Better-Than-Expected Job Data Resets Fed Bets
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 11 February 2026
⏱️ 44 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 SweeneyWednesday, February 11th, 2026
Featuring:
1) Claudia Sahm, Chief Economist at New Century Advisors, and Eric Winograd, Chief Economist at AllianceBernstein, react to the January jobs report.
2) Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, explains why traditional macro hedges are failing.
3) Diane Swonk, Chief Economist at KPMG, discusses the impact of this week's economic data.
4) Jurrien Timmer, Director of Global Macro at Fidelity Investments, outlines the case for a global equity catch-up.
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Transcript
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| 0:00.0 | Bloomberg Audio Studios. |
| 0:04.7 | Podcasts Radio News. |
| 0:11.9 | This is the Bloomberg Surveillance Podcasts |
| 0:14.2 | Podcast. |
| 0:15.3 | Catch us live weekdays at 7 a.m. Eastern |
| 0:17.7 | on Apple CarPlay or Android Auto with the Bloomberg business app. Listen on demand |
| 0:23.2 | wherever you get your podcasts or watch us live on YouTube. Claudia Somm on fire with us a few days |
| 0:29.9 | ago and she has written up a storm of brilliance. We're thrilled that she could join in some |
| 0:35.7 | New Century advisors for definitive work at the Fed and at Michigan as well. |
| 0:41.3 | Claudia, of all your charts, to me the most emotional one is unlike past expansions, the unemployment rate is rising. Are we in an expansion? |
| 0:51.2 | Or are you on the acclaimed some recession watch? |
| 0:57.3 | I mean, we are in an expansion. |
| 1:03.9 | It is very unusual to have a jobless expansion at this point. You know, on a gradual rise in the unemployment rate, it is still a rise in the unemployment rate. It is a problem for some |
| 1:07.2 | workers, but it doesn't, the economy does not have right now that kind of recessionary dynamic, those rapid increases in the unemployment rate. |
| 1:16.5 | And it's been a feature of the economy for two and a half years now that we've seen this. |
| 1:20.7 | So it's very unusual. |
| 1:22.5 | So, Cloudy, if we do have an economy that is growing, but a workforce that is not necessarily growing |
| 1:28.4 | along with it, does that mean we're more productive? |
| 1:33.2 | Not necessarily. I mean, the no, the low hire, or maybe we'll see today, no higher economy, |
| 1:40.2 | that is really rough on people coming into the labor market for the first time or maybe coming back into the labor market. |
| 1:45.9 | Like this is, they are really facing a tough labor market and that loses all kinds of potential, particularly for people at the beginning of their career to get off on the wrong foot. |
| 1:55.8 | We're seeing a lot less movement of people from jobs to jobs. |
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