Markets React to Tariffs and Labor Concerns

Bloomberg Surveillance

Bloomberg

News, Investing, Business News, Business

4 • 1.1K Ratings

🗓️ 7 August 2025

⏱️ 41 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 SweeneyAugust 7th, 2025
Featuring:
1) Kelsey Berro, Executive Director: Fixed Income at JP Morgan Investment Management, joins to discuss fixed income markets and portfolio positioning as she asses Fed rate cuts and eco fundamentals. Three Fed policymakers voiced concerns about the US labor market Wednesday with remarks that pointed to a potential interest-rate cut in September. Fed San Francisco President Mary Daly said policymakers will probably need to adjust interest rates in “coming months” to prevent a further deterioration in hiring.
2) John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., discusses his bullish S&P stance and whether it could change amid policy uncertainty. Stocks gained in early trading after the Kremlin confirmed Presidents Vladimir Putin and Donald Trump will meet for summit talks, raising hopes of a truce in Russia’s war with Ukraine.
3) Mark Dowding, CIO at RBC BlueBay Asset Management, talks about how tariff rates could weigh on the global economy, risk appetite, and the US labor market. Market sentiment got a boost earlier after President Trump announced that companies producing goods in the US, such as Apple Inc., would be eligible for exemptions from his proposed 100% tariff on chip imports. Increasing speculation on a Federal Reserve interest-rate cut are also supporting optimism in stocks as sweeping new tariffs to reshape global trade officially took hold Thursday.
4) Joe Carson, former Chief Economist at AlllianceBernstein and publisher of The Carson Report, talks about the dismissal of the BLS chief and what it means for broader US economic policy and outlook.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a New York Times story on how President Trump is weighing getting involved in NYC Mayors race to try to stop Zohran Mandani and a WSJ report on college kids using Google calendar for all sorts of things.

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1:31.9	Kelsey Barrell. She joins us today from J.P. Morgan Asset Management.
1:39.1	Tariffs. Everybody's worried about substituting. I'm going to substitute for my overpriced tomatoes from Mexico.
1:47.9	I would suggest, and I'm seeing it percolating, that far more here is the income effect of tariffs,
1:55.2	slowing economy, dampen wage growth, and that. What do bonds do, bills, notes, and bonds,
2:04.6	given a slowing income effect, a dampened income effect? Right. So, I mean, the data that we've been seeing suggests that the U.S. economy is moderating, and maybe even slowing a little bit more aggressively than the term moderating.
2:09.6	So if I look at real consumption spending over the first six months of the year,
2:13.6	it's annualized negative for the first time since 2010.
2:16.6	Is that price up, yield down?
	...

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