Markets and a Possible September Rate Cut

Bloomberg Surveillance

Bloomberg

News, Investing, Business News, Business

4 • 1.1K Ratings

🗓️ 4 August 2025

⏱️ 36 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 SweeneyJuly 31st, 2025
Featuring:
1) Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, offers her S&P target and talks about risks to the market and whether US government data can be trusted. Stocks clawed back some of last week’s steep losses as equity investors pinned their hopes on the Federal Reserve to ride to the rescue with interest-rate cuts following Friday’s dismal US jobs data.
2) Kathy Jones, Chief Investment Strategist, Fixed Income at Charles Schwab, on how the bond market could punish President Trump for firing the BLS chief, or whether the warnings will go unheeded and the market will continue to rally. Treasuries pared last week’s gains, with yields on the 10-year climbing three basis points to 4.25%. The US 10-year yield had dropped 16 basis points Friday, while policy-sensitive two-year yields fell 28 basis points.
3) Kara Murphy, CIO at Kestra Investment Management, brings us into the market open and talk about asset allocation and the equity outlook. Friday’s tumble on Wall Street — sparked by rising US unemployment and slower job creation — boosted bets on a Fed rate cut to support the economy. Traders rushed into Treasuries despite worries about the inflationary effect of President Trump’s tariffs, which have kept policy makers in hawkish mode.
4) Sevasti Balafas, CEO at GoalVest Advisory, discusses the true risks to the market following a big week of eco moves last week and how clients are positioning.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on graduate school and the New York Times' story on Curtis Sliwa's appearance as he runs for NYC mayor.

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1:02.0	Bloomberg Audio Studios, Podcasts Radio News.
1:12.2	This is the Bloomberg Surveillance Podcasts, Radio News. This is the Bloomberg Surveillance Podcast.
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1:27.4	Lori Cavalcina joins us. She's head of U.S. equity strategy for RBC Capital Markets. Lori, what have you seen so far in earnings that you like, maybe you don't like? How's the guidance shaping up for you? It's a great question. I'm going to get over the fact that you said it's only been 335 companies, which means we still have ways to go.
1:44.6	That's our depressing thought for the morning.
1:46.1	But no, look, I think the tagline we've been using is fine but not fabulous.
1:50.0	And I might put a comma after that now, after having gone through last week where I think
1:53.8	we had 155 companies.
1:57.1	And I would say comma, starting to look messy.
2:00.6	And I think the overall headline stats are fine.
2:03.6	The rate of upward revisions to FY1 and FY2 is like 61, 62 percent.
2:07.6	That's moved up from the mid-50s.
	...

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