Bloomberg Surveillance: Markets, Metals & Macro Moves
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 14 October 2025
⏱️ 27 minutes
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Summary
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Bloomberg Surveillance hosted by Paul Sweeney & David Gura
October 14th, 2025
- Lisa Shalett, Chief Investment Officer at Morgan Stanley Investment Management, discusses how the recent gold rally may signal reserve de-dollarization and a transformation in currency systems, involving stablecoins and cryptocurrencies.
- Karen Manna, Vice President at Federated Hermes, talks market uncertainty as shutdown-related data delays cloud the macro picture.
- Shana Sissel, Founder and CEO of Banrion Capital Management, explains how ongoing inflation pressures tied to tariffs and a divided FOMC suggest future easing remains uncertain.
- Lisa Mateo joins with the latest headlines in newspapers across the US, including a Wall Street Journal story on how Taylor Swift is 'rewriting' the business of record sales, and reporting from The Washington Post that a historic wave of retirements is straining the federal workforce.
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Transcript
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| 0:00.0 | There are two kinds of people in the world. |
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| 0:17.5 | And the creative minds you haven't heard of yet. |
| 0:19.7 | It is serious stuff, but never doom and gloom. |
| 0:22.9 | I am Akshadratti. |
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| 0:32.5 | Bloomberg Audio Studios, Podcasts, Radio News. |
| 0:42.2 | Music Audio Studios. Podcasts, Radio, News. This is the Bloomberg Surveillance Podcast. |
| 0:45.4 | Catch us live weekdays at 7 a.m. Eastern on Apple, CarPlay or Android Auto with the Bloomberg business app. |
| 0:52.4 | Listen on demand wherever you get your podcasts or watch us live on |
| 0:56.6 | YouTube. One of our fave guests on these markets is Lisa Shalett. She's a chief investment officer |
| 1:01.6 | for Morgan Stanley Investment Management. You've heard of them. They're pretty good over there. |
| 1:06.6 | I've competed against my whole career. I had some wins. I had some losses over the years, |
| 1:46.4 | but they're pretty good. Lisa, we got to start with gold. I don't know what's going on. Do you have any idea what's going on? I mean, who's buying this stuff? So I don't know if we have an idea. We have a hypothesis, right? So, you know, I know over the last couple of weeks, a lot of folks have talked about gold as maybe a hedge to some of the fraudiness in the equity market, etc. But we've really, you know, been on this extraordinary run for the past, quite frankly, three years since the bull market began in the fall of 2022 with gold massively outperforming stocks. |
| 1:52.2 | And so one of the things that we've begun to think about is not just dollar debasement, |
| 1:58.3 | but whether or not folks are really worried about fiat currencies more broadly around the world. |
| 2:06.4 | And as folks really truly think about whether or not there is a credible, reliable future for stable coins and for crypto, whether some of this ecosystem needs to collateralize |
| 2:12.9 | itself with gold away from fiat currencies. And so one theory we have is that some of these players may be trying to build some reserves |
| 2:23.3 | in the yellow metal. |
... |
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