Global Bond Turmoil Amid German Spending and Uncertain US Policy
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 6 March 2025
⏱️ 39 minutes
🧾️ Download transcript
Summary
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMarch 6th, 2025
Featuring:
1) Steve Chiavarone, Senior Portfolio Manager at Federated Hermes, on why he remains constructive on the economy and investment environment despite so much policy uncertainty in DC. Markets are focused on the global bond rout and economic fallout from the brewing Trump-led trade war, with bond investors waiting for the European Central Bank's meeting and interest rate decision.
2) Katharine Neiss, Chief European Economist, PGIM Fixed Income, reacts to the ECB decision and talks German spending and the global bond selloff. The rout in German bonds affected global debt markets, with yields surging in Japan, Australia, New Zealand, Italy, and the UK. German bond declines were triggered by the nation's plans for defense and infrastructure investments.
3) Monica Defend, Head of Amundi Investment Institute, offers her take on German spending and talks about how tariffs could reshape investing in Europe. European leaders are moving swiftly to mobilize additional defense funds to counter the threat of aggression from Moscow as US support for Ukraine remains highly uncertain.
4) Henrietta Treyz, co-founder at Veda Partners, discusses the Federal budget, tariffs, DOGE, and the 3/14 government funding deadline. House Democrats have signaled they’re wary of voting for a “clean” stopgap bill, given the Trump administration’s blockage of federal funding.
5) Lisa Mateo joins for a look at newspaper headlines making news around the US. She talks about how the 401K has become Americans rainy day fund, the Rock becoming Hollywood's highest paid actor again, and parents in tech telling their kids to pursue the arts instead.
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Transcript
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| 0:49.0 | Bloomberg Audio Studios, Podcasts, Radio News. |
| 0:53.5 | Music studios. Podcasts, Radio, News. |
| 1:01.2 | This is the Bloomberg Surveillance Podcast. |
| 1:07.5 | Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. Listen on demand wherever you get your podcasts or watch us live on YouTube. |
| 1:13.7 | Steve Chiron with us with Federated AirMAS. |
| 1:17.3 | You were just down in San Diego, Steve, |
| 1:20.7 | talking to people trying to make decisions on asset allocation. |
| 1:24.7 | How miserable are people? |
| 1:31.8 | Worried. You know, I think you've got, and frankly, |
| 1:37.2 | I don't want me to be callous about it, but it makes me like the market set up better today. |
| 1:43.7 | Ironic, given the news flow we just heard, than where we were last November. The expectation set last November was unfulfiliable, |
| 1:46.1 | whereas today, you know, we've got a healthy wall of worry |
| 1:48.9 | around resurgent inflation, hawkish-fed tariffs, policy. |
... |
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