Market Risks Rise Amid Tariffs and a Government Shutdown
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 13 March 2025
⏱️ 43 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 13th, 2025
Featuring:
1) Geoffrey Yu, Senior EMEA Strategist at BNY, joins for an extended discussion on the path for US rates and the American economy, as well as equities, amid mounting policy uncertainty. The risk of a US government shutdown comes at a moment when financial markets are hyper-sensitive to new disruption from Trump-led tariffs, with equity strategists recently tempering their expectations about the US market.
2) Julia Pollak, Chief Economist at ZipRecruiter, reacts to jobless claims and talks about the state of US labor. Despite the January improvement for US job openings, recent reports indicate a labor market slowdown, and investors expect the Federal Reserve to make interest-rate cuts this year.
3) Bob Hormats, Vice Chairman of Kissinger Associates and former Under Secretary of State for Economic Growth, Energy, and the Environment, joins to discuss conversations he's having with allies overseas, and why there's so much confusion over tariffs and our interactions with allies. President Trump said the US would respond to the European Union's countermeasures against his new 25% tariffs on steel and aluminum, raising the risk of further escalation in his global trade war. The EU launched "swift and proportionate countermeasures" on US imports
4) Constance Hunter, Chief Economist at EIU, on the US economy, US growth, and whether tariffs could actually help the economy. Companies worldwide are planning for the worst amid President Donald Trump's tariff barrage, with many setting up "tariff task forces" to mitigate the impact on sales, profits, and market shares. Companies are exploring alternative production locations, such as Vietnam, and adjusting their business models to minimize the impact of tariffs.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including vaccinating poultry to bring down egg prices, the Grateful Dead's 60th anniversary commemoration, and the newest cruise offerings.
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Transcript
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| 1:11.2 | This is the Bloomberg Surveillance Podcast. 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. |
| 1:13.9 | Expert on uncertainty in the distinctions to risk |
| 1:17.1 | is Jeffrey Yu. |
| 1:18.3 | We're thrilled that he could join us |
| 1:19.9 | this morning, of course, with BNY Wealth. |
| 1:23.9 | He is senior EMA strategist. |
| 1:26.1 | Jeff, how do you define, how do you identify the uncertainty |
| 1:30.5 | right now? Well, it depends on which asset class you are asking about, right? So if I look at |
| 1:36.7 | foreign exchange options, for example, yes, some uncertainty in the front end, judging by implied |
| 1:41.8 | volatility, but going further down the curve, doesn't look like |
... |
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