Ceasefire Claims Diverge as Hormuz Stays Blocked
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 9 April 2026
⏱️ 42 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 SweeneyThursday, April 9th, 2026
Featuring:
1) Sébastien Page, CIO & Head of Global Multi-Asset at T. Rowe Price, on the balance between inflation hedging and equity exposure.
2) Jennifer Welch, Chief Geoeconomics Analyst for Bloomberg Economics, examines the fragility of the US-Iran ceasefire and its impact on the Strait of Hormuz.
3) André Perold, Partner & CIO at HighVista Strategies, discusses investing in a world of exponential change.
4) Courtney Rosenberger Gelman, Managing Director: Policy Research at Strategas Securities, on the shift in US strategy toward NATO and the Iran conflict.5) Andrew Jackson, Head of Investments & Fixed Income Boutique at Vontobel Asset Management, talks EM resilience and growing dispersion in credit markets.
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Transcript
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| 0:00.0 | When the rest of the markets slow down, the futures market keeps moving. |
| 0:04.9 | Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity? |
| 0:12.0 | In the ETF markets, volume and liquidity lessens after 4pm until the next morning. |
| 0:17.1 | But with futures, you get trading opportunities both day and night. |
| 0:21.1 | Learn more at CMEgroup.com slash equity futures. |
| 0:28.5 | Bloomberg Audio Studios, podcasts, radio news. |
| 0:40.7 | This is the Bloomberg Surveillance Podcast. |
| 0:48.0 | Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. |
| 0:52.9 | Listen on demand wherever you get your podcasts or watch us live on YouTube. |
| 0:59.4 | Sebastian Page has been writing up a storm. He wrote a book about the Baltimore Orioles psychology of leadership. Oh. It's working out. Orioles starting strong, 500 ball, I believe, there. He's |
| 1:05.6 | a T-Role price. We're thrilled that Sebastian Page could get us started. And he's been much on my mind the last two or three days, |
| 1:13.5 | because everyone's talking about diversification and what it means and rebalancing and that. |
| 1:19.8 | His book is definitive. It is beyond diversification. Whatever investor needs to know when there's a war, |
| 1:26.2 | and we're thrilled, Sebastian Page could join us this morning. |
| 1:29.1 | I got so many punded, Sebastian, going back and forth on stocks, bonds correlation. |
| 1:34.9 | Cliff Asness had a beautiful tweet out going, what is this hot air? |
| 1:39.3 | What should we do with diversification given this war? |
| 1:46.7 | Tom, the stock bond correlation is super hard to understand and predict, |
| 1:53.4 | but financial advisors everywhere just use a negative return correlation assumption. |
| 2:00.1 | And to me, that's wrong. |
| 2:01.6 | The 12-month correlation historically |
| 2:03.6 | between stocks and bonds has flipped time, |
... |
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