and informative conversation.

- Stephanie Roth, Chief Economist at Wolfe Research- Brian Gardner, Chief Washington Policy Strategist at Stifel- Nadia Lovell, Head of Global Equity Strategy at UBS Global Wealth Management- Priya Misra, Core Plus Bond ETF Portfolio Manager at JPMorgan Asset ManagementStephanie Roth, Chief Economist at Wolfe Research, discusses the state of the US labor market as the ongoing government shutdown continues to delay economic data releases. Brian Gardner, Chief Washington Policy Strategist at Stifel, on what Tuesday's election sweep means for Democrats moving forward. Nadia Lovell, Head of Global Equity Strategy at UBS Global Wealth Management, shares why she views market pullbacks as buying opportunities. Priya Misra, Core Plus Bond ETF Portfolio Manager at JPMorgan Asset Management, gives her outlook for Fed rate policy and the potential impact of the Supreme Court's impending decision on tariffs.See omnystudio.com/listener for privacy information.

Katy Kaminsky, Chief Research Strategist at AlphaSimplex, shares insights on market trends as equities show mixed signals and the dollar strengthens, impacting rate-cut expectations. Ryan Majerus, former Assistant General Counsel at USTR, analyzes the Supreme Court's skepticism on presidential tariff powers and discusses the implications of potential tariff policy changes. Troy Gayeski, Chief Market Strategist at FutureStandard, examines the effects of unprecedented AI spending on market concentration and earnings, suggesting diversification strategies for investors.