AI Capex Concerns Persist & Central Banks on Hold
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 5 February 2026
⏱️ 39 minutes
🧾️ Download transcript
Summary
The latest in finance, economics and investment.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney, Thursday, February 5th, 2026
Featuring:
1) Jordan Rochester, Head of FICC Strategy at Mizuho EMEA, reacts to the Bank of England's rate decision and Kevin Warsh's nomination as Fed chair.
2) Dan Ives, Global Head of Tech Research at Wedbush Securities, on the SpaceX-xAI merger and what he calls the 'software armageddon'.
3) Wendy Schiller, Professor of Political Science at Brown University, discusses the Trump administration's decision to withdraw ICE agents from Minneapolis.
4) Alexis Christoforous joins with the latest headlines in newspapers across the US, including a New York Post story on Anthropic mocking rival OpenAI in an upcoming Super Bowl ad, and Washington Post reporting on what science says we've been getting wrong about exercise.
See omnystudio.com/listener for privacy information.
Transcript
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| 0:00.0 | Bloomberg Audio Studios |
| 0:04.2 | Podcasts Radio News |
| 0:07.1 | This is the Bloomberg Surveillance Podcasts |
| 0:13.2 | Podcasts |
| 0:14.2 | Catch us live weekdays at 7 a.m. Eastern |
| 0:17.7 | on Apple CarPlay or Android Auto with the Bloomberg business app. |
| 0:22.3 | Listen on demand wherever you get your podcasts or watch us live on YouTube. |
| 0:27.5 | We are fortunate. We get lucky. We've got a great set of conversations today, but we don't know |
| 0:32.4 | the news flow. Here's the news flow. The Bank of England, they leave rates, they say interest rates, quote, likely to be reduced further. |
| 0:39.9 | They do not talk about Liverpool's defensive strategy. |
| 0:45.0 | Bank of England sees inflation at 1.8% Q1, 2008. |
| 0:51.6 | None of that matters. |
| 0:53.0 | What matters is, and this is particularly for the United States |
| 0:56.2 | crew listening this morning, it was a five to four vote. Joining us, senior vice president |
| 1:02.5 | dissent at a Missou, Jordan Rochester joins us this morning. Jordan, let's rip up the script |
| 1:09.1 | and you can do this because you're encyclopedic. Do Americans have to get used to a Bank of England descent with the upset over our new |
| 1:17.8 | chairman? No, I don't think they're going to be upset at all. The Bank of England is doing what |
| 1:23.5 | Donald Trump would like his own Centro Bank to do, which is they're slowly cutting interest |
| 1:28.6 | rates. And the annoying part about the Bank of England is how slow it's kind of been in the past |
| 1:32.8 | few months. There's a little bit of a political problem. The budgets that we've had from Rachel |
| 1:37.9 | Reeves, the Chancellor, had raised inflation in 2024 when she gave that budget. So last year we |
| 1:42.9 | had sticky inflation. A good half percent of the inflation the UK had came from her tax raising measures. It's now flipped the other way. The Chancellor learned her lesson. And in the budget, she's cut taxes in certain areas. So the bank is looking at a more dovish outlook. Inflation's going to hit their target pretty much by the spring into the summer. And in our view, we're going to get more rate cuts from them. |
... |
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