Factors Driving Equity and Bond Investors amid Uncertainty
Bloomberg Surveillance
Bloomberg
4 • 1.1K Ratings
🗓️ 30 April 2025
⏱️ 46 minutes
🧾️ Download transcript
Summary
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyApril 30th, 2025
Featuring:
1) Amanda Lynam, Head of Macro Credit Research at Blackrock, joins for an extended discussion on her weekly global credit report and discusses corporate credit spreads and signals from the bond market. Uncertainty continues to be the main theme across the investing world. Veteran emerging-markets investor Mark Mobius said he’s keeping 95% of his funds’ holdings in cash as he waits out the trade-related uncertainty. Hedge funds are reluctant to make major bets amid the turmoil, with the only significant shift in positioning in April being increased bets against US stocks, Bloomberg reported.
2) Jim Caron, CIO of Cross Asset Solutions at Morgan Stanley Investment Management, talks about whether the dollar and US treasuries are still safe havens and how he tries to contextualize that discussion. In a broader look at the economy, real GDP likely slowed to a standstill in the first quarter as President Trump’s policy shifts disrupted activity, according to Bloomberg economists.
3) George Goncalves, Head of US Macro Strategy at MUFG Securities Americas, joins to discuss economic fundamentals and incoming eco data and how that, possibly more than policy, will shape markets in the coming months. Stock drifted in early trading as investors await a busy day of earnings and macro data on the final session of an exhausting month. Mag 7 results, GDP and inflation numbers are potential catalysts for market direction.
4) Sinjin Bowron, High Yield Bond and Senior Bank Loan Portfolio Manager at Beach Point Capital, discusses leveraged credit markets, opportunities and challenges amid widening uncertainty, and other signals from the bond market. US Treasuries held recent gains as traders awaited data on inflation and economic growth, as well as the debt management team's plans for sales in the $29 trillion market.
5) Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, brings us into the market open and talks about allocating and staying the course in a slowing economy. Economic data due this week includes inflation and gross-domestic-product data, which will provide a snapshot of US economic activity before President Trump's trade policy shifts.
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Transcript
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| 0:34.8 | Podcasts, Radio News. |
| 0:47.0 | Music audio studios podcast radio news this is the bloomberg surveillance podcast catch us live weekdays at seven a m eastern on apple car play or android auto with the bloomberg business app listen on demand |
| 0:53.3 | wherever you get your podcasts or watch us live on YouTube. |
| 0:57.3 | We start strong today with Amanda Linum. |
| 0:59.1 | She's a BlackRock as you look at the fixed income space. |
| 1:03.2 | Let's just go there with the real yield. |
| 1:04.8 | The real yield is the inflation adjusted yield. |
| 1:07.3 | There's different ways to measure it. |
| 1:08.9 | The one I use is 1.92 well in over 2%. Why is the real |
| 1:14.2 | yield coming in? Is it a growth prediction? Good morning. Thank you for having me. I do think that's |
| 1:18.5 | exactly at time, a moderation and growth outlook for the U.S. so that real yield is coming in. |
| 1:23.5 | And I think that makes sense. When you listen to corporate earnings calls, even the ones that |
| 1:27.4 | have occurred over the past week, there's a significant lack of visibility where these corporates can really see forward. They're having a difficult time disentangling. What is frontloading of demand? What is real demand? Many of the consumer companies are expecting to be mitigating tariffs for the next few quarters. But I think there's a debate that is happening both internally and I would say externally |
| 1:47.6 | where the market is saying, well, the hard data hasn't yet caught down to the softer sentiment |
| 1:51.9 | data. |
| 1:52.3 | So maybe it won't. |
... |
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