Equity Relief Amid a Softening Tone on Powell and Tariffs

Bloomberg Surveillance

Bloomberg

News, Business News, Business

4 • 1.1K Ratings

🗓️ 23 April 2025

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 23rd, 2025
Featuring:
1) Huw van Steenis, Vice Chair at Oliver Wyman, joins in studio for an extended discussion on Nixonian elements of Trump admin, global corporate and business confidence, and how it's all intersecting with what he sees in the financial and banking sectors. Markets and the economy are facing increased uncertainty, with President Trump most recently saying he has no intention of firing Federal Reserve Chair Jerome Powell, despite his frustration with the central bank not moving more quickly to slash interest rates. Trump wants Powell to lower interest rates, saying it's a "perfect time" to do so, and would like to see the chairman be "early or on time, as opposed to late".
2) Dan Ives, Global Head: Technology at Wedbush Securities, breaks down Tesla earnings. CEO Elon Musk says he will devote more time to Tesla starting next month, scaling back his work with the US government, which has been a concern for investors. Tesla's stock jumped 7% despite missing analysts' estimates for revenue and earnings, with the company citing weakness in its core automotive business and tariff headwinds.
3) Chris Grisanti, Chief Equity Strategist at MAI Capital Management, brings us into the market open and what lower corporate earnings will mean for equities. Stocks and bonds rose as global markets reacted positively to the Trump administration's easing of tensions, including President Trump's statement that he has no intention of firing Federal Reserve Chair Jerome Powell.
4) Mick Mulroy, co-founder of the Lobo Institute, joins to discuss turmoil at the Defense Department. Defense Secretary Pete Hegseth has been courting controversy, including sharing sensitive details about an impending US attack on Houthi militants on an unsecured commercial chat platform and purging some of his handpicked staff. Despite calls for Hegseth to be fired, President Donald Trump remains supportive, attributing the controversies to "disgruntled employees" and saying Hegseth is "doing a great job."
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including WSJ's story on fashion in Little League and Bloomberg's report on the hottest amenity at US airports.

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Transcript

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0:39.9	Bloomberg Audio Studios.
0:42.7	Podcasts Radio News.
0:49.5	This is the Bloomberg Surveillance Podcasts podcast. Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg
0:56.6	business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.
1:03.0	Everything we do, folks, here is about a conversation with people with breadth. There are few in the Western world with a breadth of finance like
1:13.4	Hugh von Stenis. I'm not going to bore you with a resume. He wandered by a school named Oxford
1:18.5	a few years ago, did some serious work with Bank of England and I had a tour of duty at Morgan
1:24.1	Stanley. He is definitive on our financial system. Tim Adams, Scott Bessent,
1:30.3	10 a.m. What's a question you would ask the Secretary of Treasury?
1:34.3	Wow, Tom. Thanks for having me on. Look, one conversation I'm hearing, which doesn't come out in the
1:40.3	press much, is about the strain on cash flow for small business. You know, it's
1:44.5	a huge topic for private equity and for banks. Let's imagine you put in a 10 million order
1:49.7	in for toys. You now have to pay $24 million if they come from China. You simply don't
1:54.2	have that cash flow. So my question would be, how worried are you about small business
2:00.2	not being able to stock their shelves?
2:01.8	Okay, folks, you flunked this in a CFA exam. I've done it. I've enjoyed it.
	...

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