Market Pullback and Alan Greenspan's Legacy
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 23 June 2026
⏱️ 37 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 SweeneyTuesday, June 23, 2026
Featuring:
1) Phil Camporeale, Chief Investment Strategist at JPMorgan Wealth Management, talks tech multiples, the market pullback, and peak rates and inflation.
2) Ellen Fraser, Partner and Energy expert at Baringa Partners, discusses the recent moves in oil as US greenlights Iran to sell on the open market.
3) Gary Gensler, former SEC Chair and MIT Professor, talks about the passing of Alan Greenspan, his legacy, and a new era of "irrational exuberance."
4) Bill Dudley, Bloomberg Opinion columnist and former NY Federal Reserve president, talks about the passing of Alan Greenspan and his role in changing Fed communication, as well as how it's being reshaped by the Warsh Fed.
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Transcript
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| 1:19.3 | Joining us right now, Phil Camporeal, he is with JP Morgan as well. Your mid-year review, |
| 1:25.1 | you got to be coming out with 50, 60, 70 pages. What's the paragraph that you most debated about? You get 20 people in a room. |
| 1:28.0 | What was that single paragraph on page 32 where there was J.P. Morgan collegial debate? |
| 1:34.9 | It had to be the Federal Reserve over the next six to 12 months. |
| 1:38.2 | I mean, there's still a camp for us that believe that it's a Federal Reserve that's going to be on hold. |
| 1:43.7 | And then there's still a camp that believes that this inflation could be a little bit stickier that would |
| 1:47.5 | have to force them to move. And that has asset allocation implications, Tom. But I will say, |
| 1:52.9 | there's been so much headline around how much is their price to move. Nine of the 18 last |
| 1:58.8 | week believed that they should be moving rates higher. |
| 2:01.8 | I keep going back, though, to the fact that this market, via the 10-year note, which I think is the |
| 2:07.4 | most important rate on the whole yield curve, has given the Federal Reserve a vote of confidence |
| 2:12.2 | in terms of them achieving their price stability mandate. The 10-year treasury rate today, |
... |
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